Headline

Nigeria Secures Additional $925m In oil-backed Loan From Afreximbank

Published

1 year ago

June 6, 2024

African Export-Import Bank, on Thursday, announced an additional disbursement of $925m under the syndicated $3.3bn crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited.

Its latest accordion disbursement for Project Gazelle Funding Limited brings the total current funded facility size to $3.175bn.

Arranged and coordinated by Afreximbank, the accordion arrangement saw the raising of a combined total of $925m from a consortium of crude oil off-taker lenders including but not limited to the Oando Group and Sahara Energy Resource Limited.

“Afreximbank acted as Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent for the transaction which is expected to provide further support for Nigeria’s macroeconomic stability and long-term economic growth while enhancing the country’s industrialisation and trade development efforts,” the bank stated in a statement posted on its website on Thursday.

This announcement follows the success of the first accordion tranche of the $3.3bn facility. In December 2023, the project received funded commitments totaling $2.25m.

The $925m accordion arrangement raises the total amount disbursed to $3.175bn.

Commenting on the disbursement, President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said, “The milestone achieved thus far on this facility demonstrates the bank’s capabilities in performing its role as a crucial development partner for Africa.

“It reaffirms our commitment to assisting our member states in their efforts to achieve economic growth and stability. This funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities.”

Oramah described the original facility as ‘a landmark’ for being the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.

He said the closure of the first accordion demonstrated the existence of positive market appetite for well structured commodities-backed instruments.

The Group Chief Executive Officer, NNPC Limited, Mele Kyari, commended Afreximbank management and team for their investment philosophy and active interest in co-creation of prosperity.

“The successful disbursement of the first accordion under project Gazelle and its interest in funding viable and strategic projects is a clear indication of investors’ confidence in NNPC and Nigeria’s growth aspirations,” Kyari stated.

He further assured Afreximbank and all investing communities of NNPC’s resolve to continue to grow the nation’s hydrocarbon resources and strengthen its partnerships across the oil and gas value chain locally, and globally.

On August 17, 2023, The PUNCH reported that the NNPCL announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank.

It explained that the loan would be used by the oil company to support the Federal Government in stabilising Nigeria’s exchange rate.

Also in January 2024, The PUNCH reported that NNPC would prepay future royalties and taxes to the Federal Government from the $3.3bn financing deal it got from African Export-Import Bank.

The report stated that NNPCL disclosed this in a document titled, ‘Frequently Asked Questions – Project Gazelle’, released by its Chief Corporate Communications Officer, Olufemi Soneye.

Providing details about the deal in the document titled, “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle,” the company said, “This is a financing agreement secured by NNPC Limited to prepay future royalties and taxes to the Federal Government.”

The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan to reduce the risk of default and ensure financial stability.

Giving details on the benchmark oil price, the company said the facility was using a conservative crude price of $65/barrel to calculate the allocated crude to be produced and sold in the future.

“This provides a safety margin for price fluctuations in the future..NNPC Limited has reserved up to 90,000 barrels of crude for Project Gazelle, ensuring sufficient cash flow for repayment and other financial obligations.

“If oil prices rise, more money will come in from selling the 90,000 barrels, allowing for faster repayment. However, if oil prices fall, the repayment may be slower.

“The quantity of crude earmarked (90,000 barrels) is sized to ensure enough cash is available for the repayment of the facility when it is due. This also ensures that NNPC Limited can meet other cash flow obligations, considering the expected future price of crude oil globally,” it stated.

NNPC also said repayments were strategically planned and tied to future oil sales, with conservative pricing in oil sales contracts mitigating the risks associated with oil price volatility.

Headline

Australian Govt Official Declares ‘Red Wednesday’ Over Attack On Kwara Church

Published

10 hours ago

November 19, 2025

Editor

Chairman of the Australian Committee for NATO enlargement, Gunther Fehlinger-Jahn, has declared a ‘Red Wednesday’ as part of a global awareness campaign against alleged persecution of Christians in Nigeria.

Gunther made this known in a post on X while reacting to the recent attack on Christ Apostolic Church, CAC, in Kwara State.

Recall that terrorists on Tuesday invaded the church located in Eruku town, Ekiti Local Government Area of the state, and opened fire on worshipers.

According to reports, the resident pastor and some persons were killed while majority of the worshipers were taken away to unknown destinations.

Reacting, Gunther in his X post said the incessant attacks on Nigerian Christians “is unacceptable”.

He wrote, “I got this video sent of an Islamist attack on a church in Nigeria. Today is #RedWednesday the global awareness day against prosecution of Christians.”

Headline

Pope Decries Lack Of Political Will On Climate Change

Published

2 days ago

November 18, 2025

Editor

Pope Leo XIV on Monday urged “concrete actions” on climate change and complained that some leaders lacked the will to act, as he addressed religious dignitaries on the sidelines of the COP30 summit.

The Vatican released the American pope’s address to churches of the southern hemisphere assembled on the sidelines of the UN climate talks in Belem, Brazil, in which he called the Amazon region “a living symbol of creation with an urgent need for care”.

