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Buildings and other property were shattered in the early hours of Saturday as explosives suspected to be dynamite shattered the secretariat of the All Progressives Congress along Aba Road in Port Harcourt, Rivers State capital.

The explosion brought down the gate of the secretariat while doors, windows and other property were destroyed.

This is the second time the Chief Tony Okocha-led APC would be experiencing such an attack at its secretariat this year.

This came as the local government elections is set to hold in the state today as the Rivers State Independent Electoral Commission said on Friday that all sensitive materials have been distributed to the various local government areas.

 

A viral video of the incident scene seen by our correspondent showed some workers at the facilities going round to ascertain the extent of damage.

When contacted, the spokespetson for the state police command, Grace Iringe-Koko, said she had yet to get a report on it but promised to revert.

The party has yet to make a statement on the incident.

Details later…

[Punch]

Dr. Muhammed Sanusi is the Secretary General of the Nigeria Football Federation, NFF. He has been in the news these past few days. The gentleman is my friend. I like him a lot. As far as I can see from my observatory in the rolling hills of Wasimi, he has maintained great decorum in the handling of the affairs of football in the country. 

I have not interacted with him close enough at any time since I first met him many years ago to know him beyond his courteousness, politeness, soft-spokenness, and never-in-your-face attitude. He carries good credentials in his long and varied experiences working in the NFF as well as in academic scholarship (with a Doctorate degree to boot).

As far as his handling of the affairs of the NFF is concerned, I have not had any close interactions with the organisation since he became the Secretary General over 10 years ago, so, I know little and cannot be a fair judge about his capacity and performance as administrator of the secretariat of the most important sports federation in Nigeria. 

 

In those past 10 years, I have not had any serious dealings with the Nigeria Football administration outside journalistic enquiries about some issues for which Dr. Sanusi was always quick to provide the needed information, or direction to the source of better information. He would do these things courteously. 

What I do not know is whether that attitude and treatment are general or a special treat reserved for me. Either way, I thank him.

From time to time, however, Dr. Sanusi comments on some of my postings on my social media platforms, often with a kind word here and there. Even when I wrote what some persons considered negative about him by raising issues about his humongous salary, he did not take it personal, and did not miss a beat in our friendly relationship. 

So, I know Dr. Sanusi Muhammed enough even if I have not had much direct dealings with him in the over 10 years of his being the Secretary-General of the Nigeria Football Federation, NFF. So, I respect our remote friendship. 

At the moment, his matter is heating up the system. Some stakeholders in the General Assembly of the NFF are planning to use their numbers and resources to offer him a new contract when the present one expires at the end of the year. Undoubtedly, the move is not popular. It may create a ripple effect that could become a storm in the immediate future.

Ordinarily, renewing Sanusi’s contract should be routine. There should be no issues about reappointing a competent and performing Secretary-General. Unfortunately, there are issues that negate this intention. The public and some media are raising very serious issues about why Sanusi’s contract should not be renewed. He has been in that office for 11 years, longer than anyone else in history. That’s not the problem. His latest contract will end in December this year. 

I will not pretend that I am familiar with all the issues, but there is one issue that attracts my attention and the need for this humble comment. 

Let me establish this background. 

I am not a tribalist. I do not have a single drop of tribalism in my blood. 

I am of Yoruba extraction by birth. I spent the first 17 years of my life in Jos, in Northern Nigeria. I speak the Hausa language, even better than my Yoruba. 

In the formative years of my life, I attended primary and secondary schools owned by the Catholic Church, and populated mostly by Igbos in the years before the political crisis of 1966 that led to the bloody Civil war of 1967. So, I speak the Igbo language and some of my best friends are from that ethnic group.

I have spent the decades since December 1970 to date in Yorubaland, going through useful lessons in understanding my own ethnic roots. My mother was originally a Muslim and my father was one of the founders of the African Church in Jos. I am a product of this mixture of cultures, indoctrinations, exposures and experiences, finally emerging as a totally detribalised Nigerian that does not see things through the prism of ethnicity. 

So, back to the ongoing conversation on Dr. Muhammed Sanusi. Ethnicity has reared its dangerous head. 

A journalist called me the other day and wanted my views on the issue of the renewal of Sanusi’s contract from the position of ethnic balancing and federal character in the board of the NFF. He asked: Why would the two most powerful officials in the Nigeria Football Federation board come from the same geographical, political and ethnic group? Really?

