Nigeria’s Oando Aims To Raise Fresh Capital, Cut Debt – CEO

Nigerian oil company Oando aims to raise fresh capital over the next two years and repay debt used to acquire Conoco Phillips’ Nigerian assets, its chief executive Adewale Tinubu told Reuters.

Tinubu said Oando has paid over 77% of the acquisition debt and plans to pay-off the rest in 12 months, which would allow it to resume dividend payments. He said Oando would be left with total debt of $300-million. “Our expectation is that over a four-year horizon we will no longer have long term debt,” Tinubu told Reuters by email.In 2016, Nigeria’s central bank gave lenders a deadline to reach a deal to resolve Oando’s debt issue, leading to a 94.6-billion naira loan restructuring including asset sales.

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