Connect with us


BIG STORY

NNPCL Supported Dangote Refinery Establishment With $1bn Loan — Official

Published

on

The Nigerian National Petroleum Company Limited has announced that it secured a $1bn loan backed by crude oil to support the upcoming launch of the 650,000 barrels per day Dangote Petroleum Refinery.

It also disclosed that the company facilitated the $3bn Gazelle loan as a critical intervention to help stabilise the federation’s foreign exchange crisis.

The Chief Corporate Communications Officer, Mr Olufemi Soneye, shared these details at the Energy Relations Stakeholders Engagement in Abuja on Monday.

Recall that in January 2024, the national oil firm arranged a syndicated $3.3bn crude oil prepayment facility in partnership with Afreximbank.

The bank described the deal as the largest crude-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.

During the event, the spokesperson emphasized that these initiatives are a testament to NNPCL’s commitment to driving national development partnerships.

He stated that under the leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.

“Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector. Additionally, Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis,” Soneye said.

Regarding the support for Dangote, he added, “A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.

“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”

Soneye also highlighted the restart of the Port Harcourt Refining Company, calling it a significant turning point in Nigeria’s pursuit of energy self-sufficiency, further reinforcing the company’s commitment to revitalising the nation’s refining capacity.

He pointed out that the national oil firm had championed the adoption of Compressed Natural Gas as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.

He reflected on NNPC’s historic achievement of declaring a profit for the first time in decades, marking a major financial turnaround.

Soneye further noted that the company had already exceeded its profit projections for 2024, demonstrating the transformative impact of the firm’s reforms.

He pledged that as a responsible energy company, NNPCL would continue to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.

At the stakeholders’ meeting, he emphasized that NNPCL recognizes the important roles stakeholders play in shaping the future of energy in Nigeria and beyond.

He stressed, “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success.”

Energy relations, he said, form the foundation of NNPC Ltd’s operations and strategic aspirations as an integrated energy company.

Soneye concluded by stating that NNPCL remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.

He added that the meeting highlighted the shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all.

BIG STORY

Agric Ministry Declares Three-Day Prayer, Fasting For Food Security

Published

on

The federal ministry of agriculture and food security has announced a three-day programme of fasting and prayer aimed at seeking divine intervention for the country’s agricultural sector.

An internal circular dated June 11, seen by TheCable, and signed by Adedayo Modupe, director of human resource management, stated that the spiritual activity is meant to request God’s guidance in Nigeria’s pursuit of food security.

Modupe stated that all staff members are expected to participate in the fasting and prayer sessions.

“This is to invite all staff of the federal ministry of agriculture and food security to a solemn prayer session for God’s guidance and success in supporting the government’s efforts to achieve food security,” the circular reads.

The session is themed “Divine Intervention for Protection and National Development”.

The circular noted that the prayer sessions will be held at Conference Hall ‘B’ of the FMAFS headquarters in Area 11, Garki, Abuja, from 12:00 p.m. to 12:30 p.m. on each scheduled day.

Staff are expected to fast on Monday, June 16, and continue on June 23 and June 30.

Continue Reading

BIG STORY

Wike Defends N39bn Renovation Of Abuja International Conference Centre, Says “We Have Taste”

Published

on

Nyesom Wike, the minister of the Federal Capital Territory, has responded to criticisms regarding the N39 billion renovation of the Abuja International Conference Centre, saying those who are opposed to the project “do not have good taste”.

He made these remarks on Friday during the commissioning of the newly built left-hand service carriageway in Abuja.

Back in March, Wike disclosed that the FCT administration allocated N39 billion for the renovation of the centre, which has now been renamed in honour of President Bola Tinubu following its commissioning on Tuesday.

The renovation has sparked public backlash over the amount spent on the project.

As reported by Channels Television, Wike stated, “The only thing in that International Conference Centre that was not changed is just the block work.”

He continued, “Everything in that Bola Ahmed Tinubu International Conference Centre was changed.”

Wike emphasized that Nigeria must reflect its status as the Giant of Africa in both substance and appearance. He said, “Nigeria, as the Giant of Africa, must not only show that it is the giant of Africa; people must see what makes you to be the giant of Africa. Nobody who loves this country would criticise the International Conference Centre.”

He addressed the argument about the naming of the centre, noting, “They said we did not name the International Conference Centre after someone who built it. Nnamdi Azikwe International Airport was not built by Nnamdi Azikwe. Moshood Abiola International Stadium was not built by Moshood Abiola.”

Wike also countered claims that the centre, originally constructed for N240 million in 1991, should not have required N39 billion for refurbishment in 2025.

He responded, “What was the exchange rate in 1991? Compare the exchange rate to what we have in 2025.”

He stressed his commitment to quality, stating, “We have taste; we want the best for the country, and the president has given the best for the country.”

Wike concluded by defending his loyalty to the president, saying, “If you did not do well to defend your boss when you had the opportunity, it is your business. I am here, and I will defend my boss.”

“I have done it, and I have no regret at all.”

Continue Reading

BIG STORY

EFCC Arraigns Sun Trust Bank MD, ED Halima Buba Over Alleged ‘$12m Fraud’

Published

on

The Economic and Financial Crimes Commission has charged Halima Buba, the managing director and chief executive officer of SunTrust Bank Ltd, with allegations of money laundering.

Buba appeared before Justice Emeka Nwite of the federal high court in Abuja on Friday, alongside Innocent Mbagwu, the bank’s executive director and chief compliance officer.

They are facing a six-count charge from the EFCC, which accuses them of laundering up to $12 million.

According to the commission, Buba and Mbagwu were involved in the unlawful handling of large sums of cash on several occasions, bypassing financial institutions in violation of Nigeria’s money laundering regulations.

One of the charges alleges that on March 10, 2025, in Abuja, the two assisted Femi Gbamgboye in paying $3 million in cash to Suleiman Muhammed Chiroma and his associates.

The funds were allegedly handed over without using a financial institution, breaching the Money Laundering (Prevention and Prohibition) Act, 2022.

Another charge claims they arranged another $3 million in cash to be delivered on March 13, 2025, in Lagos to Mukhtar Miko, who is said to be an associate of Chiroma, also without routing it through a bank.

Buba and Mbagwu denied all allegations when arraigned.

After their plea, lead EFCC counsel Rotimi Oyedepo informed the court that the commission was ready to proceed with trial and requested an expedited process.

Defence lawyer J.J. Usman asked the court to grant bail based on an application submitted on May 27.

Oyedepo challenged the request, stating that the defendants were not in custody when they filed the application and should not be permitted to seek bail while outside detention.

He urged the court to dismiss the existing application and require new bail submissions.

After considering arguments from both sides, Justice Nwite approved bail for each defendant in the sum of N100 million, with one surety each of the same amount.

The sureties must have landed property in Abuja, submit the property documents to the court, and provide their passports along with two recent passport photos.

The judge ruled that the accused be held in a correctional facility until they fulfill their bail conditions and scheduled the trial to continue on July 17 and 18.

Continue Reading



 

Join Us On Facebook

Most Popular