Presidential hopeful for the 2023 elections, Atiku Abubakar, has raised concerns over the lack of transparency regarding the Nigerian National Petroleum Company Limited’s (NNPCL) $3.3 billion emergency crude repayment loan. Atiku directed his questions at President Bola Tinubu, urging him to provide a detailed account of the loan to the Nigerian public.
The $3.3 billion loan, secured by the NNPCL and arranged by the African Export-Import Bank on August 16, 2023, aimed to support the naira and stabilize the foreign exchange market. However, Atiku criticized Tinubu for not sharing pertinent information, highlighting that details of the mega-deal were only made public through NNPCL sources.
In a statement posted on his official platform on Thursday, Atiku revealed that a Special Purpose Vehicle (SPV) named Project Gazelle Funding Limited is orchestrating the deal, and it is incorporated in the Bahamas. The SPV acts as the borrower, while the NNPCL serves as the sponsor, with an agreement to repay the loan using crude oil at an interest rate slightly above 12 percent.
Atiku expressed concern about the government registering a company in the Bahamas, given the country’s recent involvement in the Paradise Papers scandal.
He further delved into the specifics of the deal, pointing out that Nigeria is committed to supplying 90,000 barrels of its daily production for repayment, reaching up to 164.25 million barrels.
The former Vice President called for transparency, demanding answers from the Federal Government on critical aspects of the deal.
Atiku questioned whether the government had accessed the loan, its inclusion in the National Assembly-approved borrowing plan, parties involved, specific roles, loan conditions, collateral, interest rate, and the decision to register an SPV in the Bahamas, considering the country’s questionable reputation for housing unclean assets.
