THE PRAX GROUP ANNOUNCES SUCCESSFUL CLOSING OF A US$300 MILLION PRIVATE CREDIT FACILITY

London, Sept. 12, 2023 (GLOBE NEWSWIRE) — The Prax Group (“Prax”) – a British multinational, independent global energy conglomerate dealing in crude oil, petroleum products and biofuels, with a complete integration across the oil value chain, from upstream to midstream and downstream – has announced the successful closing of a new privately placed c.US$300 million (equivalent) Term Loan Facility (the “Facility”).  The Facility achieved a substantial oversubscription and was upsized from an original US$250 million, with four institutions participating in the transaction, including three new lenders.

The Private Credit team at HSBC Bank plc (“HSBC”) acted as Sole Mandated Lead Arranger of the transaction. Funds managed by institutional investors including Chimera Abu Dhabi (“Chimera”) and Orchard Global Asset Management (“Orchard Global”) acted as lenders alongside HSBC.

Ben Lahnstein, Group Chief Financial Officer, Prax, said: “The success of the transaction highlights the confidence our lending groups have in Prax and the depth of our banking and investor relationships. This latest funding has diversified our funding sources and strengthened our balance sheet.  It provides us with a solid financial platform from which to execute future M&A activities, and deliver sustainable, profitable growth.”

The new Facility will be used to refinance the maturing five-year term loan tranche from 2018, as well as for strategic acquisitions.

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Notes to Editors

About The Prax Group: Headquartered in the UK, the Prax Group is a British multinational, independent exploration and production, refining, storage, distribution and sales conglomerate dealing in petroleum products and bio-fuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to midstream and downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.

www.prax.com

Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Email: press@prax.com

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Nigeria, Benin Republic collaborating to boost trade ties – NCS

The Nigeria Customs Service (NCS) says it is in collaboration talks with the Customs Service of neighbouring Republic of Benin to improve trade relations between both countries.

The Acting Comptroller General of Nigeria Customs, Mr Adewale Adeniyi, made this known on Tuesday in Abuja, during a two-day working visit of the Director-General of Customs, Republic of Benin, Alain Hinkati, to Nigeria.

Adeniyi said that Hinkati’s visit was in furtherance of ongoing efforts to enhance customs administration, trade facilitation and regional cooperation.

According to him, the visit marks a significant milestone in our journey to strengthen collaboration, eliminate barriers and promote legitimate trade within the West African region.

“It is with profound gratitude that I recall our previous visit to our esteemed counterparts in Benin, where fruitful discussions and resolutions were made; forging a path towards more efficient and effective customs practices.

“Today, I am honoured to highlight some of the remarkable progress we have made since that visit, as well as the commitment to further solidify these gains.

“On promotion of ECOWAS Trade Liberalisation Scheme, the

relevant department within the NCS has been entrusted with the task of reviewing the current impediments to the scheme to chart practical ways forward.

“Our objective remains steadfast; to stimulate economic growth, foster regional integration and nurture prosperity among our nations,” he said.

The Acting CG said that, in collaboration with the Inspector General of the Nigeria Police, the NCS had undertaken substantial measures to reduce barriers along trade corridors.

He said that by addressing those challenges, the NCS was fostering a more conducive environment for legitimate trade to flourish.

“We are currently in the final stages of integrating our IT systems with the

Federal Road Safety to curb illegal entry of vehicles.

“This integration will enhance our ability to monitor and regulate cross-border vehicle movements more effectively,” he said.

Adeniyi said that initiatives have also been launched to harmonise the list of products prohibited in Nigeria.

According to him, this step not only promotes consistency but also facilitates smoother trade relations with our partners.

He added that the NCS was swiftly progressing toward Nigeria’s integration into the Interconnected System for the Management of Goods in Transit (SIGMAT), joining hands with other West African nations.

“This interconnected system promises to further streamline our transit operations and improve regional trade dynamics”.

He said the accomplishments were a testament to the dedication in collaboration with regional partners, adding, however, that the journey was far from complete.

“The challenges we face require our continued commitment and resolve to overcome them. As we solidify these gains, we must also look ahead with a sense of urgency,” Adeniyi said.

