Guarantee Trust Bank (GTBank) Plc recorded another landmark achievement following its participation in the syndication of a $200 million debt facility on behalf of Afren Plc for the financing of the Okoro Setu Oil Reserve Project situated in the shallow waters of the eastern Niger Delta.

The syndication for the project closed successfully with a significant input by a diverse syndicate of international banks namely BNP Paribas (lead arranger), Calyon, KBC Bank, Natrxis and Standard Bank.
The Okoro Setu Oil Reserve Project is the flagship development project of Afren Plc, an independent exploration and production company with presence in five African countries. They are Nigeria, Sao Tome and Principe, Gabon, Congo and Angola.

Afren is aimed at becoming the premier pan-African independent exploration and production company through its partnership with indigenous companies and governments in acquiring equity stakes in exploration and development assets.

While listing the company’s objectives, Chief Executive of Afren Plc, Mr Osman Shahenshah said one of the core objectives of the company is to work with indigenous companies as part of a strategic plan to contribute to the growth of Nigeria’s economy.
He noted that the Guaranty Trust Bank’s participation will further boost the local content policy of the Federal Government on oil and gas.

This latest achievement by Guarantee Trust Bank reaffirms its position as one of Nigeria’s most profitable and fastest growing banks. It is rated AA-(double A minus) by fitch; and BB – (Double B minus) by standard and poor. It raised $350 million Eurobond recently.