Afreximbank Taps Oil Traders to Finance $3bn Cash-for-crude Loan to NNPC Emmanuel Addeh and Peter Uzoho with agency report
The African Export-Import Bank (Afreximbank) is currently tapping some oil traders to enable the
financing of the $3 billion emergency cash-for-crude oil repayment loan to the Nigerian National Petroleum Company Limited (NNPC), a loan that was adjudged central to the country's efforts to support the
falling naira. Nigeria's currency has continued its downward spiral with the naira hitting an all-time low of N1,000 to the dollar on the black market on Tuesday.
NNPC had on August 16, 2023 announced that it had secured a $3 billion emergency crude oil repayment loan from the Afreximbank with both parties signing a commitment letter and term sheet for the loan
to help in stabilising the country’s volatile foreign exchange market. At the signing, which took place at the bank’s headquarters in Cairo, Egypt, NNPC had stated that the deal would provide some
immediate disbursement that would enable the company to support the federal government in its ongoing fiscal and monetary policy reforms Continued on page 14
Eid-el-Maulud: Abbas, Minister, Obi, Governors, PDP, Preach Peace... Page 6 Thursday 28 September, 2023 Vol 28. No 10396. Price: N250
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Wike Sacks Nine FCTA MDs, ES FCT Primary Healthcare Board, Others... Page 14
NiMet Predicts 48-hour Heavy Rainfall in Bayelsa, Kogi, Anambra, 22 Others
Katsina, Kano, Jigawa, Bauchi, Gombe, Plateau, Borno, Adamawa, Taraba, Kaduna, Niger, Nasarawa, Enugu, Edo, Delta, Abia, Akwa Ibom, Cross River, Ebonyi, Kwara, Benue State, FCT to be affected The Nigerian Meteorological Agency(Nimet) has predicted heavy rainfall in 25 states
including the Federal Capital Territory (FCT) in the next 48 hours.
The agency noted that the predicted rainfall could lead to flash floods.
The States to be affected are: Katsina, Kano, Jigawa, Bauchi, Gombe, Plateau,
Borno, Adamawa, Taraba, Kaduna, Niger, Nasarawa, Kogi, Enugu, Edo, Delta, Bayelsa,
Abia, Anambra, Akwa Ibom, Continued on page 14
Ganduje: Kwankwaso Will Remain Serial Loser in Presidential Elections The Kwankwasiyya head, who wears a red cap, is the person, who prefers to be a king in hell than be a servant in paradise. He specialises in deceiving people
Adedayo Akinwale in Abuja National Chairman of the ruling All Progressives Congress (APC), Dr. Abdullahi Ganduje, has said his former boss and presidential candidate of New Nigeria Peoples Party (NNPP), Rabiu Musa Kwankwaso, would remain a serial loser in presidential contests because he is always driven by personal ambition. Ganduje spoke in Abuja, Tuesday night, when he received the Bauchi State NNPP governorship candidate in the 2023 general election, Senator Haliru Jika, who formally returned to APC during an event at the national secretariat of the party. In a symbolic act to mark the political shift, Ganduje, while receiving Jika and his group into APC, removed the characteristic red cap of the Kwankwasiyya group and replaced it with President Bola Tinubu’s signature cap bearing the unbroken chain insignia. Alleging that Kwankwaso’s personal ambition had seen him Continued on page 14
Improved security to boost investors' confidence...
National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, Esq. (right) with the Minister of Defence, Alh Badaru Abubakar, during Oye’s visit to the Defence Minister, at the Ministry’s Headquarters in Abuja...recently