“Creation is crying out in floods, droughts, storms and relentless heat,” the pope said.

“One in three people live in great vulnerability because of these climate changes. To them, climate change is not a distant threat, and to ignore these people is to deny our shared humanity,” he added.

“What is failing is the political will of some.”

The UN climate negotiations enter their final stretch this week, with nations split on key issues as government ministers began arriving Monday to take over negotiations.

“There is still time to keep the rise in global temperature below 1.5C, but the window is closing,” warned Leo, who called for “concrete actions” while championing the landmark Paris Agreement.

– Pope defends Paris Agreement –

The historic 2015 accord, from which US President Donald Trump has said he will withdraw the United States for the second time, aims to keep temperature rises “well below” 2C compared to pre-industrial levels and, if possible, to 1.5C.

The Paris Agreement was the “strongest tool for protecting people and the planet”, Leo said, decrying a lack of effort by some leaders, whom he did not name.

“True leadership means service and support on a scale that will truly make a difference,” he said, urging firmer climate action to bring about “stronger and fairer economic systems”.

“Let us send a clear global signal together: nations standing in unwavering solidarity behind the Paris Agreement and climate cooperation,” he said.

Since being made pope in May, the Chicago-born pontiff — who spent about 20 years as a missionary in Peru — has urged more pressure on governments to stop climate change.

Last month, during a climate conference near Rome, he called for an “ecological conversion” to help vulnerable communities.

October marked the 10-year anniversary of the late Pope Francis’s landmark climate manifesto “Laudato Si”, which appealed for action on human-caused global warming.

COP30, without the presence of the US government, is scheduled to end in five days, but groups of countries still disagree on many issues, including climate ambition, unilateral trade measures, and finance.

Some countries also want a roadmap for phasing out fossil fuels.

UN climate chief Simon Stiell welcomed what he called Pope Leo’s “strong message”.

“His words urge us to continue to choose hope and action,” he said.

Headline

Genocide: U.S. Lawmaker Alleges Tinubu Lying, Protecting Own Interest

Published

2 days ago

November 18, 2025

Editor

Riley Moore

…Congress to debate ‘Christian Persecution’ in Nigeria on Thursday

United States (U.S.) lawmaker, Riley Moore, has dismissed President Bola Tinubu’s denial of the targeted killing of Christians as “completely false”.

Moore said Tinubu’s denial was to “protect his interests,” adding that Nigeria’s political leaders were “complicit” in the killing of Christians.

In an interview with Fox News on Sunday, Moore noted Tinubu’s statement, claiming that the “characterisation of Nigeria as religiously intolerant does not reflect our national reality” as incorrect.

Meanwhile, the Congress will, on Thursday, debate the persecution of Christians in Nigeria.

This was as International Society for Civil Liberties and Rule (Intersociety) raised fresh claims 99 Christians were, again, killed in Nigeria in 14 days.

“Unfortunately, that is completely false. There are states in Nigeria that have blasphemy laws. People are facing the death penalty for blasphemy against Islam,” the U.S. lawmaker said. “I know President Tinubu is in a difficult position, and trying to protect his interests there in the country. But they are complicit in this to some degree or another for a statement like this.”

Moore cited the case of an Adamawa Christian farmer, Sunday Jackson, who was sentenced to death for defending himself against a killer herdsman.

“There is serious persecution in Nigeria,” Moore said.
CONGRESS is set to convene a hearing on Thursday to examine allegations of widespread persecution of Christians in Nigeria, following President Donald Trump’s recent decision to redesignate the country as a Country of Particular Concern (CPC).

The session will be led by Congressman Chris Smith, chairman of the House Foreign Affairs Subcommittee on Africa, and a vocal advocate for stronger U.S. action on reported religious violence in Nigeria.

Smith previously introduced a congressional resolution naming the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) and Miyetti Allah Kautal Hore as responsible actors in several attacks. The resolution recommends visa bans and asset freezes against members of the groups.

It also called on White House to classify “Fulani-Ethnic Militias” operating in states such as Benue and Plateau under the Entities of Particular Concern (EPC) framework established by the International Religious Freedom Act.

Witnesses scheduled to testify include Jonathan Pratt, senior bureau official at the U.S. State Department’s Bureau of African Affairs, and Jacob McGee, deputy assistant secretary at the Bureau of Democracy, Human Rights, and Labour.

A second panel is expected to feature Nina Shea, senior fellow and director at the Centre for Religious Freedom; Bishop Wilfred Anagbe of the Makurdi Catholic Diocese; and Oge Onubogu, director and senior fellow for the Africa Programme at the Centre for Strategic and International Studies.
INTERSOCIETY alleged in a statement yesterday that 99 Christians were killed within the last 14 days.

It stated that the killing occurred between October 28 and November 11, adding that 114 others were kidnapped by the group that carried out the action, called Jihadist militants.

The report was signed by the Head, Intersociety, Emeka Umeagbalasi, and two human rights lawyers, Joy Igboeli and Ogochukwu Obi.