In a statement he personally signed, Atiku recalled that the federal government last year, precisely on August 16, 2023 through the Nigerian National Petroleum Company Limited (NNPC) secured the $3.3 billion emergency crude repayment loan, which according to the NNPC, was to help give support to the Naira and stabilise the foreign exchange market.
“The curious thing about this transaction is that up till now, the federal government continues to keep mum about it, and the only information available to the public on the mega deal is coming only through unofficial sources from the NNPC,” the former number two man in Nigeria stated.
The deal, he continued, is supposed to be a crude-for-cash loan arranged by the African Export-Import Bank, while according to information available, a Special Purpose Vehicle (APC) called Project Gazelle Funding Limited incorporated in the Bahamas is driving.
The SPV, Atiku emphasised, is the borrower while the NNPC is the sponsor, with an agreement to pay with crude oil to the SPV in order to liquidate the loan at an interest rate that is a little over 12 per cent.
“What is even more confounding about this deal is why the federal government would register a company in the Bahamas, knowing full well the recent scandal of the Paradise Papers that involved that country.
“Curiously also, Nigeria’s current barrels produced daily is 1.38 million bpd, and according to the Project Gazelle deal, Nigeria is to supply 90,000 barrels of its daily production, starting from 2024 till it is up to 164.25 million barrels for the repayment of the loan.
