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BREAKING: NNPCL Secures $3bn Emergency Crude Oil Repayment Loan To Stabilise Naira

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The NNPC Limited on Wednesday disclosed that it has signed a Commitment Letter and Term Sheet with AfreximBank for an emergency $3 billion crude oil repayment loan.

The company said the agreement was jointly signed by both parties at the bank’s headquarters in Cairo, Egypt.

NNPC Limited, in a statement made available to Vanguard, explained that the loan “will provide some immediate disbursement that will enable the NNPC Ltd to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market”.

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Recall that last week, the Federal Government reported a 13.6 percent drop in daily crude oil production in the month of July, leaving the country seriously short of dollar revenues from crude oil export.

READ ALSO: Enugu: Tribunal Reserves Judgment In LP’s Petitions Against Gov Mbah, Others

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed that production averaged 1.08 million barrels per day compared to 1.25mbpd recorded in June, latest production data from the, has indicated.

The July production figure was a major setback for the government which has a production target of 1.69 million barrels per day in the 2023 budget. The volume of production was also significantly lower than the 1.7 million barrels per day production quota allocated to the country by the Organisation of Petroleum Exporting Countries, OPEC.

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Visa Restrictions: UK Varsities Face Financial Crisis

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United Kingdom universities are grappling with severe financial difficulties due to recent restrictions on visas for international students.

On Thursday, university leaders called for an urgent increase in domestic tuition fees to help offset significant deficits, as reported by AFP.

The President of Universities UK, Sally Mapstone, which represents 141 higher education institutions, warned that the sector is “feeling the crunch” following the introduction of visa curbs last year.

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She stated, “There is now a clear choice. We can allow our distinguished, globally competitive higher education system to slide into decline or we can act together.”

READ ALSO: 12 Migrants Die Attempting To Cross Channel To UK

According to a report from the House of Commons, UK higher education institutions generated over £50 billion in total income during 2022-23, with a significant portion coming from tuition fees and grants.

International students, who pay higher fees than domestic students, have become a crucial revenue source for universities.

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However, the government under former Prime Minister Rishi Sunak implemented restrictions on overseas student visas, including a ban on students bringing family members.

READ ALSO: U.S. Court Sentences Nigerian Brothers To 18 Years In Prison For Sextortion

This policy was part of an effort to reduce record levels of immigration. As a result, there were 30,000 fewer international student applications in the first four months of 2024 compared to the same period in 2023, according to official data.

University officials have repeatedly raised concerns over the financial impact of the visa restrictions.

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Mapstone revealed that the higher education sector is currently facing a £1.7 billion deficit for teaching and a £5 billion shortfall for research. Without urgent intervention, there are fears that some institutions may be forced to cut courses or even close their doors.

To address the growing crisis, university leaders are urging the government to raise domestic tuition fees, which have been capped at £9,250 since 2017.

READ ALSO ALSO: LIST: UK Announces More Companies Licensed To Sponsor Nigerians’ Work Visa

Shitij Kapur, head of King’s College London, argued that fees should now be set between £12,000 and £13,000 to reflect rising costs.

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At a Universities UK conference in Reading, new Labour Education Secretary Bridget Phillipson acknowledged the financial challenges faced by the sector.

I can’t promise painless or immediate resolutions. But I do promise that these issues will get the attention and the commitment they deserve,” Phillipson said in a video message to attendees.

 

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U.S. Court Sentences Nigerian Brothers To 18 Years In Prison For Sextortion

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U.S. Attorney for the Western District of Michigan Mark Totten have sentenced Nigerian brothers, Samuel Ogoshi, age 24, and Samson Ogoshi, age 21 to 210 months in federal prison followed by 5 years of supervised release for the crime of Conspiracy to Sexually Exploit Minors.

On March 25, 2022, 17-year-old high school student, Jordan DeMay, from Marquette, Michigan, died as a result of this sextortion scheme, which targeted over 100 other victims, as well.

Today’s sentencing of Samuel and Samson Ogoshi sends a thundering message,” said U.S. Attorney Mark Totten. “To criminals who commit these schemes: you are not immune from justice. We will track you down and hold you accountable, even if we have to go half-way around the world to do so. The day when you could commit these crimes, rake in easy cash, destroy lives, and escape justice is gone.” Totten continued: “And to parents, teenagers, and everyone who uses a cell phone: please, please be careful. These devices can connect you to criminal networks around the world. Don’t assume people are who they say they are. Don’t share compromising images. And if you’re a victim, please reach out. There’s help, and law enforcement stands ready.

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READ ALSO: Court Jails ‘Yahoo Boy’ For Impersonating Singer Flavour N’abania, Duping American Of $53000

“These defendants sexually exploited and extorted more than 100 victims, including at least eleven minors, resulting in the tragic death of a 17- year-old high school student,” said Attorney General Merrick B. Garland. “These sentences should serve as a warning that the perpetrators of online sexual exploitation and extortion cannot escape accountability for their heinous crimes by hiding behind their phones and computers. The Justice Department will find them, no matter where they are, and we will bring them to justice in the United States.”

