₦airaland Forum

MadamExcellency:
This is also a money laundering scheme.

lonecatt:
Can you give details what the total repayment loan will be after calculating the interest .

swaggerjack:
In what appears to be a landmark economic decision of the Bola Tinubu-led administration, the Federal Government last year, precisely on August 16, 2023 through the Nigeria National Petroleum Company (NNPC) secured a $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilize the Foreign Exchange market.

The curious thing about this transaction is that up till now, the Federal Government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC.

The deal is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank.



According to information available, a Special Purpose Vehicle called Project Gazelle Funding Limited is driving the deal, and it was incorporated in the Bahamas.


The SPV is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.

What is even more confounding about this deal is why the Federal Government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.

Curiously also, Nigeria’s current Barrels Produced Daily (BPD) is 1.38 million, and according to the Project Gazelle deal, Nigeria is to supply 90,000 Barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.

Now, this is where the details get disturbing because Nigeria’s benchmark for the sale of crude per barrel in 2024 is $77.96. A simple multiplication of that figure by 164.25 will give us a whooping $12bn.

It is on this note that we are calling on the Federal Government to speak up on this shady deal.

It is inconceivable that the Federal Government will lead the country to take a loan of $3.3b with an interest rate that is not more than 12 per cent, but with estimated repayment amounting to $12bn.

Anunakeeh:
Una never see anything yet.

DMerciful:
Amoda loves corruption for real

WeddingParol:
Good work.

Nigeria kept moving from the hand of lesser thieves to bigger thieves.

Can you imagine, $3.3b to pay $12b. Even MMM wasn't this greedy.

yang:
Na alpha beta way

Thiefnuinibu has heaped a huge loan to Nigeria through a shell company

We told you he is a big thief

The problem is the urchins who voted this thief and turn around to queue for visa

Idiot's

WeddingParol:
Good work.

Nigeria kept moving from the hand of lesser thieves to bigger thieves.

Can you imagine, $3.3b to pay $12b. Even MMM wasn't this greedy.

lonecatt:
Can you give details what the total repayment loan will be after calculating the interest .

Anunakeeh:
Una never see anything yet.

swaggerjack:
Some people about to secure their generation for the next billion years.

yang:
Na alpha beta way

Thiefnuinibu has heaped a huge loan to Nigeria through a shell company

We told you he is a big thief

The problem is the urchins who voted this thief and turn around to queue for visa

Idiot's

MadamExcellency:
This is also a money laundering scheme.

lonecatt:
Can you give details what the total repayment loan will be after calculating the interest .