Orion Oil Ltd., a subsidiary of Orion Group SA, an international investment and oil trading company controlled by Lucien Ebata, a well-known Congolese businessman with close ties to President of the Republic of Congo Denis Sassou Nguesso, is set to raise $580 million from several African banks: United Capital, UBA Nigeria Plc, African Export-Import Bank (Afrexim Bank), and BGFI Capital. These funds will be used primarily for the pre-financing of oil shipment exports.
It is worth noting that at the end of 2013, the group had already carried out a similar operation amounting to $500 million. The lead manager at that time was Ecobank, which is absent from this deal.
“We are very pleased to have been able to support the Orion Group in this transaction and intend to continue our relationship on other operations of this magnitude,” said Wale Shonibare, CEO of United Capital, who seems to have taken the lead over the pan-African bank.
“The total amount will be repaid within three years,” Ebata said in a statement.
With more than 1.2 million tonnes of refined products each year and a revenue exceeding $1.5 billion in 2014, the Orion Group now covers the entire oil chain: from production to operation and marketing, including storage and shipping.
Ebata is the founder and CEO of Orion Oil and publisher of Forbes Afrique.
