Afreximbank approves $975 million facility for the management buy-out of Oryx Energies
African Export-Import Bank (Afreximbank) has disbursed a landmark $975 million financing facility to part-finance the Management Buy-Out of Oryx Energies SA (OESA), the holding company of Addax Energy SA, bringing one of the largest and longest-established independent providers of energy products and services in Africa under majority African ownership for the first time.
Afreximbank has approved a $975 million facility for the management buy-out of Oryx Energies. The transaction underscores the growing ability of African financial institutions to back Africa's industrial expansion using African capital. It enables the continent to retain economic value and enhance energy security. This financing extends Afreximbank's support for Africa's energy sector, which includes investments in upstream production and refining capacity.
Afreximbank acted as the sole lender, facility agent, security trustee, and escrow agent for the deal. Oryx Energies CEO Moussa Diao highlighted the management buy-out as a significant milestone, reflecting the strength of African leadership in guiding businesses towards new opportunities. He added that the transaction would not have been feasible without Afreximbank's confidence and support.
Afreximbank President and Chairman Dr. George Elombi emphasized that the deal advances the bank's mandate to drive structural transformation in African economies. It establishes a strategic platform to bolster Africa's energy industrial ecosystem, enhance energy infrastructure, and capture more value from the continent's natural resources.
The move also promotes greater African ownership and participation in development, creating jobs and retaining economic value within Africa.
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