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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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FG Summons S. African Envoy Over Rising Xenophobic Attacks On Nigerians

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The Federal Government has summoned the Acting High Commissioner of South Africa in Abuja over renewed concerns about xenophobic attacks and protests targeting foreign nationals, including Nigerians, living in that country.

The Ministry of Foreign Affairs said the envoy is expected at its headquarters on Monday, May 4, 2026, for a high-level engagement aimed at addressing the growing tension and safeguarding bilateral relations between both countries.

In a statement issued on Sunday, the spokesperson for the Ministry, Kimiebi Ebienfa, said Nigeria would formally express its “profound concern” over recent developments in South Africa, particularly reports of harassment, violence, and destruction of property belonging to foreign nationals.

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According to the ministry, the meeting will focus on ongoing demonstrations by various groups in South Africa and documented cases of attacks on Nigerians and their businesses in parts of the country.

READ ALSO:Group Condemns Tunisian Xenophobic, Racial Attacks On African Migrants

The objective of this engagement is to formally convey the Nigerian Government’s profound concern regarding recent events that have the potential to impact the established cordial relations between Nigeria and South Africa,” the statement read.

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It added that discussions would also address ongoing demonstrations by various groups within South Africa and documented instances of mistreatment of Nigerian citizens and attacks on their businesses.

The ministry acknowledged growing anger among Nigerians over reports of xenophobic violence but urged restraint, stressing that diplomatic engagement remained the preferred channel for resolution.

It assured Nigerians that the Federal Government was actively engaging South African authorities to ensure the protection of its citizens abroad.

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The Ministry is aware of the growing discontent among Nigerians concerning the treatment of their nationals in South Africa. Nevertheless, it implores the Nigerian public to remain calm and reiterates the Federal Government’s commitment to protecting the rights and well-being of Nigerian citizens residing in South Africa,” the statement added.

The latest diplomatic move comes amid renewed reports of xenophobic tensions in parts of South Africa, where foreign-owned businesses have occasionally been targeted during protests linked to unemployment and economic hardship.

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South Africa has a history of xenophobic violence dating back to 2008, with subsequent flare-ups in 2015 and 2019, when mobs attacked migrants, looted shops, and displaced thousands of foreign nationals across several provinces.

In past incidents, Nigerians and other African nationals were among those affected, prompting strong diplomatic reactions from Abuja and calls for stronger protection of foreign communities.

While South African authorities have repeatedly condemned such attacks and deployed security forces to restore order during outbreaks of violence, concerns have persisted over recurring hostility in some communities.

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Mississippi Man ‘Kills Mother, Flushes Her Remains Down Toilet’

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A 29-year-old Mississippi man, Zachary Lavel Jackson Jr., has been charged with multiple offences, including first-degree murder, over the death of his mother, Lana Brown Bradley, after deputies responded to her Natchez home on April 4 following a missing person report from relatives.

The Adams County Sheriff’s Office said deputies were called to Bradley’s residence after her oldest son was unable to reach her the previous day.

Jackson was initially identified as a family member before investigators confirmed he was her son.

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Sheriff Travis Patten described the case as deeply disturbing.“This is by far the most heinous crime that I’ve ever witnessed in my entire life. We weren’t out there that day; this was one of those things when we walked up.

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This was one of those cases that you will never, ever forget in your life. This is the type of case that follows you home,” Patten told WJTV.

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According to the sheriff, deputies noticed signs of a recent cleanup when they arrived at the home.

“As soon as they walked in the house, they could just see where somebody had been cleaning up, and they could smell chemicals all throughout the house.

“Floor was extremely slippery. And the older son said that this is just unusual for the youngest son to be cleaning up the house like that,” Patten explained.

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Jackson, the youngest son, was found in a bathroom, where deputies allegedly made a discovery that became central to the investigation.

“I can say what was in the toilet, and it was her flesh. He chopped her up in pieces and dismembered her in a way that whoever came looking for her would have to do their due diligence to find her, and that’s just what we did,” the sheriff said.

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Authorities said Jackson allegedly placed parts of his mother’s body in a suitcase and attempted to dispose of other remains.

Jackson faces charges of first-degree murder, second-degree murder, mayhem and tampering with evidence.

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Investigators said Bradley, a retired teacher, had recently sought to evict her son from the home. Patten, citing family interviews, said Jackson was believed to be mentally unstable but also noted that his actions appeared deliberate.

“He had threatened her the day before because she was looking to have him evicted from the home.

“She was in the process of doing so and had just gone to court the day before to have him removed from the home,” Patten explained.

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Iran Says War With US May Resume As Trump Rejects Proposal

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Iran’s military has warned that the war with the United States and Israel could resume, declaring that it is fully prepared for any renewed confrontation as tensions between the sides continue to deepen.

In a statement reported by Iranian state-affiliated media, senior military officials said a return to hostilities is “likely”, citing what they described as Washington’s lack of commitment to previous agreements and negotiations.

The warning comes after US President Donald Trump expressed dissatisfaction with Iran’s latest peace proposal, saying the terms presented by Tehran included demands he “can’t agree to”.

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According to officials in Tehran, Iran believes it showed flexibility during earlier negotiations, including talks held in Islamabad and during the ceasefire period. However, authorities argue that the United States has instead taken a tougher stance, widening the gap between both sides.

Iranian officials insist that key issues such as sanctions relief and the status of the Strait of Hormuz must be resolved before any broader agreement, including discussions around its nuclear programme, can progress. They also reject what they describe as US demands amounting to “surrender”.

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The growing diplomatic deadlock has raised fears that another round of fighting may be imminent, with Iranian authorities indicating that preparations are already underway.

READ ALSO:Iran Allows 20 More Pakistani Ships To Pass Through Strait Of Hormuz

Meanwhile, the prolonged conflict continues to have far-reaching consequences within Iran. Internet monitoring group NetBlocks reports that the country has entered its 64th day of near-total internet disruption, effectively isolating it from global online networks.

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The shutdown, which began after renewed anti-government protests earlier in the year and intensified following the outbreak of the war, has significantly disrupted businesses and livelihoods across the country.

Beyond Iran, the conflict is also reshaping global dynamics. Rising oil prices linked to the war have placed pressure on international markets, while geopolitical tensions have strained alliances, including between the United States and European partners.

As both sides remain far apart on key issues, analysts warn that without a breakthrough in negotiations, the fragile pause in fighting could collapse, paving the way for renewed military escalation in the region.

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