The African Export-Import Bank (Afreximbank) has provided a $975 million financing facility to support the management buyout of Oryx Energies SA, the holding company of Addax Energy SA. This transaction marks a significant milestone, bringing one of Africa's largest independent energy distributors under majority African ownership for the first time. Oryx Energies operates in Kenya and over 20 other African countries, supplying, storing, and distributing fuels, liquefied petroleum gas (LPG), and lubricants.
Oryx Energies has been in operation for over 35 years and is one of the continent's longest-established independent energy providers. The company's Kenyan operations are part of a wider East African footprint that includes storage terminals, retail fuel stations, and commercial supply contracts. The buyout transfers control of the trading and distribution business from its previous shareholders to the existing management team, led by CEO Moussa Diao.
Afreximbank acted as sole lender, facility agent, security trustee, and escrow agent for the transaction. The Cairo-based multilateral lender described the deal as a major step in strengthening the continent's energy security. The financing facility, equivalent to Sh126 billion, demonstrates Afreximbank's commitment to supporting Africa's energy sector.
CEO Moussa Diao expressed his gratitude to Afreximbank for its support, stating that the transaction would not have been possible without the bank's involvement. Diao highlighted the strength of experienced African leadership and its ability to guide established businesses towards new opportunities. The management buyout is expected to drive growth and expansion in the energy sector.
Afreximbank President and Chairman George Elombi emphasized that the deal advances the bank's mandate to drive structural transformation of African economies. The transaction is expected to promote greater African ownership and participation in development by empowering local entrepreneurs, expanding local value creation, building capacity, creating jobs, and retaining more economic value on the continent.
The buyout is one of the largest management-led transactions in Africa's downstream energy sector in recent years. It signals growing appetite among African financial institutions to finance continental industrial assets. Afreximbank, with total assets and contingencies of over Sh6.26 trillion as of December 2025, has expanded its support for Africa's energy sector, including upstream production and refining capacity.
The transaction is expected to deepen Africa's energy industrial ecosystem, strengthen energy infrastructure, and capture more value from the continent's abundant natural resources. With this deal, Afreximbank has demonstrated its commitment to supporting Africa's economic growth and development. The bank's involvement is expected to have a positive impact on the energy sector and the broader economy.
Key points
- Afreximbank provides $975 million financing for Oryx Energies management buyout.
- The transaction marks a significant milestone, bringing one of Africa's largest independent energy distributors under majority African ownership for the first time.
- The deal advances Afreximbank's mandate to drive structural transformation of African economies.
