The Azikel Group’s subsidiary, Azikel Petroleum Refinery, has secured a debt-funding agreement with the African Export-Import Bank (Afreximbank) to support the ongoing Azikel refinery project.
In a statement released in Cairo by Afreximbank, the financial close reached with Azikel Petroleum Refinery was achieved at the Intra-African Trade Fair 2023, held on the 9th to 15th November 2023 in Cairo, Egypt.
The debt funding agreement was signed by the President of Azikel Group, who is also the Chairman of the Azikel Petroleum Refinery, Dr. Azibapu Eruani and the Director, Project and Asset Based Finance of Afreximbank, Helen Brume, on behalf of Afreximbank.
Present to witness the agreement signing were the Presidents of Egypt, Abdel Fattah El-Sisi, Zimbabwe, Emmerson Mnangagwa, Malawi, Lazarus Chakwera, Former President of Nigeria, Chief Olusegun Obasanjo, Former Vice President of Nigeria, Nnamadi Sambo and the President of Afreximbank, Prof. Benedict Oramah.
The Azikel Refinery Project is aimed to bring relief to the challenges of refined petroleum products in Nigeria.
Speaking after the signing ceremony, Eruani reiterated his commitment to the development of Nigeria and the African continent by his passion in guaranteeing the country’s industrialisation, creating energy security and sustainable development.
He said further that Nigeria would be the hub of refined products and the abundance of clean energy, which would be exported to the African continent and beyond.
Eruani, expressing confidence in Africa’s potential for energy self-sufficiency, highlighted that Azikel Refinery stands as the inaugural private hydro-skimming refinery in Nigeria and the sole refinery in Africa that utilizes Condensate Feedstock. The refinery is set to generate refined products of Euro V grade, promoting cleaner energy and environmental protection.
