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Source Attribution: Nairametrics
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What we know about OML 29 and the bank facilities According to the terms of settlement seen by Nairametrics, Aiteo Eastern E&P Company Limited and Shell entered into an Amended and Restated Agreement dated December 31, 2016, under which commercial banks, including First Bank of Nigeria, Ecobank, GTBank and Union Bank, approved two facilities totalling $1,977,680,000 for Aiteo. Aiteo Eastern E&P Company Limited has reached a settlement with Africa Finance Corporation (AFC), Shell Western Supply and Trading Limited, and eleven commercial banks and financial institutions over disputes bordering on Oil Mining Lease (OML) 29 and associated loan facilities worth over $1.9 billion extended to Aiteo by the lenders.
Context & Background
✦Following Aiteo’s request, the lenders wrote to NNPC Limited, notifying it that their interest in the plaintiff’s equity cargoes, arising from the facility agreements and the All-Assets Debenture, had since crystallised.
Key Figures & Named Entities
$1.9 billion:Aiteo Eastern E&P Company Limited has reached a settlement with Africa Finance Corporation (AFC), Shell Western Supply and Trading Limited, and eleven commercial banks and financial institutions over disputes bordering on Oil Mining Lease (OML) 29 and associated loan facilities worth over $1.9 billion extended to Aiteo by the lenders.2026:The terms of settlement, dated April 2026 and exclusively reviewed by Nairametrics (marked SUIT NO.2024:FHC/ABJ/CS/1168/2024), were approved as a consent judgment by Justice Emeka Nwite of the Federal High Court, Abuja, on October 16, 2026.
Outlook & Next Steps
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Key Takeaways
Verified Extract
✦What we know about OML 29 and the bank facilities According to the terms of settlement seen by Nairametrics, Aiteo Eastern E&P Company Limited and Shell entered into an Amended and Restated Agreement dated December 31, 2016, under which commercial banks, including First Bank of Nigeria, Ecobank, GTBank and Union Bank, approved two facilities totalling $1,977,680,000 for Aiteo.
✦Aiteo Eastern E&P Company Limited has reached a settlement with Africa Finance Corporation (AFC), Shell Western Supply and Trading Limited, and eleven commercial banks and financial institutions over disputes bordering on Oil Mining Lease (OML) 29 and associated loan facilities worth over $1.9 billion extended to Aiteo by the lenders.
✦Following Aiteo’s request, the lenders wrote to NNPC Limited, notifying it that their interest in the plaintiff’s equity cargoes, arising from the facility agreements and the All-Assets Debenture, had since crystallised.
Key Facts:$1.9 billion: Aiteo Eastern E&P Company Limited has reached a settlement with Africa Finance Corporation (AFC), Shell Western Supply and Trading Limited, and eleven commercial banks and financial institutions over disputes bordering on Oil Mining Lease (OML) 29 and associated loan facilities worth over $1.9 billion extended to Aiteo by the lenders.2026: The terms of settlement, dated April 2026 and exclusively reviewed by Nairametrics (marked SUIT NO.2024: FHC/ABJ/CS/1168/2024), were approved as a consent judgment by Justice Emeka Nwite of the Federal High Court, Abuja, on October 16, 2026.$1,977,680,000: What we know about OML 29 and the bank facilities According to the terms of settlement seen by Nairametrics, Aiteo Eastern E&P Company Limited and Shell entered into an Amended and Restated Agreement dated December 31, 2016, under which commercial banks, including First Bank of Nigeria, Ecobank, GTBank and Union Bank, approved two facilities totalling $1,977,680,000 for Aiteo.
Editorial Excerpt
Aiteo Eastern E&P Company Limited has reached a settlement with Africa Finance Corporation (AFC), Shell Western Supply and Trading Limited, and eleven commercial banks and financial institutions over disputes bordering on Oil Mining Lease (OML) 29 and associated loan facilities worth over $1.9...
Frequently Asked Questions About This Story
What is the latest development regarding Nigerian Upstream Petroleum Regulatory Commission?
What we know about OML 29 and the bank facilities According to the terms of settlement seen by Nairametrics, Aiteo Eastern E&P Company Limited and Shell entered into an Amended and Restated Agreement dated December 31, 2016, under which commercial banks, including First Bank of Nigeria, Ecobank, GTBank and Union Bank, approved two facilities totalling $1,977,680,000 for Aiteo.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Nigerian Upstream Petroleum Regulatory Commission, Cross River State, Federal Capital Territory.
What timeline or key figures were confirmed?
Aiteo Eastern E&P Company Limited has reached a settlement with Africa Finance Corporation (AFC), Shell Western Supply and Trading Limited, and eleven commercial banks and financial institutions over disputes bordering on Oil Mining Lease (OML) 29 and associated loan facilities worth over $1.9 billion extended to Aiteo by the lenders.
