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FG to get $1bn from Afreximbank via crude-for-cash swaps

Harrison EDEH
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FG to get $1bn from Afreximbank via crude-for-cash swaps

THE Federal Government has concluded arrangements to receive a $1.05 billion syndicated loan backed by oil from the African Export-Import Bank (AfreximBank) towards the end of May 2024.

Through this loan, Nigeria’s foreign exchange reserve is expected to grow further from the current $33.34 billion as the Central Bank of Nigeria (CBN) embarks on reforms to manage the country’s currency market.

The loan is part of the $3.3 billion “pre-export finance facility” facilitated by the Nigerian National Petroleum Company (NNPC) Ltd and arranged by the African Export-Import Bank (Afreximbank) in January 2024.

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Nigeria has pledged 164.25 million barrels of crude oil at 90,000 barrels per day from 2024 to repay the loan.

Commenting on the loan on Monday, Denys Denya, senior executive vice president for finance, administration, and banking at Afreximbank, said: “The verification of the crude availability has happened, so we expect in the next month to finalise the release of the balance. Based on future production, you get the money now.”

He said the facility had participation from commercial banks and oil traders, most of which have already secured internal approvals.

Also, Denya said the firm was finalising a $200 million funding plan that includes guarantees and letters of credit to support the East African crude oil pipeline linking Uganda’s oil fields to Tanzania’s port of Tanga.

The project, which is estimated to cost $5 billion, has received criticism from climate activists who have successfully persuaded lenders and insurers to steer clear of the pipeline.

Denya said the construction of the 1,443-kilometer (897-mile) pipeline was targeted at improving intra-regional trade “which is part of our mandate, so it ticks all the boxes for us. There’s no reason for us not to be supporting this.”

He added that the investments would complement Afreximbank’s plans to increase loans and advances by 53 percent to $40 billion by the end of 2024.

The ICIR reported on concerns and high risks of the government’s reliance on resource-backed loans, especially oil.

“I am not a fan of resource-backed loans, and this forward sales agreement that is akin to the financialisation of future oil and gas assets is an anomaly in statecraft that the National Assembly should fight with all rigor,” Emmanuel, the chief executive officer of Dairy Hills said on X.

“There is no genius in it; it is a lazy approach to getting dollars to improve your balance of payment position,” he added.

FG approves Thursday as additional holiday for Eid-el-Fitr

Ijeoma OPARA
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FG approves Thursday as additional holiday for Eid-el-Fitr

THE Federal Government has approved Thursday, April 11, as an additional holiday for Eid-el-Fitr celebrations.

The Ministry of Interior disclosed this in a statement signed by its Permanent Secretary, Aishetu Ndayako, on Tuesday, April 9.

Part of the statement reads, “The Federal Government has approved Thursday, 11th April 2024, as an additional public holiday to celebrate this year’s Eid-El-Fitr.

“The Honourable Minister of Interior, Dr Olubunmi Tunji Ojo, while congratulating the Muslim Ummah for a successful completion of a month of spiritual rejuvenation, reiterates President Bola Ahmed Tinubu’s (GCFR) firm commitment to providing a safe and prosperous Nigeria for all to thrive.”

Earlier, the ministry had declared Tuesday, April 9 and Wednesday, April 10, as public holidays to mark the celebrations.

However, the National Moon Sighting Committees across the country confirmed that the crescent of Shawwal, which would signify the end of Ramadan, had not been sighted.

Therefore, the Sultan of Sokoto, Sa’ad Abubakar, disclosed in a statement that Eid-el-Fitr would be celebrated on Wednesday, April 10, and fasting would continue on Tuesday, April 9.

“The Sultan, while urging the Muslim Ummah to continue to pray for peace, progress, and development of the country, also wishes all Muslims a happy Eid-El-Fitri,” the statement said.

Before the Sultan’s statement, Saudi Arabia, the United Arab Emirates, the UAE, and Qatar had said the moon had not been sighted, stating that the fasting would continue on Tuesday as the final day of Ramadan.

The Eid-el-Fitr is celebrated on the first day of Shawwal, the month following Ramadan, the Islamic holy month of fasting, after the new moon has been sighted.

