There has been a lot of interest from the public and stakeholders in recent weeks regarding the $3.3bn crude oil pre-payment loan, also known as Project Gazelle. This is a financing agreement secured by the Nigerian National Petroleum Company Limited to prepay future royalties and taxes to the federal government.
Project Gazelle is a crude oil-backed, forward sale structured finance facility sponsored by NNPC Limited, which acts as the seller and sponsor. The facility involves the forward sale of a specific number of barrels of crude oil to a Special Purpose Vehicle (SPV), which has approached international financial institutions for the required funding.