As contained in their plea agreements, Samuel and Samson Ogoshi engaged in a scheme while living in Nigeria to sexually exploit more than 100 victims, including at least 11 identified minor victims. They purchased hacked social media accounts and used them to pose as young women, making fake profiles and using the messaging feature on the social media accounts to contact victims.

READ ALSO: Former MTN Group CEO Is Dead

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They conducted online research about their victims to learn where they lived, attended school, worked, and the identities of their family and friends. They then solicited their minor victims to produce sexually explicit images of themselves. Once they received the images, they created a collage of pictures that included the sexually explicit image with other images of the victim and their school, family, and friends. The Ogoshi brothers threatened to disclose the collages to the family, friends, and classmates of the victim unless the victim agreed to pay money using online cash applications.

In November 2022, the U.S. Attorney’s Office for the Western District of Michigan charged Samuel Ogoshi, Samson Ogoshi, and Ezekiel Robert, all Nigerian nationals, in the sextortion scheme that resulted in the death of Jordan DeMay. The Ogoshi Brothers were extradited to the United States in August 2023 and pled guilty in April 2024.

On March 21, 2024, a Nigerian court ordered the third defendant, Ezekiel Robert, to be extradited to the United States. He has appealed that decision and the matter is before a High Court in Nigeria.

The sentencing of sextortionists Samuel and Samson Ogoshi ensures both international criminals will no longer victimize minors in the United States or throughout the world,” said Cheyvoryea the FBI Gibson, Special Agent in Charge of in Michigan. “Spreading awareness on sextortion is a top priority of the FBI here in Michigan. Our hearts and prayers are with the loved ones of Jordan DeMay and those affected by the criminal acts of these individuals.”
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How We Spent 36 Years In Nigeria With 10-day Visas — American Tourists

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Two American tourists, Liza Gatsby, and Peter Jenkins, have recounted what led them to spend over 36 years in Nigeria instead of the 10-day transit visas that were approved for them in 1988.

The two tourists made the revelation in an interview with a content creator, David Nkwa, monitored by our correspondent on Wednesday.

According to them, they never planned to stay in Nigeria beyond their approved days of visitation until they saw the need to save drill monkeys in the country because they were impressed by the dominance of interesting opportunities in areas of Science and Wildlife Conservation, the roads, the hospitality of Nigerians and the living condition that appeared better compared to America in those days.

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“I’ll tell you what I like about Nigerians. Okay, that’s what makes Nigeria different from every other country in Africa. They would say ‘hey! Oyinbo, come in na, sit down, make we talk. Make I go buy you drink.’ That is the difference between Nigeria and the rest of Africa.

“There were a lot of interesting opportunities in areas of Science and Wildlife Conservation that we became involved in, and we’re still here 36 years later. We arrived with a 10-day transit visa, and we have been here for 36 years.

READ ALSO: Fuel Price Hike: Ilorin Transporters’ Shocking Move

“We founded a nonprofit organisation called Pandas that ranches monkey drills in Bano and Calabar in Cross River State. I don’t think that one species is more important than another, just like I don’t think that human beings are more important than drills or elephants are more important than whales; I think we are all of equal value, and the drill is a scarce species, it’s one of the rarest animals in Africa and it’s one of those animals you never thought you would even see when we were traveling across Africa, you know I had my Wildlife Field Guide and you look at the pictures,” Gatsby, one of the tourists said.

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Speaking on why Calabar was their place of choice, Jenkins said they had done their research and that aside from Cameroon, Calabar was another place for monkey drills, stressing that no scientist or tourist had discovered that those animals were living there until 1987 when they consulted the local people in the community and got funding to make it habitable while conserving the rare species of Monkeys and other animals including girafees.

Jenkins added, “I love Nigeria, this is a great place. Come and live in Calabar and be at rest.When we got here, the population of Nigeria in the early ’90s and the late ’80s was around 65 million.

“The amount of natural resources that were still intact was extraordinary, and the density of wildlife generally in the forest was better compared to today. In fact, it’s appallingly low now, but in those days, this was a wonderful place to do research. Communities were very welcoming in those days; life was cheap; here, diesel, which is what our Land Rover ran on, was 35 Kobo, and with 29 kobo to the market, you would come back with two heavy bags with change in the pocket.

READ ALSO: JUST IN: NBA Condemns Increase In Fuel Pump Price NNPC Fuel Petrol Scarcity

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“We were comfortable and found Nigeria habitable. It was the best value country on this continent by far. The food was cheap, the road was perfect. There was no gallop deeper than a bottle cap.”

Meanwhile, Gabsty identified the lack of patriotism as the challenge facing many Nigerians while berating the growing negligence of the country’s culture, heritage, identity, music, traditional herbs, and healing.

“Nigerians don’t have pride in Nigeria’s natural heritage. I think that’s a big issue because that’s what it takes to try to make a difference. People don’t take pride in their cultural identity, language, traditional herbs, and healing.

“There was this huge wealth of knowledge when we came here on traditional healing and herbs from the forest, and that was another thing that put value on the natural resources here, but which of these old herbalists have an apprentice who is learning from them and when these old guys are gone, all that knowledge is going to be lost?

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“You go to the market now; we see herbal teas and herbal cures imported from China. How do we know that those things work? What’s wrong with our traditional ones here?” She queried.
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