The visiting D-G Customs of the Republic of Benin, Alain Hikanti, had earlier commended the NCS for its efforts at forging the collaboration.

Hinkati said that his visit to Nigeria had provided the opportunity to deepen the different issues that were raised in June when Adeniyi paid a similar visit to the Republic of Benin.

“We have decided to explore the benefits of the opportunities of our mutual advantages.

“We are working towards having a Nigeria clearing ground Republic of Benin to make importation of goods through our borders more seamless,” he said.

Also present at the event were the Nigerian Ambassador to the Republic of Benin, Olukayode Olugbenga, and the Ambassador of Republic of Benin to Nigeria, Marcelline Adjovi-Yekpe. (NAN) (www.nannews.ng)

Source: News Agency of Nigeria

Shettima to represent Tinubu at G77 summit in Cuba

Vice President Kashim Shettima on Wednesday departed Nigeria to represent President Bola Tinubu at the G77+China Leaders’ Summit in Havana, Cuba, holding from Sept. 15 to 17.

The Director of Information, Office of the Vice President, Mr Olusola Abiola, in a statement, said Shettima would join other world leaders, including the UN Secretary-General, Antonio Gutteres, at the Summit.

He said the summit would deliberate on development issues facing members, mostly from the global south.

“The summit will equally explore proactive ways of addressing challenges facing the development of the member-states leveraging science, technology and innovation to enhance socio-economic growth.

“Also, Shettima will, on the sidelines of the Summit, hold bilateral meetings with other world leaders to promote Nigeria’s trade and investment relations in line with the economic development diplomacy of the President Bola Tinubu administration.”

Abiola said that the Havana Summit would be hosted by the President of the Republic of Cuba, Miguel Díaz-Canel, in his capacity as Chairman of the G77.

The theme of the summit is “Current Development Challenges: The Role of Science, Technology and Innovation.”

He recalled that Nigeria was a founding member of the G77 group established in 1964 by 77 developing countries.

“The group, a coalition of 134 developing countries with 80 per cent of world population, aims to promote its members’ collective economic interests and create an enhanced joint negotiating capacity in the United Nations,” he added.

He said Shettima would be accompanied by agriculture and rural development minister Abubakar Kyari, his innovation, science and technology counterpart, Uche Nnaji, and the Permanent Secretary, Ministry of Foreign Affairs, Mr Adamu Lamuwa.(NAN)

Source: News Agency of Nigeria

Trade relations: Nigeria Customs Service collaborates with Benin Republic counterpart

The Nigeria Customs Service (NCS) says it is in collaboration talks with the Customs Service of neighbouring Republic of Benin to improve trade relations between both countries.

The Acting Comptroller General of Nigeria Customs, Mr Adewale Adeniyi, made this known on Tuesday in Abuja, during a two-day working visit of the Director-General of Customs, Republic of Benin, Alain Hinkati, to Nigeria.

Adeniyi said that Hinkati’s visit was in furtherance of ongoing efforts to enhance customs administration, trade facilitation and regional cooperation.

According to him, the visit marks a significant milestone in our journey to strengthen collaboration, eliminate barriers and promote legitimate trade within the West African region.

“It is with profound gratitude that I recall our previous visit to our esteemed counterparts in Benin, where fruitful discussions and resolutions were made; forging a path towards more efficient and effective customs practices.

“Today, I am honoured to highlight some of the remarkable progress we have made since that visit, as well as the commitment to further solidify these gains.

“On promotion of ECOWAS Trade Liberalisation Scheme, the relevant department within the NCS has been entrusted with the task of reviewing the current impediments to the scheme to chart practical ways forward.

“Our objective remains steadfast; to stimulate economic growth, foster regional integration and nurture prosperity among our nations,” he said.

The Acting CG said that, in collaboration with the Inspector General of the Nigeria Police, the NCS had undertaken substantial measures to reduce barriers along trade corridors.

He said that by addressing those challenges, the NCS was fostering a more conducive environment for legitimate trade to flourish.

“We are currently in the final stages of integrating our IT systems with the Federal Road Safety to curb illegal entry of vehicles.

“This integration will enhance our ability to monitor and regulate cross-border vehicle movements more effectively,” he said.

