Politics
PRESS STATEMENT SIGNED BY H.E 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.
Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Friday declared that he’s still a member of the Peoples Democratic Party, PDP.
Wike’s comment followed his expulsion from the party by the faction led by National Chairman, Kabiru Turaki.
Turaki had formally dispatched expulsion certificates to 11 prominent party chieftains, including Wike, former Ekiti State governor, Ayodele Fayose, Senator Samuel Anyanwu, Umaru Bature, Kamarudeen Ajibade, SAN, Abdurahman Muhammad Senator Mao Ohuabunwa.
He said their expulsion was aimed at sanitising the party ahead of the 2027 elections.
Reacting to the development on Friday, Wike dismissed the claim while assuring that he would continue to work with other party members in making PDP a relevant opposition party.
The minister spoke while addressing journalists after inspecting the Interchange bridge and road linking Gwarinpa with Jahi and direct to Katampe, Gishiri and Maitama.
He said, “Those that are factionalized are bound to leave the party, I’m still in PDP and you can see that not everybody has left.
“We still have good numbers and we will continue to work together and that’s what I have said to the party. Put your house in order because at the end of the day, if you don’t put your house in order, it’s the party that is losing.
“So those who are worried, we can work together to see how the party can remain a relevant opposition.”
The governments of Abia and Imo States have announced the launching of a joint security taskforce and surveillance along the Aba-Owerri expressway, starting from Owerrinta in Abia State all the way to Owerri, Imo State.
The launch followed recent attacks by criminals on the expressway, including kidnapping, armed robbery and other criminal activities.
The formation of the joint security taskforce and surveillance was announced by Ferdinand Ekeoma, the Special Adviser to Governor Alex Otti on Media and Publicity.
His statement read in part: “Arising from a strategic emergency security meeting held today, 4th December, 2025, by the Governors of Abia and Imo Sates at the Imo State Government Owerri House, His Excellency Governor Alex Otti and His Excellency Senator Hope Uzodinma resolved to set up a joint security Taskforce that shall consist of Soldiers, Naval Personnel, Police Officers , DSS Personnel, and other Government Security Agencies.
“The joint security Taskforce shall, starting from tomorrow 5th December 2025, patrol the road 24 hours nonstop, while carrying out massive surveillance in the surrounding bushes using sophisticated drones and other modern security equipment.”
According to the statement, Governor Alex Otti commended the Governor of Imo State for arresting the criminals who carried out an attack on His advanced team and other passengers a few days ago.
“The two Governors, while assuring citizens plying the road on a daily basis and those returning home for Christmas of their safety and security, warn that there would be severe consequences for any criminal caught on the road going forward”, Ekeoma concluded.
President Bola Tinubu has transmitted to the senate two lists of 34 career and 31 non career ambassadors nominees for screening and confirmation.
Prominent names listed as non career ambassadors include Reno Omokri, Femi Fani-Kayode, Gen. Abdulrahman Dambazau, Victor Ikpeazu and Ifeanyi Ugwuanyi.
Also listed as non career ambassadors nominees are Prof. Mahmood Yakubu, Vice Admiral Ete Ibas, Senator Jimoh Ibrahim, Senator Nora Daduut, Fatima Ajimobi, and Senator Ita Enang among others.
The two lists brings to 68 number of persons nominated so far as ambassadors awaiting confirmation by the Senate.
PRESIDENT TINUBU’S TRIBUTE TO CENTENARIAN ALHAJI TANKO YAKASAI
I’m still in PDP – Wike replies Turaki, dismisses expulsion
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