Aiteo, Shell, AFC and banks settle $1.9bn OML 29 facility dispute

Aiteo Eastern E&P settled disputes with Africa Finance Corporation, Shell Western Supply and Trading, and eleven commercial banks over OML 29 loan facilities worth over $1.9 billion. The settlement resolves a long-running lending dispute tied to the oil asset.

Settling a large syndicated facility removes a lender-side credit overhang tied to a Nigerian oil asset.