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

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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.

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“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.

READ ALSO: N1.8bn Fraud: Court Orders Arrest Of Three Electricity Agency Officials

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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.”

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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.

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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.”

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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.

READ ALSO: 30 Govs Spent N968.64bn On Refreshments, Others In Three Months – Report

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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.

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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.

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Woman Passes Out After Receiving 100 Strokes Of Cane

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A woman has passed out after she and her partner were each flogged 100 times in public for engaging in sex outside marriage under strict Sharia laws in Indonesia’s Aceh province.

The woman, whose identity was not disclosed, was later carried away after the punishment was carried out in Banda Aceh, located at the northern tip of Sumatra island on Thursday.

A masked official dressed in brown robes administered the caning before members of the public who gathered to witness the punishment.

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Her partner was also seen wincing in pain while receiving the lashes.

READ ALSO:Ex-INEC REC Reveals 2026 Electoral Act Provisions That Could Undermine 2027 Election

The pair were among several individuals punished for violating Sharia regulations in the province.

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Authorities from the Banda Aceh Sharia Court and the Prosecutor’s Office handed down punishments ranging from 25 to 100 lashes for offences including extramarital sex allegedly arranged through online applications.

Aceh remains the only province in Muslim-majority Indonesia operating under Sharia law, where unmarried couples are prohibited from having sexual relations.

Caning is commonly used in the province as punishment for offences such as gambling, alcohol consumption, same-sex relations and sex outside marriage.

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Under Aceh’s Sharia regulations, child rape offenders face some of the harshest penalties, including up to 200 strokes of the cane, a prison sentence of as long as 200 months or fines equivalent to two kilograms of gold.

The punishments are usually carried out publicly as a way of shaming offenders in addition to inflicting physical pain.

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Such canings are often conducted outside mosques or in open public spaces, with residents watching and taking photographs during the exercise.

Human rights organisations have continued to condemn the practice, arguing that it causes emotional trauma and violates international human rights standards.

READ ALSO:18-year-old OAU Medical Student Dies While Sleeping

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Amnesty International and Human Rights Watch have repeatedly criticised the punishments, saying they conflict with Indonesia’s constitution and global legal obligations.

Amnesty said in a statement: “Caning contravenes Indonesia’s constitution and is in clear violation of international human rights law and standards.

‘It constitutes a cruel, inhuman and degrading punishment and can amount to torture in violation of the UN Convention against Torture and other international covenants, to which Indonesia is a State Party.’”

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Despite the criticism, local authorities have defended the punishments as part of Aceh’s religious and cultural identity, insisting they serve as a deterrent against immoral behaviour.

Earlier in January, another couple in the province reportedly received 140 lashes each after being found guilty of drinking alcohol and engaging in sex outside marriage.

(Daily Mail)

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Senegal’s President Sacks Prime Minister After Months-long Feud

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Senegal’s President Bassirou Diomaye Faye has sacked Prime Minister Ousmane Sonko and dissolved the government following months of rising political tension between the two former allies.

The decision was announced in a surprise decree read on national television by a presidential aide, stating that Faye had “ended the duties” of Sonko and “consequently those of the ministers and secretaries of state who are members of the government”.

Sonko, who remains a highly influential figure among Senegal’s youth, responded on social media, saying he would “sleep with a light heart”.

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The political fallout comes at a time of growing economic strain in the country, with the International Monetary Fund (IMF) putting Senegal’s public debt at 132% of its GDP.

His removal followed a tense parliamentary session on Tuesday, where Sonko openly criticised President Faye’s handling of the debt situation.

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The development is striking given that Faye’s rise to power was largely tied to Sonko’s popularity and political backing.

READ ALSO:French Army To Leave Senegal Amid Africa Downsizing

Sonko would almost certainly have contested the presidency himself in 2024, but was barred from the race due to a defamation conviction. Instead, he threw his support behind Faye, rallying voters with the slogan “Diomaye is Sonko, Sonko is Diomaye”.

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The alliance helped unseat former President Macky Sall in a dramatic electoral victory, despite both men having been released from prison only days before the vote.

Tensions between the two leaders had been building for months, with Faye reportedly accusing Sonko of excessive dominance within the ruling Pastef party, while Sonko accused the president of weak leadership and failing to defend him against critics.

(BBC News)

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Six Nigerians Arrested In Thailand Over AI-Powered Romance Scam

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Six Nigerian nationals have been arrested by the Thailand Police Force for allegedly operating an AI-powered deepfake romance scam syndicate from a luxury condominium along the Chao Phraya River in Nonthaburi Province, following a cocaine trafficking investigation that exposed their activities.

Thai authorities said the operation began after police arrested a Nigerian suspect identified as Patrick and three associates in April over alleged drug trafficking offences. During the raid, officers reportedly seized assets valued at about 2.5 million baht.

Investigators said financial transactions linked to the suspects led them to several foreign nationals living in a high-end riverside condominium near Phra Nangklao Bridge in Nonthaburi. Police discovered that many of the occupants were staying in groups of five or six per apartment under student visas despite not being enrolled in any educational institution or engaged in lawful employment.

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According to Thai police, officers executed search warrants on three condominium units on May 22. The suspects allegedly refused to open their doors, forcing authorities to break into the apartments.

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Videos circulating on X captured the moment police officers forcefully gained entry into one of the apartments before arresting the suspects.

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During the operation, one suspect reportedly attempted to escape by climbing over a balcony, while another was found hiding on the bathroom floor while allegedly sending warning messages to occupants in neighbouring units.

Police recovered 18 mobile phones, three laptop computers and three bank passbooks from the apartments. Authorities said some of the phones were still logged into active conversations with victims at the time of the raid.

Investigators alleged that the syndicate specialised in romance scams targeting older Thai women by using AI-generated faces and manipulated video calls to create fake online identities.

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READ ALSO:Police Inspector Arrested For Armed Robbery Dies From Bullet Wounds

The suspects allegedly posed as pilots, United States military officers, doctors and engineers to gain the trust of victims before requesting money under false pretences.

Police said the fraudsters typically claimed that valuable packages or gifts sent to victims had been withheld by customs officials and required payment of clearance fees before release.

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Authorities also said they recovered scripts for sexually explicit conversations allegedly used to emotionally manipulate victims into transferring funds. Investigators claimed the group relied heavily on artificial intelligence technology to generate realistic Western faces for fake video interactions.

Thai police said all six suspects are currently facing preliminary charges bordering on illegal association and immigration overstay, while additional fraud and romance scam charges are expected to follow as investigations continue.

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