Presidency unveils platform for citizens feedback

Harrison EDEH
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Presidency unveils platform for citizens feedback

THE Presidency has unveiled a Citizens’ Delivery Tracker (CDT) to provide an efficient way for citizens to give feedback to the government through an app.

The announcement was made on Monday, April 8, by the President’s Special Adviser on Policy and Coordination, Hadiza Bala-Usman at the Go-Live event of the CDT held in Abuja.

“The platform is available as a web link (app.cdcu.gov.ng) and will be available as an app for download in the next few months,” said Bala-Usman.

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Bala-Usman said Monday’s unveiling was the culmination of a months-long process since President Bola Tinubu announced plans for ministerial assessment at the cabinet retreat for ministers and heads of government agencies in November 2023.

In reaching the key performance indicators, the presidential aide explained that the CDCU held numerous bilateral meetings with ministries, departments and agencies within six weeks.

The eight priority areas of focus are reforming the economy to deliver sustained, inclusive growth, strengthening national security for peace and prosperity, boosting agriculture to achieve food security, and unlocking energy and natural resources for sustainable development.

Others are to enhance infrastructure and transportation as enablers of growth, focus on education, health, and social investment as essential pillars of development, accelerate diversification through industrialisation, digitisation, creative arts, manufacturing and innovation, and improve governance for effective service delivery.

Sultan declares Wednesday Eid-el-Fitr

Mustapha USMAN
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Sultan declares Wednesday Eid-el-Fitr

THE Sultan of Sokoto, Sa’ad Abubakar, has declared Wednesday, April 10, as the first day of Shawwal 1445AH, for which Eid al-Fitr will be celebrated.

Sultan, who is the President General, Nigeria Supreme Council for Islamic Affairs, made the announcement following the report of National Moon Sighting Committees across the country confirming no sighting of the new moon.

In a statement signed by the Chairman of the Advisory Committee on Religious Affairs to the Sultanate Council, Sambo Junaidu, on Monday, April 8, the Sultan felicitated the Nigerian Muslim Ummah and wished them Allah’s blessings.

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Part of the statement read, “The Sultan, while urging the Muslim Ummah to continue to pray for peace, progress, and development of the country, also wishes all Muslims a happy Eid-El-Fitri.”

This was also as Saudi Arabia, the United Arab Emirates, the UAE, and Qatar said the crescent of Shawwal had not been sighted, declaring that the fasting would continue on Tuesday as the final day of Ramadan and Wednesday as Eid-el-Fitri.

The Eid al-Fitr is celebrated on the first day of Shawwal, the month following Ramadan, the Islamic holy month of fasting, after the new moon has been sighted.

Therefore, Muslims in Nigeria will join other Muslims worldwide on Wednesday to mark the occasion. 

Experts say CBN’s naira defence unsustainable as reserves drop to $3.3 43bn

Harrison EDEH
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Experts say CBN’s naira defence unsustainable as reserves drop to $3.3 43bn

FINDINGS have shown that the Central Bank of Nigeria’s (CBN) continuous defence of the naira has exposed Nigeria’s foreign exchange (FX) reserve to higher risks, as the reserve has dropped to $33.34 billion from $34. 45 billion within 18 days.

Analysts attributed the sharp decline – by $1.02 billion – largely to the apex bank’s aggressive defence of the naira against the dollar.

Economy watchers also warned that the CBN’s naira defence would keep exposing the country’s foreign reserve to dipping if the federal and sub-national governments failed to stop crude oil theft and capital importation.

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“I am saying correctly that unless crude oil exports rise, the naira can’t sustain its rise long-term without the CBN selling its reserve,” an economist, Kalu Aja, said in reaction to the development.

He added: “The real fundamentals are unchanged. The oil revenue, which makes up 89 per cent of forex earnings, still has huge impact on the foreign reserve. What the CBN has done is buy time for the executive to pump more oil; if that oil output changes, then the fundamentals have changed, and the dollar pressure will ease to a new level,” Kalu added.

According to the latest data from the CBN, the FX reserves stood at $33.43 billion as of April 4, down from $34.45 billion on March 18.

