Rand Merchant Bank, a division of South Africa’s FirstRand Group, has coordinated and led a $340 million medium-term debt refinancing for Indorama Fertilizer and Chemicals FZE Limited, one of Nigeria’s largest industrial players.
The facility, fully underwritten by a consortium of development financial institutions and international commercial banks, provides the company with more competitive long-term funding to support its brownfield fertilizer operations, according to a statement.
RMB acted as coordinator and lead arranger on the transaction, which closed recently and reflects the bank’s longstanding relationship with Indorama Group entities in Nigeria.
In 2025, Indorama FZE produced a record 2.7 million metric tonnes of urea, achieving 103% capacity utilization. Following the commissioning of Line 3 in June 2026, the company became the world’s largest single-site urea producer. It operates fully integrated facilities, including dedicated gas pipelines, feed conditioning units, utilities, warehousing, and a jetty.
“Indorama FZE is the largest non-oil exporter in Nigeria, accounting for more than 18% of the country’s non-oil exports in 2024, and holds around 75% of the domestic fertilizer market,” the statement said. The company plays a key role in supporting local food production and security.
Chidi Iwuchukwu, executive director and head of investment banking at RMB Nigeria, said the financing demonstrates RMB’s commitment to deploying its balance sheet and advisory capabilities to back private-sector investment in Nigeria’s heavy manufacturing sector.
“This financing is in support of the strong non-oil export growth in Nigeria where Indorama FZE continues to play as a market-leading player,” Iwuchukwu said.
Enyinna Anumudu, senior dealmaker and head of infrastructure finance at RMB Nigeria, added that the refinancing strengthens the competitiveness of Nigerian private-sector manufacturing while aiding domestic and export fertilizer supply as well as food sufficiency.
The transaction required coordination among multiple lenders and significant resources from RMB to execute on schedule, aligning with Indorama’s long-term funding objectives.
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