Laolu Akande, New York
Not being a depositors’ bank, AFREXIM is unable on its own to raise the $3B loan it agreed to provide to the NNPC Ltd in August, Empowered Newswire can now authoritatively reveal.

The money, – the $3B- it is said in official FG circles, besides supporting NNPCL, is also meant to help with foreign exchange liquidity as a strategy of stabilizing the Naira in the FX market. The NNPCL came up with the idea in what was deemed a brilliant concept just as the Tinubu administration terminated the Dual Foreign Exchange policy two months ago in a bid to sanitise the FX market.

But sources said AFREXIM can only raise $500m by itself and therefore the financial institution-has resorted to seeking out the money as a loan to it from some other global banks in the US, Singapore, India, and other parts of the world.

https://thequesttimes.com/empowered-newswire-exclusive-unable-to-raise-funds-independently-afrexim-shops-for-3bn-to-fufill-agreement-with-nnpc/