Nigeria’s foreign exchange reserve plummeted to $33.42 billion on February 20, the lowest level since then.

The drop in the reserve marks a decisive end to a period of steady increase, during which the reserve witnessed a 43-day increase, growing additional $1.28 billion between February 5 and March 18, 2024.

The CBN attributed the rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

The apex bank also noted that the increase was due to reforms in the foreign exchange market and an increase in oil production amongst others.

The current downward trend reflects a significant drawdown in the reserves.

Economists insist the drawdown has consequences on Nigeria’s currency unless there are improved exports and other measures to strengthen fiscal policies such as domestic petroleum refining, stopping oil theft, improving capital importation and diaspora remittances.

“The fiscal policy must support the monetary policy for wholistic results. The CBN is using some monetary policy tools but it’s not enough. Maybe from the proposed diaspora bonds, we would see the naira strengthening further,” an economist and former Director-General of Lagos Chamber of Commerce and Industry (LCCI) Muda Yusuf, told The ICIR.

Notably, the apex bank recently resumed FX sales to the BDC operators and pegged the latest intervention tranche at N1,251/$1 (plus 1.5 per cent margin) to the licensed Bureaux De Change (BDC).

This is the first time in the last 15 years that the unofficial market rates have been lower than the official BDCs’ applicable buying rate.

Analysts insist the sale of dollars to BDCs at a pegged rate might not be sustainable if the government didn’t have enough dollars to battle speculators.

 

Nigerians fume as Spanish embassy denies Nigeria U15 team visas

Mustapha USMAN
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Nigerians fume as Spanish embassy denies Nigeria U15 team visas

NIGERIANS on social media have expressed displeasure at the Spanish embassy’s reported refusal to grant the Nigeria Under 15 team visas to participate in the UEFA U16 Development Tournament, scheduled to begin on Friday, April 12.

On Monday, April 8, the Nigeria Football Federation (NFF), via its X handle, announced that players and officials would not participate in the tournament following the Spanish government’s denial of visas.

The tweet read: “Players and officials of the Nigeria U15 team, Future Eagles, have been denied visas by the Spanish Embassy and will therefore not be travelling to take part in the UEFA U16 Development Tournament starting on Friday.”

However, the Federation did not specify the reason for the visa denial in the statement.

Initiated after a pilot phase in 2012, UEFA Under-15 and Under-16 tournaments, comprising four teams, provide an avenue for international boys’ and girls’ youth teams to engage in high-intensity, competitive matches.  

The initiative aims to enhance standards and allow players to adapt to training camps and match travel.

“The UEFA development tournaments, designed to promote the development of the players rather than the competition itself, are a platform for the national associations to give international experience to young players through high-intensity games. It also gives the opportunity to aid the preparation of teams for UEFA Under-17 and Women’s Under-17 qualifiers,” says the UEFA head of technical education & development, Olivier Doglia,

Reacting to the development, some Nigerians stated that refusing to grant the Nigerian team visa is ‘embarrassing and unacceptable.’

They also called on the Nigerian government to intervene so that the Future Eagles could live their dreams.

An X user, Nafiu Muhammad, wrote: This is an embarrassment to our dear country. Spanish ambassador should be summoned by the presidency to come and explain the reasons for the denials.

Another user, @mrtopson, also said, “This is an embarrassment to the country. The people managing the affairs in the glass should be sacked.”

Mastermind El Jefe also expressed his displeasure, stating, “How will a national team be denied visa…? This is an absolute disgrace for real.”

We get dollar from CBN below market rate at N1,101/$ – BDCs

Harrison EDEH
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We get dollar from CBN below market rate at N1,101/$ – BDCs

THE Association of Bureau De Change Operators of Nigeria (ABCON) has confirmed that the Central Bank of Nigeria (CBN) sells dollars to them at N1,101/$.

The President of ABCON, Aminu Gwadabe confirmed this development exclusively to The ICIR

The rate is lower than the official Nigerian Autonomous Foreign Exchange Window (NAFEX) rate, which closed at N1251.5 on Friday.