How did that happen? Avoiding such a situation has voided the ambition of many aspirants to offices in the NFF in the past. Including me. There is always consideration for careful balancing and federal character consideration for appointments into national offices. It is so important in a multi-ethnic and multi-religious country like Nigeria that provision is inscribed into the country’s constitution.

In sports, although unwritten into the constitution of federations, it goes without saying that stakeholders would navigate through this minefield by deploying common sense, always observing the simple code of ethnic balancing during elections and in the employment of key staff. 

Occasionally there is a blip, but always created by circumstances that cannot be helped, and not as a deliberate strategy to impose any group on the rest. One such situation is Ibrahim Gusau succeeding Amaju Pinnick as President of the NFF when Sanusi was still Secretary General, inadvertently creating the present situation where the two most powerful men in Nigerian football come from the same geographical zone of the country. 

The reality is that when Sanusi was first engaged over 10 years ago, Amaju Pinnick, from the Southern part of the country, was President. 

Presently, some stakeholders are stoking the ambers of crisis. They are attempting to be clever-by-half by distorting what has ensured the equilibrium of things and instilled some level of equity and fair representation at the top of Nigerian football through the decades. 

I am not surprised, therefore, that an army of opposition has emerged to try to halt the clandestine plot. Sanusi is to be used as a pawn and returned as Secretary General against the grain of best established practise, common sense, equity and ethnic balancing in the administration of football in Nigeria.

No matter how attractive the offer may be, or what power the stakeholders planning this plot may have at the moment, my advice is that they should shelve the plan for the good of the game and of peace, and follow the path of reason. Should they choose to pursue this narrow agenda, they may be planting the seeds of a future crisis.

In an ideal society it should matter the least where a person comes from in the matter of employment, but not so in Nigeria as history and previous experiences have taught us through the country’s history. A word is enough for the wise. 

I wish the General Assembly of the NFF useful deliberations.

The Rivers State Electoral Commission, RSIEC, has stated that it is using the authentic Voters Register obtained from the Independent National Electoral Commission, INEC, in the conduct of the local government council elections in the state.

The Presiding Officer for Unit 8, Ward 3 Isiodu Community, Emohua Local Government Area Azunda Fulfill, said the process was peaceful and that the Voter Register used is authentic.

 

Azunda said: “The process is going fine. People are voting. For now, there is no issue. We are doing the work calmly.

“The voter register we have is the same thing as the one used for the 2023 election. The voter’s card and the register are tallied. It is the correct voter register.”

Also, voting is ongoing at unit 26, ward 4 of Emohua LGA, the ward where Senator Andrew Uchendu, votes.

Meanwhile, the Chairmanship Candidate of the Action Peoples Party, for Obio/Akpor Local Government Area, Hon. Chijioke Ihunwo, after casting his vote at unit 40.

[Vanguard]

Nollywood’s ‘Queen Lateefah’ and ‘Joker: Folie A Deux’ are movies TheCable recommends for you to watch in the cinema or on streamers this weekend.

 

More recommendations are below:

Queen Lateefah

Running time: 2hrs 5mins

 

Starring: Wunmi Toriola, Kunle Remi, Lateef Adedimeji

Synopsis: A socialite with a wealthy online personality meets a man who falls head over heels with her. The man is in love with her influential, accomplished persona, a facade that will come undone soon.

 

Joker: Folie A Deux

Running time: 2hrs 18mins

Starring: Joaquin Phoenix, Ken Leung, Lady Gaga

Synopsis: Arthur Fleck is placed in Arkham, awaiting trial for his crimes as the Joker. While struggling with his dual identity, Arthur stumbles upon true love and finds the music that’s always inside him.

 

Lisabi

Running time: 2hrs

Starring: Adebowale Adedayo, Lateef Adedimeji, Gabriel Afolayan, Ibrahim Chatta

Synopsis: It tells the legend of the eponymous Lisabi and his fight to liberate his Egba community and its people from the hegemony of the ancient Oyo empire.

 

Farmer’s Bride

Running time: 1hr 45mins

Starring: Gbubemi Ejeye, Tobi Bakre, Femi Branch

Synopsis: A young bride marries an old farmer with her mother’s arrangement. The bride despises her husband and falls in love with the old farmer’s younger nephew. The forbidden love spins out of control.

