Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, yesterday in Lagos clarified its role as global coordinator, lead co-arranger, underwriter, bookrunner, and guarantor in the successful syndication of up to €2 billion facility for Bank of Industry (BOI), Nigeria’s largest and most impactful development finance institution.

Precisely, the transaction is a record global loan syndication for BOI, and marks the largest capital raise in its history, setting a new standard for developmental finance across Africa.

Proceeds of the facility will be used for general corporate purposes including financing trade and trade related projects of eligible corporates in Nigeria.

The facility was syndicated at two levels with AFC, Standard Chartered Bank, African ExportImport Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited, acting through its Rand Merchant Bank division (London Branch), Mashreqbank PSC, SMBC Bank International PLC, Absa Bank (Mauritius) Limited, Absa Bank Limfied Nigerian were resultantly denied job opportunities.

According to him, the negative trend is contrary to the local content regulations that targets to increase local content participation to 70 per cent by 2027. He said: “A pressing concern is the high number of expatriates in Nigeria’s oil and gas industry, mainly from India.

While skilled foreign workers contribute to economic development, the current situation demands attention. “We have been calling names. We are not shying away from calling names. We called out a company called Indorama and others and the issue was fixed in the past.

“We are also holding to account a government institution called Nigerian Content Development and Monitoring Board and the Ministry of Interior, these are the people that give permits for these expatriates to come.

If you go to some of these companies, vulcanizers and conductors are Indians. wednesday, december 4, 2024 NEW TELEGRAPH ited (acting through its Corporate and Investment Banking division) and Export-Import Bank of India London Branch acting as part of a senior syndicate, together raising an initial €1.43 billion.

Following this, AFC led a general syndication, through which an additional €447 million was raised, bringing the total transaction to €1.9 billion, representing an oversubscription of 87 per cent. The facility is expected to further grow to €2 billion.