The African Export-Import Bank (Afreximbank) has approved a $975 million loan to fund the acquisition of Oryx Energies SA by its management team, ensuring the African energy trader’s first majority ownership by African stakeholders.
The facility will partially fund the acquisition of Oryx Energies, the holding company of Addax Energy SA, which supplies energy products and services throughout the continent.
Afreximbank served as the sole lender, facility agent, security trustee and escrow agent for the deal, demonstrating its commitment to supporting African businesses.
The purchase places majority ownership with the company’s African leadership, which plans to expand its current activities in energy trading, distribution and infrastructure development, thereby increasing its presence in the African market.
“This management buyout 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,” said Moussa Diao, CEO of Oryx Energies.
Moussa Diao added that the team intends to strengthen the firm’s position in African energy markets while seeking additional investment in trading and infrastructure projects, which will enable them to further expand their operations.
They say the acquisition is designed to boost African participation in ownership and management while retaining a larger share of economic value on the continent, which is a key objective of the bank’s financing strategy.
“This transaction advances Afreximbank’s mandate to drive the structural transformation of African economies,” said George Elombi, President and Chairman of the Board. “Through the Management buyout of Oryx Energies SA’s trading and distribution business, Afreximbank has 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.”
George Elombi noted the deal will support local entrepreneurship, create jobs, and build capacity. This contributes to greater African ownership of energy infrastructure and enterprises. It is expected to positively impact the local economy.
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