Court Orders NNPC to Disclose Details of $3B Afreximbank Crude-for-Cash Loan to HEDA
The Federal High Court in Abuja has directed the Nigerian National Petroleum Company Limited (NNPC Ltd.) to provide HEDA Resource Centre with full details of the $3 billion “crude-for-cash” loan obtained from the African Export-Import Bank (Afreximbank). Justice Emeka Nwite ruled that the requested information is “simple and harmless” and cannot be withheld under the Freedom of Information Act.
The court order requires NNPC to disclose the loan’s anticipated benefits for both the company and the Nigerian economy, the economic implications, oil grades involved, the exchange rate applied, and the quality of the oil used as collateral. HEDA chairman Olanrewaju Suraju hailed the ruling as a major victory for transparency and accountability, calling on stakeholders to support public access to information and the fight against corruption in the oil sector.
#NNPC #HEDA #Afreximbank #Transparency #OilAndGas #NigeriaEconomy #FreedomOfInformation #AntiCorruption #NigeriaNews
The Federal High Court in Abuja has directed the Nigerian National Petroleum Company Limited (NNPC Ltd.) to provide HEDA Resource Centre with full details of the $3 billion “crude-for-cash” loan obtained from the African Export-Import Bank (Afreximbank). Justice Emeka Nwite ruled that the requested information is “simple and harmless” and cannot be withheld under the Freedom of Information Act.
The court order requires NNPC to disclose the loan’s anticipated benefits for both the company and the Nigerian economy, the economic implications, oil grades involved, the exchange rate applied, and the quality of the oil used as collateral. HEDA chairman Olanrewaju Suraju hailed the ruling as a major victory for transparency and accountability, calling on stakeholders to support public access to information and the fight against corruption in the oil sector.
#NNPC #HEDA #Afreximbank #Transparency #OilAndGas #NigeriaEconomy #FreedomOfInformation #AntiCorruption #NigeriaNews
Court Orders NNPC to Disclose Details of $3B Afreximbank Crude-for-Cash Loan to HEDA
The Federal High Court in Abuja has directed the Nigerian National Petroleum Company Limited (NNPC Ltd.) to provide HEDA Resource Centre with full details of the $3 billion “crude-for-cash” loan obtained from the African Export-Import Bank (Afreximbank). Justice Emeka Nwite ruled that the requested information is “simple and harmless” and cannot be withheld under the Freedom of Information Act.
The court order requires NNPC to disclose the loan’s anticipated benefits for both the company and the Nigerian economy, the economic implications, oil grades involved, the exchange rate applied, and the quality of the oil used as collateral. HEDA chairman Olanrewaju Suraju hailed the ruling as a major victory for transparency and accountability, calling on stakeholders to support public access to information and the fight against corruption in the oil sector.
#NNPC #HEDA #Afreximbank #Transparency #OilAndGas #NigeriaEconomy #FreedomOfInformation #AntiCorruption #NigeriaNews
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