Constitutional lawyers declare NNPCL, Afrexim bank’s $3bn loan illegal, threatens court action

…Demands transparency A group of lawyers under the umbrella of Constitutional Lawyers Forum (CLF) has declared the $3 billion emergency loan recently secured on papers by the Nigeria National Petroleum Company Ltd (NNPCL) from the African Export-Import Bank (Afrexim) to stabilise the country’s foreign exchange market and crude oil repayment, as illegal and unconstitutional. Recall that the national oil company and the bank on August 16 jointly signed a commitment letter and term sheet for the emergency loan. The facility, according to them, will provide some immediate disbursement that will…

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Nigeria gets Afrexim $3bn to fight Naira speculators – NNPCL

President Bola Tinubu and the Central Bank of Nigeria, (CBN), have received a three billion dollars firepower from African Export-Import Bank, (AFREXIM) in Cairo to help them fight the so-called speculators that have ambushed the local currency. According to a statement issued late yesterday, the state oil company, the Nigerian National Petroleum Company Limited, (NNPCL), the “NNPCL and Afrexim Bank have jointly signed a commitment letter and term sheet for an emergency $3bn crude oil repayment loan”. It was learnt that senior oil officials from the NNPCL, NUPRC as well…

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Afreximbank, Silverbird sign deal for world-class film complex in Lagos

African Export-Import Bank (Afreximbank) and the Silverbird Group have signed a partnership agreement to build West Africa’s largest and most modern educational and film studio complex in Lagos. The partnership was signed by Afreximbank’s Director of Project & Asset-Based Finance, Helen Brume and Founder of Silverbird Group, Ben Murray-Bruce. According to Murray-Bruce, who stated this on the side-lines of the Africa Investment Forum, the complex will deliver a differentiated business model across the film industry value-chain. The ground-breaking project, the ‘Ben Murray-Bruce Studios and Film Academy’ (BMB Studios and Film…

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