Adeniyi said that initiatives have also been launched to harmonise the list of products prohibited in Nigeria.

According to him, this step not only promotes consistency but also facilitates smoother trade relations with our partners.

He added that the NCS was swiftly progressing toward Nigeria’s integration into the Interconnected System for the Management of Goods in Transit (SIGMAT), joining hands with other West African nations.

“This interconnected system promises to further streamline our transit operations and improve regional trade dynamics”.

He said the accomplishments were a testament to the dedication in collaboration with regional partners, adding, however, that the journey was far from complete.

“The challenges we face require our continued commitment and resolve to overcome them. As we solidify these gains, we must also look ahead with a sense of urgency,” Adeniyi said.

The visiting D-G Customs of the Republic of Benin, Alain Hikanti, had earlier commended the NCS for its efforts at forging the collaboration.

Hinkati said that his visit to Nigeria had provided the opportunity to deepen the different issues that were raised in June when Adeniyi paid a similar visit to the Republic of Benin.

“We have decided to explore the benefits of the opportunities of our mutual advantages.

“We are working towards having a Nigeria clearing ground Republic of Benin to make importation of goods through our borders more seamless,” he said.

Also present at the event were the Nigerian Ambassador to the Republic of Benin, Olukayode Olugbenga, and the Ambassador of Republic of Benin to Nigeria, Marcelline Adjovi-Yekpe. (NAN)(www.nannews.ng)

Source: News Agency of Nigeria

Lagos-Kano narrow gauge freight operations begins December – Minister

The Minister of Transportation, Sen. Sa’idu Alkali, has said that the freight wagon haulage on the narrow gauge from Lagos to Kano will begin in the next three months.

Alkali made the disclosure during his visit to Kajola Wagon Assembly Plant in Ogun, on Tuesday.

He said the railway corporation was using standard gauge to carry cargo from Lagos to Ibadan. but will begin the operation from Apapa to Kano in three months time.

Alkali said that the Federal Government had already fixed the narrow gauge from Lagos to Kano, and will now get some locomotives and wagons to take containers from Apapa and move them to Kano

“Once we evacuate containers from Lagos, we will use the narrow gauge to move them to Kano,” Alkali said.

After visiting some of the railway facilities, the Minister directed the Managing Director of the Nigerian Railway Corporation (NRC), Fidet Okhiria, to look into the cleanliness of the coaches, to enhance patronage on railways.

Okhiria, on his part, said that the Nigerian Shippers’ Council, being the port regulator, and the former Minister of Transportation set up a ministerial committee headed by the the former Permanent Secretary of the Ministry of Transportation to look into freight charges.

He said the purpose of the committee was to ensure smooth operation of freight rail.

“The impact on NRC is that the terminals are charging 60,000 per containers for moving the container to the wagon freight, which is still higher than the movement on trucks, and the Shippers’ Council is working on that.

”The terminal charges are high because of the double handling; presently, moving cargo by rail is more expensive than road but is faster.

“We are looking to see how we can do it, we have minimum operational cost, and we don’t need to go and borrow money to buy diesel, that is why we are starting the freight rail movement of cargo handling now,” Okhiria said.

He said that NRC had begun the freight rail movement from the port pending when they receive order from the Minister to reduce charges.

Okhiria said that NRC was operating the rail freight with the narrow gauge before now, but stopped due to security issues.

He said the corporation would use a month to repair all the vandalised tracks on the narrow gauge, adding that the management would assemble all the wagons and service them before putting them on track.

Okhira said that NRC had about 120 narrow gauge wagons, as the Federal Government had been proactive and the corporation had placed order through the China Civil Engineering Construction Company. (NAN)(www.nannews.ng)

Source: News Agency of Nigeria

Kaduna ministerial slot: APC group wants Tinubu to appoint its D-G

The Confederation of the All Progressives Congress (APC) Support Groups has appealed to President Bola Tinubu to appoint its Director-General, Alhaji Kailani Muhammed, to fill the outstanding ministerial slot for Kaduna State.

The group made the call in a statement by its Director, Publicity, Strategy and Communication, Dr Saleh Bin-Ahmed, in Abuja on Tuesday.

