Economic Saboteurs – Sowore Slams NNPC Over $3 Billion Loan Borrowed To Help Stabilise The Naira

Omoyele Sowore

Nigerian activist, Omoyele Sowore, has taken a swipe at the Nigerian National Petroleum Corporation (NNPC) over its recent loan.

TORI recalls that the NNPC Limited had secured a $3 billion emergency crude repayment loan to support the naira and stabilise the foreign exchange market.

NNPC Limited secured the crude-for-cash funding from the African Export-Import Bank (Afreximbank) headquarters in Cairo, Egypt.

The NNPC said it will repay the loan with crude oil at an interest rate between eight percent and 11 percent.

“The NNPC Ltd. And Afrexim Bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.

Reacting to the development via Twitter, Sowore wondered why the NNPC, which is a private company is helping Nigeria to stabilise the naira.

According to him, “Economic Saboteurs! Very criminally minded buccaneers! I thought they said @nnpclimited is no longer owned by Nigeria, what’s a supposedly “private company” doing with helping the Nigerian state to subsidise the Naira. And who is @afreximbank? Is that not the same bank @GodwinIEmefiele has been shipping Nigerian money to? #revolutionnow.”