NNPC-$3billion-afrexim-loan
NNPC Limited reportedly secured the funding from the AFRIEXIM bank headquarters in Cairo.
In a statement on Wednesday released officially through its social media platforms, it wrote: “The NNPC Ltd. and AFREXIM bank have jointly signed a commitment letter and Term sheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.
“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”
It is expected the loan would be channeled towards stabilization of the troubled naira especially since the Central Bank of Nigeria according to indexes seen by ENigeria Newspaper, lacks the needed firepower to back the naira in the forex market.
Seplat Energy Plc one of Nigeria’s largest oil exploration firms has gained full control of…
Lord’s Chosen Church founder, Pastor Lazarus Muoka splashed close to $20 million on three brand…
Facts have emerged on how media baron, Nduka Obaigbena allegedly wasted billions bankrolling former Central…
The National Assembly comprising of the Senate and House of Representatives moved to remove the…
As the crisis in First Bank continue to deepen, a shareholders’ group has raised the…
Africa’s Global Bank, United Bank for Africa (UBA) Plc has made 60 persons millionaires, distributed…