French, African Lenders Sue Nigerian Oil Co. Over $1.2B Loan

Law360, London (February 4, 2019, 8:14 PM GMT) -- French investment bank Natixis and a South African lender are suing a Nigerian oil and gas company in the English courts over fees they claim to be owed for underwriting a $1.2 billion syndicated loan used to fund an exploration company acquisition by Africa’s wealthy Alakija family.

Natixis, the investment banking arm of French bank Groupe BPCE, and Nedbank Ltd., the U.K. branch of South Africa’s biggest lender Nedbank, filed a High Court suit on Jan. 9 demanding $1.25 million from Famfa Oil Ltd. over payments linked to the 2008 loan facility.

The banks claim they are owed the money under...

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