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Shell Sells Nigerian Assets and Now Faces Dollar-Crunch Challenge



The biggest lender in Nigeria has revealed that lenders likely don’t have enough dollars to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell Plc.

Guaranty Trust Bank Plc doesn’t see the likelihood of any client raising the estimated $2.3 billion needed to purchase the Shell assets, said Segun Agbaje, CEO of the financial group that owns the lender. Such a deal would require a syndication of up to $1.8 billion, and it “can be very tough to raise this kind of funding locally at the moment,” said Agbaje.


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