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Gwadabe told The ICIR that the development was a “win-win situation for the market” adding that the association was grateful to the apex bank for its open-door policy and collaboration.

Notably, the apex bank has begun another tranche of dollar sales to Bureau De Change(BDC) Operators to further boost the naira’s appreciation in the foreign exchange market.

Accordingly, the apex bank has started selling $10,000 FX to each eligible BDC at N1,101 per dollar.

The CBN said all BDCs were allowed to sell to end-users at a margin not more than 1.5 per cent above the purchase rate from CBN.

The implication is that BDCs are to buy at N1,101 per dollar and sell at N1,117.52.

“It is true, CBN has started selling dollars to our members at N1,101/$1; it was reviewed downward from N1,251 per dollar”, Gwadabe said.

The development came barely 48 hours after BDCs urged FX allocation below N1,251 per dollar to sustain the naira’s appreciation in the forex market.

Recall that the CBN sold $10,000 at an exchange rate of N1,251 to BDCs to defend the naira in the foreign exchange market in March.

For a month, the naira has continued its appreciation against the dollar, which stood at N1,251.05 per dollar last Friday.

What data say about average rates of dollars per month

Official data obtained by The ICIR show the average rate per months as follows:

  • January 2024: N1,506.56 to $1 (January 2023: N455.27 to 1$)
  • February 2024: N1,510.33 to $1 (February 2023: N460.43 to 1$)
  • March 2024: N1,510.84 to $1 (March 2023: N460.43 to 1$)

Highest and Lowest Rate per month

January 2024:

  • Low: Jan 15 (N853.271)
    High: Jan 31 (N1356.883)

February 2024:

  • Low: Feb 2 (N1367.745)
    High: Feb 26 (N1662.35)

March 2024:

  • Low: Mar 27 (N1303.842)
    High: Mar 5 (1590.669)

Court sends Binance executive to Kuje prison

Bankole ABE
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Court sends Binance executive to Kuje prison

A FEDERAL High Court in Abuja has sent a Binance executive, Tigran Gambaryan, to Kuje Correctional Centre pending the determination of his bail application.

The trial judge, Emeka Nwite, gave the order after he pleaded not guilty to the money laundering charges preferred against him by the Economic and Financial Crimes Commission (EFCC) on Monday, April 8.

The EFCC had charged Binance, Gambaryan, and Nadeem Anjarwalla, who was on the run, with hiding the source of the $35,400,000 in revenue that Binance made in Nigeria while knowing that the money was the product of illegal activities.

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Due to a protest from Tigran Gambaryan’s attorney, Mark Mordi (SAN), Binance Holdings Limited and Gambaryan’s arraignment were put on hold on April 4.

Mordi had argued that his client could not be charged after the EFCC could not serve Binance Holdings Limited.

According to EFCC lawyer E.E. Iheanacho, the second defendant was a national representative of Binance.

Ruling on the matter, Nwite said the service on Gambaryan on behalf of the company was proper.

Nwite held that Section 478 of the Administration of Criminal Justice Act stipulates that service must be effected on a chief agent of a company within the jurisdiction.

The judge added that all the prosecution needed to do was establish that the person being served was Binance agent.

Furthermore, in an affidavit submitted by Gambaryan’s attorney, he stated that Anjarwalla and his client went to Nigeria to represent Binance at a meeting with Nigerian government representatives.

The allegations were then read to Gambaryan, who entered a not-guilty plea on Binance’s behalf.

The prosecution’s lawyer requested a date for the start of the trial.

However, Gambaryan’s attorney, Mordi, pleaded with the judge to approve his client’s request for bail.

He urged the court to keep his client in the EFCC custody, but the court ruled that he should be kept at the Kuje Correctional Centre.

According to the court, Gambaryan will remain in Kuje prison until the court reconvenes to determine whether or not he should be released on bail and possibly provide a list of conditions for the bail if granted.

The judge subsequently adjourned the matter till April 18 for the ruling on Gambaryan’s bail application and May 2 for commencement of trial.

On Thursday, April 4, the Federal High Court (FHC), Abuja, adjourned a tax evasion case involving Binance Holdings Limited and two of its officials, Gambaryan and Anjarwalla, who is now at large.

