Afreximbank Disburses $975m for Oryx Buy-Out, Paving Way for African Ownership
Oryx Energies SA is the holding company of Addax Energy SA, one of Africa’s longest-established independent providers of energy products and services.
Afreximbank announced the transaction in a statement on Wednesday, describing it as a major step towards strengthening Africa’s energy security and expanding the role of African capital in the continent’s industrial development.
The bank said the acquisition would enable Africa to retain more economic value, advance energy sovereignty and align resources with the continent’s development priorities.
Afreximbank acted as the sole lender, facility agent, security trustee and escrow agent for the transaction.
The financing builds on the bank’s broader support for Africa’s energy sector, including investments in upstream production and refining capacity.
According to the bank, the facility reflects its commitment to providing financing that enables African businesses to strengthen their operations, develop energy infrastructure and expand trade across the continent.
Commenting on the transaction, Oryx Energies SA Chief Executive Officer, Moussa Diao, described the management buy-out as an important milestone in the company’s history.
He said the deal would enable the management team to build on the company’s existing operations, drawing on its experience and understanding of African energy markets.
“Our ambition remains to strengthen our activities in energy trading and infrastructure development across Africa,” Diao said.
He added that Afreximbank’s support demonstrated confidence in the management team, the business and the opportunities available across the continent.
Diao also highlighted the growing role of African financial institutions in supporting established businesses and facilitating their continued development.
Similarly, Afreximbank President and Chairman of the Board of Directors, Dr George Elombi, said the transaction aligned with the bank’s mandate to drive the structural transformation of African economies.
Elombi said the management buy-out of Oryx Energies’ trading and distribution business would provide a platform for deepening Africa’s energy industrial ecosystem, strengthening energy infrastructure and capturing more value from the continent’s natural resources.
He added that the transaction would promote greater African ownership and participation in economic development by empowering local entrepreneurs, expanding local value creation, building capacity and creating jobs.
According to Elombi, the deal would also help retain more economic value within the continent.
The transaction comes amid efforts to strengthen African ownership of strategic businesses and expand the capacity of local financial institutions to fund major investments across the continent.