 

Hellboy: The Crooked Man

Running time: 1hr 39mins

Starring: Adeline Rudolph, Hannah Margetson, Jack Kesy,

Synopsis: The blockbuster Hellboy returns with another exciting sequel. Hellboy goes on a new adventure with fresh allies and foes.

 

The Wild Robot

Running time: 1hr 41mins

Starring: Lupita Nyong’o, Mark Hamill, Matt Berry, Paul-Mikél Williams

Synopsis: An intelligent robot is stranded on an uninhabited island after a shipwreck. To survive the harsh environment, the robot bonds with the island’s animals and cares for an orphaned baby goose.

 

Transformer One

Running time: 1hr 44mins

Starring: Brian Tyree Henry, Chris Hemsworth, Jon Hamm

Synopsis: The prequel tells the origin story of  Optimus Prime and Megatron, better known as sworn enemies, who were once friends and bonded like brothers.

 

When Love Strikes

Running time: 1hr 53mins

Starring: Chuks Joseph, Jimmie Akinsola, Natse Jemide, Osas Ighodaro

Synopsis: A promising young footballer must choose between following his dreams of soccer success and returning to college to support his family.

Ajaga

 

Running time: 1hr 46mins

Starring: Femi Jacobs, Jaiye Kuti, Jayeola Monje

Synopsis: A pastor wrestles with the yoke of his moral inadequacies. He womanises despite his stern preaching against sin. This is the story about the hypocrisy of some religious leaders.

Deadpool & Wolverine

Running time: 2hrs 7mins

Starring:  Hugh Jackman, Jennifer Garner, Ryan Reynolds

Synopsis: Wolverine and Deadpool put aside their differences to defeat a common enemy.

[Cable.]

  • Q3 revenue surges 20% yr/yr to $57.3 billion
  • Revenue for consumer electronics division was flat yr/yr
  • Says Q4 should be in line with current market expectations
 Taiwan's Foxconn (2317.TW), opens new tab, the world's largest contract electronics maker, beat expectations to post its highest-ever revenue for the third quarter on strong demand for artificial intelligence (AI) servers.
Revenue for Apple's (AAPL.O), opens new tab biggest iPhone assembler jumped 20.2% year on year to T$1.85 trillion ($57.3 billion).
"The result exceeded the company's original expectations of significant growth," Foxconn said in a statement on Saturday.
Advertisement · Scroll to continue
 
It was also ahead of a T$1.79 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate.
Strong AI server demand led to robust revenue growth for its cloud and networking products division, said Foxconn whose customers include AI chip firm Nvidia (NVDA.O), opens new tab.
For smart consumer electronics, which includes iPhones, there was a strong quarter-on-quarter growth thanks to new product launches, but its year-on-year performance was flat.
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The third-quarter is traditionally when Taiwan's tech companies start racing to supply smartphones, tablets and other electronics to major vendors such as Apple for Western markets' year-end holiday period.
Total revenue in September alone reached T$733 billion, up 10.9% year on year and the second-highest ever level for the month.
"Entering the peak season in the second half of the year, we anticipate our operation to gradually gain momentum," Foxconn said of its outlook for the current quarter.
 
"The fourth quarter is expected to be roughly in line with current market expectations," it added, without elaborating.
The company does not provide numerical forecasts.
Foxconn's shares have jumped 86% so far this year, outperforming by far a 24% rise for the broader Taiwan market (.TWII), opens new tab. They closed up 3.7% on Friday ahead of the revenue data release, bucking a 0.4% fall on the benchmark index.
The company will report its full third-quarter earnings on Nov. 14. It has scheduled its annual Tech Day on Oct. 8-9, an event where Foxconn normally announces new products or partnerships.
 
($1 = 32.2900 Taiwan dollars)

[Reuters]

When an audio clip appeared to show a local school principal making derogatory comments, it went viral online, sparked death threats against the educator and sent ripples through a suburb outside the city of Baltimore. But it was soon exposed as a fake, manipulated by artificial intelligence - so why do people still believe it’s real?

“I seriously don't understand why I have to constantly put up with these dumbasses here every day.”

So began what appeared to be a long tirade from the principal of Pikesville High School, punctuated with racist, antisemitic and offensive tropes. It sounded like it had been secretly recorded.

The speaker went on to bemoan “ungrateful black kids” and Jewish people in the community.

The clip, first posted in January, went viral nationally. But it really struck a nerve in the peaceful, leafy suburb of Pikesville, which has large black and Jewish populations, and in the nearby city of Baltimore, Maryland. Principal Eric Eiswert was put on paid administrative leave pending an investigation.

