Human Rights Groups raise alarm over proposed Afrexim Bank, NNPCL’s $3bn Loan

The African Centre for Justice and Human Rights (ACJHR) and Justice Advocate Center (JAC) have commenced moves to put a stop to 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.

Recall that a fortnight ago, both parties in Cairo, Egypt, jointly signed a commitment letter and term sheet for the emergency loan.

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