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NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months (7508 Views)

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NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by NwaNimo1(m): 7:56pm On Jul 09
Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is considering securing a new $2 billion loan using crude oil pre-payments as collateral, according to findings by BusinessDay. shocked

Mele Kyari the group general manager said the company wanted a loan against 30,000-35,000 barrels per day of crude production, but declined to say how much money it sought.

He said the cash raised would be used for all of the NNPC’s business activities, including supporting production growth.

“We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” Kyari told Reuters
.

It is unclear which lender would arrange the loan, as three sources said Afrexim would be unable to extend its exposure to Nigeria that far.

BusienssDay on July 6 reported NNPC owes around $6 billion to international traders for imported petrol as traders said the state-owned company is taking more days to make payment instead of within 90 days.

According to Reuters, NNPC’s mounting debt, which includes overdue payments exceeding $4 billion-$5 billion for January imports alone as several international petrol suppliers have ceased participating in recent tenders.

All five sources who spoke to Reuters asked not to be named because they were not authorised to speak on the issue.

“It will be a syndication with critical but regular partners who have been in business with our company to forward the cash,” Kyari said on Tuesday adding he expected to conclude the deal in the next two months.

Efforts to get Olufemi Soneye, the chief corporate communications officer at Nigerian National Petroleum Company Limited (NNPC), to confirm the fresh oil backed Loan proved abortive.


On August 16, 2023, the Nigerian National Petroleum Company (NNPC) Limited secured a $3.3 billion emergency crude repayment loan — a transaction aimed at supporting the naira and stabilising the foreign exchange (FX) market.

Arranged by the African Export-Import Bank (Afreximbank), the $3.3 billion crude-for-cash loan was also targeted at supporting the federal government’s monetary and fiscal reforms.

https://businessday.ng/news/article/nnpc-eyes-fresh-2bn-oil-for-cash-loan-deal-in-two-months/

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Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by immortalcrown(m): 7:58pm On Jul 09
A terrible government.

54 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Zaheertyler(m): 8:00pm On Jul 09
Nigeria state local government individual owned too
This people no go kill us

1 Like

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by NwaNimo1(m): 8:02pm On Jul 09

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Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by lordm(m): 8:04pm On Jul 09
Jesus. The people are just clueless

23 Likes 1 Share

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by chatinent: 8:11pm On Jul 09
I thought the NNPC was privitized?

9 Likes 1 Share

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Mcreloaded(m): 8:16pm On Jul 09
That's to say Dangote will continue to import crude oil for its refinery.
The future is bleak

55 Likes 1 Share

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Myrrhis: 8:17pm On Jul 09
At this point, they're going to sell this country.
That is, if they haven't done so already.

They don't even care about the future generation, and how things are going to be.
All they care about is the present, and even the present, they're still not able to make right.

48 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by StarRiderr: 8:21pm On Jul 09
Trew135g:
:
how much have you made from him since you started working with him
Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Leemzyy(f): 8:21pm On Jul 09
Myrrhis:
At this point, they're going to sell this country.
That is, if they haven't done so already.
yap too sad that they've sold you guys
Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Yankee101: 8:22pm On Jul 09
They should remove Tinubu early
By the time he’s done Nigerian won’t have enough revenue to pay the loans they got and stole

33 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by fuckingAyaya(m): 8:54pm On Jul 09
We don dey chop statistics

21 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Macphenson: 9:16pm On Jul 09
kk
Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by dibunotion(m): 11:58pm On Jul 09
Chaiiiii......
Them don use us do collateral finish

1 Like

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by NgwalandAbia(m): 11:58pm On Jul 09
From northern oil or still from eastern regional areas.

3 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by jubrilELsudan: 11:59pm On Jul 09
HEAVY ABIDO SHEYKA GAZELLE GARAGAGARA THUNDER FIRE DIA EYES

5 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by givedemwotowoto: 12:00am On Jul 10
The country has swapped oil for the near future for loans for irrelevances like the coastal highway to fraud

27 Likes 1 Share

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by AyemafugeILAJE: 12:05am On Jul 10
We are borrowing to live and feed as citizens cos we have nothing left...
.
The people we entrusted our resources are wasting it and are currently borrowing to run our economy just like us who are hanging on barethread, and yet fooools think our state of affairs and starvation will improve under people who are also borrowing like we the populace, but also in their case wasting it.lol....we no geh sense..
.
Don't we have to seize our resources from these thieves and hand it over to a better manager who will at least stable the economy so that our borrowing before salary is paid can end?..
.
May we not perish before we find wisdom

20 Likes 1 Share

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Charityfidelis(f): 12:06am On Jul 10
That’s interesting Nigeria my country
Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Mnewton(m): 12:08am On Jul 10
Nigeria, Otilor

2 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Risingblue008(m): 12:11am On Jul 10
We knw say we no vote for him
But atleast
Let him temper justice with mercy
I beg tinibu na beg we dey beg now
Stop borrowing

18 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Inspirer1: 12:13am On Jul 10
You can't keep doing the same thing yet expecting a different result.

5 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Dronedude(m): 12:13am On Jul 10
Hmmm, watching from the background this country is playing out like a real low budget movie featuring low life actors.
Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by ClearFlair: 12:14am On Jul 10
Hehehehe
Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by AcadaWriter: 12:14am On Jul 10
A terrible government.

10 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by ednut1(m): 12:17am On Jul 10
These institutions should stop giving us loans so we go get sense haba

3 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by Curious345: 12:18am On Jul 10
There is no better time to be a Nigerian than now.
Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by rickleye: 12:25am On Jul 10
Due to the fact that we have no environmental records . We will continue to pump oil and damage the environment. Also because it’s cheaper to get our oil -We will also have market .
What is pitiful are all these loans !!!
We are borrowing more than what we are producing and can afford . Clueless MF

1 Like

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by GreenxGreen: 12:30am On Jul 10
grin

More Dollars for cokkkkkkkkk

Meanwhile....... This is one of the many more reasons why NNPC refused to sell crude oil to DANGOTE REFINERY



Simple 😎😎😎

5 Likes

Re: NNPC Eyes Fresh $2 Billion Oil-For-Cash Loan Deal In Two Months by starstaz(m): 12:34am On Jul 10
Haba!!!!!! Kilo de .

Don't we have a better head that can take over from kyari .

1 Like 1 Share

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