Alfie Malone, a black man who lives in nearby Baltimore, spotted other members of his community posting the clip and assumed it was real.

“In the back of your mind you think this is probably the way people really actually feel about us,” Mr Malone said. “And then to hear that actually come across audio.”

In an effort to corroborate what he was hearing, Mr Malone checked out other real recordings of Mr Eiswert on social media and they sounded the same.

So the part-time postman, part-time podcaster hit the re-share button.

US teacher accused of racist deepfake of principal

They were arrested for posting during the riots – will it change anything?

The clip started to gain traction across social media as more people spread it online. One of the most shared versions was well on its way to passing two million views within hours. Already, that’s around 60 times the entire population of Pikesville.

But what those sharing the clip didn’t realise at the time was that another bombshell was about to drop: the clip was an AI-generated fake.

For BBC Radio 4’s Why Do You Hate Me USA, I’ve been in Maryland investigating the impact this clip had on that town. It reads almost like a fable about the dangers AI poses, especially when local communities are targeted.

Anatomy of an AI fakery

When the clip landed on the desk of Kristen Griffith, an education reporter at the Baltimore Banner, she thought it was going be a relatively straightforward story of a teacher being exposed for making offensive remarks.

But as is best-practice in journalism, Ms Griffith wanted to give the principal the chance to comment and tell his side of the story. So, she reached out to his union representative, who said not only did Mr Eiswert condemn the comments, but he didn’t make them.

“He said right away, oh, we think this is fake… We believe it's AI,” she told the BBC. “I hadn't heard that angle” before.

But when she published that explanation, her readers were not convinced. Far from raising questions about the clip’s veracity, it just fuelled backlash from people who thought the allegation of fakery was just an excuse or an attempt to evade accountability.

It was at this point that local police started investigating the case. Staff at Pikesville High told them they were feeling unsafe because of all the attention, and they were concerned that the school was bugged with recording devices.

Principal Eiswert’s reputation had taken a serious hit too. Security was stepped up around both him and the school. He became a target for social media hate and threats. I found dozens of abusive messages taking aim at him on social media.

Getty Images Dr Myriam Rogers (centre), superintendent of Baltimore County Public Schools, and Police Chief Robert McCullough (right) speak at a press conferenceGetty Images
When police and the school board superintendent announced a Pikesville High faculty member had faked the audio, it sent shockwaves through the community

Then in April, Baltimore Police Chief Robert McCullough confirmed they now had “conclusive evidence that the recording was not authentic”.

And they believed they knew who made the fake.

Police charged 31-year-old Dazhon Darien, the school’s athletics director, with several counts related to the fake video. Charges included theft, retaliating against a witness and stalking.

He was arrested at the airport, where police say he was planning to fly to Houston, Texas.

Police say that Mr Darien had been under investigation by Principal Eiswert over an alleged theft of $1,916 (£1,460) from the school. They also allege there had been “work performance challenges” and his contract was likely not to be renewed.

Their theory was that by creating the deepfake recording, he hoped to discredit the principal before he could be fired.

Investigators say they traced an email used to send the original video to a server connected to Mr Darien, and allege that he used Baltimore County Public Schools' computer network to access AI tools. He is due to stand trial in December 2024.

Mr Darien’s legal representatives did not respond to requests for comment.

Baltimore County Schools Superintendent Myriam Rogers had previously said it was “a very difficult time” for the school community, the principal and his family.

Representatives for Pikesville High School and Mr Eiswert did not respond to my requests for further comment.

Why did people believe the video?

Because the clip was audio-only, it meant there were no visual giveaways, like robotic movements that normally reveal AI manipulation. It also mentioned jargon, like “grade-level expectations”, and other details, like staff names, that only people close to the school would know.

When you listen carefully, though, there are clear edits between sentences - and the voice, while similar to the principal, sounds quite monotonous. Artificial intelligence can use several minutes of a real recording - from, say, your favourite actor in a film or a presidential candidate giving a speech - to then generate a clip that makes it sound like they said something they never did.

But perhaps the biggest reason why people believed the video was real was because it felt true, Mr Malone told me.

It tapped into his own experiences of racism as a black man living in Baltimore.

When Mr Malone heard the principal describe black students as lazy, it immediately reminded him of slurs and discrimination he’d encountered at school and work.

