Afreximbank Approves $975 Million Facility For Oryx Energies Management Buyout

African Export-Import Bank (Afreximbank) has approved a $975 million financing facility to partly fund the management buyout of Oryx Energies SA, the holding company of Addax Energy SA.

The bank said the transaction would strengthen Africa’s energy security and demonstrated the growing capacity of African financial institutions to support the continent’s industrial development.

It said the acquisition would help retain economic value in Africa, strengthen energy sovereignty and align resources with the continent’s development priorities.

The financing builds on Afreximbank’s support for Africa’s energy sector, including investments in upstream production and refining capacity. The bank said the facility would support energy infrastructure development and trade across the continent.

Afreximbank acted as sole lender, facility agent, security trustee and escrow agent for the transaction.

Oryx Energies Chief Executive Moussa Diao said the buyout marked an important milestone for the company and reflected the capacity of experienced African leaders to guide established businesses towards new opportunities.

“This management buy-out marks an important milestone in the history of Oryx Energies and the continuation of a journey that our management team has been part of for many years,” he said.

“Our ambition remains to strengthen our activities in energy trading and infrastructure development across Africa.”

Diao said the transaction would not have been possible without Afreximbank’s support, adding that its involvement reflected confidence in the management team, the business and opportunities across Africa.

He said the deal also demonstrated the growing role of African financial institutions in supporting the development of established African businesses.

Afreximbank President and Chairman George Elombi said the transaction supported the bank’s mandate to drive the structural transformation of African economies.

“Through the Management Buy-Out of Oryx Energies SA’s trading and distribution business, we have secured a strategic platform to deepen Africa’s energy industrial ecosystem, strengthen energy infrastructure and capture more value from the continent’s abundant natural resources,” he said.

Elombi said the transaction would promote greater African ownership and participation by supporting local entrepreneurs, building capacity, creating jobs and retaining more economic value on the continent.