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

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.
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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.
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“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.
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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.
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“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
South Korea, Japan Protest China, Russia Aircraft Incursions

South Korea and Japan reacted furiously on Wednesday after Chinese and Russian military aircraft conducted joint patrols around the two countries, with both Seoul and Tokyo scrambling jets.
South Korea said it had protested with representatives of China and Russia, while Japan said it had conveyed its “serious concerns” over national security.
According to Tokyo, two Russian Tu-95 nuclear-capable bombers on Tuesday flew from the Sea of Japan to rendezvous with two Chinese H-6 bombers in the East China Sea, then conducted a joint flight around the country.
The incident comes as Japan is locked in a dispute with China over comments Prime Minister Sanae Takaichi made about Taiwan.
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The bombers’ joint flights were “clearly intended as a show of force against our nation, Defence Minister Shinjiro Koizumi wrote on X Wednesday.
Top government spokesman Minoru Kihara said that Tokyo had “conveyed to both China and Russia our serious concerns over our national security through diplomatic channels”.
Seoul said Tuesday the Russian and Chinese warplanes entered its air defence zone and that a complaint had been lodged with the defence attaches of both countries in the South Korean capital.
“Our military will continue to respond actively to the activities of neighbouring countries’ aircraft within the KADIZ in compliance with international law,” said Lee Kwang-suk, director general of the International Policy Bureau at Seoul’s defence ministry, referring to the Korea Air Defence Identification Zone.
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South Korea also said it deployed “fighter jets to take tactical measures in preparation for any contingencies” in response to the Chinese and Russian incursion into the KADIZ.
The planes were spotted before they entered the air defence identification zone, defined as a broader area in which countries police aircraft for security reasons but which does not constitute their airspace.
Japan’s defence ministry also scrambled fighter jets to intercept the warplanes.
Beijing later Tuesday confirmed it had organised drills with Russia’s military according to “annual cooperation plans”.
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Moscow also described it as a routine exercise, saying it lasted eight hours and that some foreign fighter jets followed the Russian and Chinese aircraft.
Since 2019, China and Russia have regularly flown military aircraft into South Korea’s air defence zone without prior notice, citing joint exercises.
In November last year, Seoul scrambled jets as five Chinese and six Russian military planes flew through its air defence zone.
Similar incidents occurred in June and December 2023, and in May and November 2022.
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Meanwhile, Tokyo said Monday it had scrambled jets in response to repeated takeoff and landing exercises involving fighter jets and military helicopters from China’s Liaoning aircraft carrier as it cruised in international waters near Japan.
It also summoned Beijing’s ambassador after military aircraft from the Liaoning locked radar onto Japanese jets, the latest incident in the row ignited by Takaichi’s comments backing Taiwan.
Takaichi suggested last month that Japan would intervene militarily in any Chinese attack on the self-ruled island, which Beijing claims as its own and has not ruled out seizing by force.
AFP
Headline
Thousands Reported To Have Fled DR Congo Fighting As M23 Closes On Key City

Fierce fighting rocked the eastern Democratic Republic of Congo on Tuesday as the Rwanda-backed M23 militia rapidly advanced towards the strategic city of Uvira, with tens of thousands of people fleeing over the nearby border into Burundi, sources said.
The armed group and its Rwandan allies were just a few kilometres (miles) north of Uvira, security and military sources told AFP.
The renewed violence undermined a peace agreement brokered by US President Donald Trump that Kinshasa and Kigali signed less than a week ago, on December 4.
Trump had boasted that the Rwanda-DRC conflict was one of eight he has ended since returning to power in America in January.
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With the new fighting, more than 30,000 people have fled the area around Uvira for Burundi in the space of a week, a UN source and a Burundian administrative source told AFP.
The Burundian source told AFP on condition of anonymity he had recorded more than 8,000 daily arrivals over the past two days, and 30,000 arrivals in one week. A source in the UN refugee agency confirmed the figure.
The Rwanda-backed M23 offensive comes nearly a year after the group seized control of Goma and Bukavu, the two largest cities in eastern DRC, a strategic region rich in natural resources and plagued by conflict for 30 years.
Local people described a state of growing panic as bombardments struck the hills above Uvira, a city of several hundred thousand residents.
“Three bombs have just exploded in the hills. It’s every man for himself,” said one resident reached by telephone.
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“We are all under the beds in Uvira — that’s the reality,” another resident said, while a representative of civil society who would not give their name described fighting on the city’s outskirts.
Fighting was also reported in Runingo, another small locality some 20 kilometres (12 miles) from Uvira, as the M23 and the Rwandan army closed in.
Burundi views the prospect of Uvira falling to Rwanda-backed forces as an existential threat, given that it sits across Lake Tanganyika from Burundi’s economic capital Bujumbura.
The city is the main sizeable locality in the area yet to fall to the M23 and its capture would essentially cut off the zone from DRC control.
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Burundi deployed about 10,000 soldiers to eastern DRC in October 2023 as part of a military cooperation agreement, and security sources say reinforcements have since taken that presence to around 18,000 men.
The M23 and Rwandan forces launched their Uvira offensive on December 1.
Rich in natural resources, eastern DRC has been choked by successive conflicts for around three decades.
Violence in the region intensified early this year when M23 fighters seized the key eastern city of Goma in January, followed by Bukavu, capital of South Kivu province, a few weeks later.
– Regional risk –
The peace deal meant to quell the fighting was signed last Thursday in Washington by Congolese President Felix Tshisekedi and his Rwandan counterpart Paul Kagame, with Trump — who called it a “miracle” deal — also putting his signature to it.
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The agreement includes an economic component intended to secure US supplies of critical minerals present in the region, as America seeks to challenge China’s dominance in the sector.
But even on the day of the signing, intense fighting took place in South Kivu, where Uvira is located, which included the bombing of houses and schools.
Witnesses and military sources in Uvira said that Congolese soldiers fleeing the fighting had arrived in the city overnight Monday and shops were looted at dawn.
Several hundred Congolese and Burundian soldiers had already fled to Burundi on Monday, according to military sources, since the M23 fighters embarked on their latest offensive from Kamanyola, some 70 kilometres north of Uvira.
Since the M23’s lightning offensive early this year, the front had largely stabilised over the past nine months.
Burundian President Evariste Ndayishimiye warned in February there was a danger of the conflict escalating into a broader regional war, a fear echoed by the United Nations.
Headline
‘Santa Claus’ Arrested For Possessing, Distributing Child Sexual Abuse Material

A 64-year-old man from Hamilton Township has been arrested in the United States after investigators linked him to the possession and distribution of child sexual abuse material.
The suspect, identified as Mark Paulino, had been working as a “Santa for hire” at holiday events, a role that placed him in repeated contact with children.
Mercer County officials said the investigation began on 4 December when detectives were alerted to suspicious online activity involving the uploading of child pornography from a residence in Hamilton Township. The probe quickly identified Paulino, a retired elementary school teacher, as the person involved.
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Police stated that Paulino had presented himself online as a retired teacher and had recently performed as Santa Claus for photographs and private, corporate, and organisational events. “Because this role involved direct, repeated contact with children, detectives worked around the clock to secure a search warrant,” authorities explained.
The warrant was executed on 5 December, during which police seized multiple items regarded as evidentiary. Paulino was taken into custody without incident and charged with possession and distribution of child sexual abuse materials, as well as endangering the welfare of a child.
Prosecutors have filed a motion to detain him pending trial. The investigation remains ongoing, and authorities have urged members of the public with relevant information to come forward.
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