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PRESS STATEMENT SIGNED BY H.E ATIKU ABUBAKAR

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Atiku Abubakar

Tinubu’s administration owes Nigerians an explanation for the NNPC $3.3bn emergency loan

In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.

The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.

The deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.

According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.

The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.

What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.

Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.

Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12bn.

It is on this note that we are calling on the Federal Government to speak up on this shady deal.

It is inconceivable that the Federal Government will lead the country to take a loan of $3.3b with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12bn.

That is a humongous differential of about $7b between what is in the details of the deal on paper and what indeed is the reality.

There are questions to be answered on the integrity of this deal, and we earnestly request the Federal Government to talk directly on these cloudy details behind the deal.

We therefore demand, on behalf of the ordinary people of Nigeria, that the Federal Government provides answers to the following questions.

1. Has the Federal Government accessed the loan?
2. Is the loan in the government’s borrowing plan as approved by the National Assembly?
3. Who are the parties to the loan, and what specific roles are they expected to play?
4. What are the conditions to the loan, including tenor, repayment terms, the collateral, and the interest rate?
5. And, lastly, why register an SPV in the Bahamas knowing the recent scandal of the country’s notoriety for warehousing unclean assets?

Signed
Atiku Abubakar
Vice President of Nigeria, 1999-2007.

Politics

Accord Party Crisis Deepens As Another Governorship Candidate Emerges For Osun Polls

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A faction of Accord Party has held its own governorship primary, where Mr. Clement Bamigbola emerged as the faction’s governorship candidate for the 2026 Osun State election.

This is coming just four days after the emergence of Governor Ademola Adeleke as the party’s flag-bearer.

Recall that the party under the leadership of Maxwell Mgbudem, on Wednesday, held a similar exercise which produced Governor Ademola Adeleke as the party’s candidate.

However, a faction of the party rejected his emergence, insisting that Barrister Maxwell Mgbudem is not the legally recognized national chairman of the Accord Party.

In a fresh development on Sunday, about 300 delegates of the Accord Party from across Osun State elected Bamigbola as the factional candidate during a primary held at Regina Suite, Osogbo.

Bamigbola emerged through a voice vote conducted by the delegates, after which the Chairman of the Primary Committee, Hon. Olufemi Ogundare, declared him the party’s candidate for the 2026 Osun State governorship election.

 

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Tinubu, ECOWAS leaders meet in Abuja over Benin coup, regional stability

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President Bola Tinubu and leaders of ECOWAS countries are currently meeting in Abuja.

The 68th Ordinary Session of the ECOWAS Authority of Heads of State and Government is taking place at the State House Conference Centre, in Abuja.

Leaders of West African countries at the meeting include President Julius Bio (Sierra Leone, ECOWAS Chair), President Patrice Talon (Benin), José Maria Neves (Cabo Verde) and Alassane Ouattara (Côte d’Ivoire).

Others are Adama Barrow (The Gambia), John Mahama (Ghana), Umaro Embaló (Guinea-Bissau), Joseph Boakai (Liberia), Bassirou Faye (Senegal) and Faure Gnassingbé (Togo).

The meeting is coming against the backdrop of five turbulent years for West Africa, which saw coups in Mali (2020, 2021), Burkina Faso (twice in 2022), and Niger (2023).

The latest incidents include an attempted coup in Benin on December 7, 2025, and renewed instability in Guinea-Bissau.

At the time of filing this report, details of the meeting are yet to be disclosed.

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Breaking: Diri Orders Autopsy on Bayelsa Deputy Governor’s Death, Warns Against Politicisation

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Bayelsa State Governor, Senator Douye Diri, has ordered an autopsy to determine the cause of death of the state’s Deputy Governor, Lawrence Ewhrudjakpo.

Governor Diri gave the directive on Saturday while receiving former President Goodluck Jonathan at the Government House in Yenagoa.

Ewhrudjakpo reportedly collapsed in his office on Thursday and was rushed to the Federal Medical Centre (FMC), Yenagoa, where he was pronounced dead on arrival.

Reacting to the incident, the governor condemned what he described as widespread misinformation and speculation on social media, warning against any attempt to politicise the deputy governor’s death.

“I want to make an appeal. I have seen people politicise his death. In Ijaw land, there is no enmity in death. Let nobody politicise the passing of our dearly beloved deputy governor,” Diri said.

“If anyone truly loves him, this is the time to show it. I have directed that an autopsy be carried out to reveal the cause of his death. There is a lot of nonsense going on on social media.”

The governor further urged the public to focus on mourning and honouring the late deputy governor, noting that the state government had declared three working days of mourning in his honour.

“If anyone is issuing statements to eulogise him, let it end there. Let us mourn him because Bayelsa State is in a mourning mood,” he added.

Governor Diri also called for unity and love among the people, reminding them of the inevitability of death.

Speaking during the condolence visit, former President Goodluck Jonathan described the late Ewhrudjakpo as a committed and dedicated individual who played a key role in the activities of his foundation.

“For me, he was someone my foundation and I will never forget. He represented the governor in all our programs,” Jonathan said, adding that Ewhrudjakpo worked tirelessly in that role, even more than when he served as deputy governor.

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