The News Agency of Nigeria (NAN) recalls that President Tinubu had nominated the immediate past Governor of Kaduna State, Malam Nasir El-Rufai, as member of his cabinet, but the Senate rejected his nomination due to alleged security report.

The Senate refused to confirm the nomination of El-Rufai as well as two others. It confirmed 45, out of the 48 ministerial nominees sent by the President.

“Confederation of APC Support Groups Nationwide calls on our dear President Bola Ahmed Tinubu to replace the Kaduna Ministerial Slot to its leader, Engr. Kailani Muhammed.

“These are common reasons for the APC as a party can easily have an easy slate transition come 2027, on the premise that the Support Groups are adequately compensated and carried along.

“Engr Muhammed as D-G, Confederation of APC Support Groups will certainly take care of the support group leaders on the platform of the Confederation for the smooth administration and party victory in future elections,” he said.

According to Bin-Ahmed, our able director-general is an astute politician and a philanthropist and season public servant, veteran journalist, and a public affairs analyst, above all, an opinion moulder.

“He has what it takes to deliver a desired dividend of democracy to Nigerians citizenry.

“We fervently hope that President Tinubu will see reasons why he needs to adhere to the yearnings and aspirations of the people. Henceforth, there is no better time than this,” group’s publicity director said.

Source: News Agency of Nigeria

Ethiopia Participating in BRICS Population Matters Meeting

Muktar Kedir, Ambassador Extraordinary and Plenipotentiary of Ethiopia to South Africa, is currently participating in the BRICS Meeting of officials and experts on population matters taking place in Durban, Kwazulu-Natal, South Africa.

A four-day meeting from 12 -15 September 2023, aimed at advancing the implementation of the Agenda for BRICS Cooperation on Population Matters for the period 2015-2020 is underway, according to the Embassy of Ethiopia in South Africa.

The meeting has brought together delegations from BRICS member countries, comprised of government officials, academics, and representatives from Non-governmental Organizations (NGOs), it was learned.

The agenda on population matters was initially adopted during the inaugural meeting of ministers responsible for population matters in Brasilia, Brazil, in February 2015.

It is to be recalled that Ethiopia became a member of BRICS during the 15th BRICS Summit held in South Africa.

Following its membership, the Embassy of Ethiopia in Pretoria, South Africa, represented by Ambassador Muktar Kedir, is participating in the BRICS meeting of officials and experts on Population Matters in an observer capacity along with the new members of BRICS.

Source: Ethiopian News Agency

Alternative Ports to Ethiopia Fosters Economic Integration in the Region, Says President of Ethiopian Institute of Public Diplomacy

The contractual agreements which Ethiopia enters with neighboring countries for alternative ports will allow economic integration between African countries, President of the Ethiopian Institute for Public Diplomacy in Sweden, Yasin Ahmed said.

In an exclusive interview with the Ethiopian News Agency, Yasin explained that Ethiopia is not the only landlocked country in Africa, but there are some landlocked African countries which have gone through agreements with countries bordering seas.

"Ethiopia is not the only landlocked country in the world. There is Rwanda that contracted with Kenya to benefit from its port, as well as Mali, which used agreements with Senegal, "he said.

He stressed that Ethiopia should make necessary long-term contractual agreements with several ports in the region and develop them for the sake of common interests with countries that have ports.

Ethiopia's ambition to get alternative ports in neighboring countries is legitimate, he said.

"The Ethiopian aspirations are legitimate aspirations in order to obtain ports in neighboring countries.... This is based on the International Law of the Sea, which gives it the right to use the ports...because it is the largest populous country in Africa," Yasin added.

He added as Ethiopia benefits from such ports, other countries will also be able to benefit from the passage of the growing economy and goods via their ports and the huge market of the country, which has a size of 120 million people.

As a large economy and growing population, Ethiopia needs to diversify its alternative ports for its export and import trade, Yasin pointed out.

He further noted that diversifying alternative ports to Ethiopia will contribute to increasing foreign investments, because the investor is looking for easy access to exports and imports for his investment, which also contributes to attracting more foreign direct investment(FDI).

Source: Ethiopian News Agency