The Federal Government, through the Federal Inland Revenue Service (FIRS), had dragged the firm and its executives to court over allegations of tax evasion. 

They were arraigned before Nwite of the Federal High Court, Abuja.

One of the defendants, Gambaryan, showed up at the court while his colleague, Anjarwalla, was not present because he was on the run.

The ICIR reported on March 25 that the Office of the National Security Adviser (ONSA) confirmed Anjarwalla’s escape from custody.

Anjarwalla allegedly escaped after being brought by the on-duty guards to a nearby mosque for prayers in observance of the current Ramadan fast.

The ICIR reported on Monday, March 25, that the Federal Government, through the FIRS, filed criminal charges against Binance at the Federal High Court in Abuja.

The charges accused Binance of a four-count tax evasion.

FIRS stated that the action was intended to protect Nigeria’s economic integrity and maintain budgetary sustainability.

Binance pulled its services out of Nigeria on March 5 in response to the severe actions taken against it by the Nigerian government.

 

Emirates to resume flights to Nigeria before June – Keyamo

Harrison EDEH
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Emirates to resume flights to Nigeria before June – Keyamo

THE Minister of Aviation and Aerospace Development, Festus Keyamo, said Emirates Airline had officially written to the Nigerian government to resume flight operations into the country before June 2024.

Keyamo disclosed this on Arise TV’s “The Morning Show” on Monday, April 8, noting that he had received a letter from the airline on the planned resumption.

He, however, said that the first announcement in October 2023 over the proposed resolution of the face-off between both nations was not fake news but was ‘hasty’.

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“Emirates flight resumption is almost happening. I just received a letter from Emirates. The letter is on my phone now. They are ready to come back. They will announce the date because to restart a route, they have to get an aircraft for that route.”

“I am announcing to Nigerians for the first time; that I just received a letter from Emirates now. The letter is with me. I have a hard copy thanking you for all the efforts we made. Mr. President was the showman here. He was the one who pushed for it,” Keyamo said.

He lauded the diplomatic steps taken by  President Bola Tinubu, which he said facilitated the airline’s planned flight operations and made his job as a minister much easier.

“That was why I said the last announcement was hasty and not fake news. They will announce the date for their next flight. We have received a letter confirming that all the issues have been resolved and are prepared to start coming back. It may be before June.”

In 2020, Emirates suspended flight operations to Nigeria — for the second time in the year – over its inability to repatriate its revenue trapped in the country.

Similarly, the airline has suspended all flights from Nigeria effective September 1, 2022, due to what it called the challenges in repatriating its funds.

The Central Bank of Nigeria (CBN)  earlier confirmed the clearance of verified backlog owed foreign airlines, which totalled $136.73 million.

 

Nollywood mourns again as Adejumoke Aderounmu of Jenifa’s Diary passes on

Itoro ETUKUDO
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Nollywood mourns again as Adejumoke Aderounmu of Jenifa’s Diary passes on

THE Nigerian entertainment industry has again been thrown into mourning with the death of Nollywood actress Adejumoke Oreoluwa Aderounmu.

Aderounmu was famous for her role as ‘Esther’ in the popular sitcom Jenifa’s Diary.

The actress, who was born on March 26, 1984, reportedly passed away in the early hours of Saturday, April 6.

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Nigerian filmmaker Seun Oloketuyi shared the news of her demise on Instagram today, Monday, April 8.

“A family member of (the) former star of hit series Jenifa’s Diary Jumoke Aderonmu has tweeted that the budding Actress is dead. Details are still sketchy. May she find peace with her maker,” he said in the post.

Although the cause of the death is yet to be known, Oloketuyi’s initial post was followed by a burial arrangement message which stated that the late actress would be laid to rest today.

Aderounmu started her acting career in 2008, appearing in various Nollywood sitcoms and films, including Jenifa’s Diary, Dazzling Mirage, Alakada 2, and Arugba.

In the first quarter of 2024, the Nigerian entertainment industry recorded a number of veteran actor deaths, including Amaechi Muonagor, John Okafor, widely known as Mr Ibu, and Sisi Quadri.

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