Months later, the effects of the fake audio clip are still felt in Pikesville. Mr Eiswert has moved jobs and is working in another school. And even though some community members told me they now accept the video is fake, the damage is done.

“This is a Jewish neighbourhood and to say something that's so inflammatory about the community was upsetting,” a woman called Sharon told me as she packed her grandchild’s pram into a car in a house opposite the high school last August.

For several minutes, Sharon talked to me as though the clip was real.

“I think when people say things like that, other people join in that and it makes me more fearful.”

When her husband chimed in from the car, reminding her the clip was actually fake, she admitted she did “find out later it was AI-generated”. But she said she was still angry about it.

Pikesville High School
The clip continues to affect the local community in Pikesville and those connected to the high school

I found that for people like Sharon, who had believed the clip was real, even for a short time, it stayed with them - especially when the message echoed genuine experiences of racism and discrimination. It reminded me of something I hear time and time again while investigating misinformation and conspiracy theories: “Well, even if it’s not real, it’s what I think they think.”

All the major social media companies say they have policies to label, remove and limit the spread of AI-generated posts. But that action only happens when it can be proven a clip is fake. By that point, it could have already reached millions of people.

Alfie Malone said even earlier that day, he spoke to a friend who still had no idea the clip was AI-generated.

“I honestly believe that a lot of people here in this city don't really know that that's not true,” he said.

He said he felt sorry that Mr Eiswert, the school principal, was wrongly accused of making the comments. He is also worried the episode has undermined real experiences of racism.

He said he’d think twice before re-sharing a clip like this again.

“I've been burnt by the fire once. I'm not touching the stove again.”

[BBC]

The UK needs a strategy to meet growing demand for data centres or risk losing its advantage in the race to develop artificial intelligence (AI), one of the sector's largest players has told Sky News.

Data centres - warehouses housing processors that power cloud computing - are central to the digital economy. They provide the power, connections and security required for the vast amount of processing power on which everything from personal device browsing to AI learning relies.

What is Outbrain
The UK is currently Europe's largest data hub, with more than 500 data centres, the majority in the South East.

Slough in west London is the industry's historic base, largely because of its proximity to both transatlantic connectors and the City of London, whose financial services and banks were initially the biggest customers for computation power.

Last month the government classified data centres as 'critical national infrastructure', putting them on a par with power stations and railways but the industry says a broader strategy is required as it moves to meet the growing demand driven by power-hungry AI chips.

High land prices, competition for grid connections and the resistance of local residents have put a premium on further expansion in the southeast, leading some companies to look beyond the industry's traditional base.

Kao Data, which has an expanding campus in Harlow, Essex, is among those looking to beyond the South East, and broke ground this week on a £350m development at Stockport in Greater Manchester.

MORE ON ARTIFICIAL INTELLIGENCE
Viral post falsely claims to stop Meta using your data to train AI - here's how to actually stop it

 

"We are under pressure to be able to provide capacity and create data centre buildings to fuel the demand from AI, that's the challenge. Whether we as a country provide the environment for it is the big question mark," he said.

"If we want to be part of the global AI opportunity we need to deploy these resources in locations that are suitable, sustainable and have the opportunity for growth. We didn't really have a plan 10 years ago when cloud computing started, and by accident we've ended up where we are today which is in effect consuming all the power into the west of London.

"Now is the time to come up with a UK-wide data centre strategy and start deploying these facilities in other parts of the country, distributing them fairly."

Kao's expansion in Manchester exploits an existing industrial site - it will replace a concrete factory - and the availability of a grid connection, fundamental in a notoriously power-hungry industry in which a facility's size is measured in megawatts not square feet. A 100MW data centre consumes the same amount of electricity as 100,000 homes, a town roughly the size of Ipswich.

Mr Lamb said it is a model the government should heed. "A realistic opportunity would be to allocate two or three locations across the UK which have access to power as data centre planning zones, where the local authorities understand what a data centre is, are welcoming and we can develop these buildings simply and swiftly and remove a lot of the bureaucracy that exists."

The Stockport site also has the backing of the mayor of Greater Manchester, Andy Burnham, who sees data as part of the jigsaw of infrastructure required to boost economic development in the North West.

"This is now critical national infrastructure as designated by the new government, and it makes sense that all of that capacity is not just clustered in one part of the country. We now need to see the emergence of a large-scale data centre industry in the north of England," Mr Lamb said.

The challenge of further expansion in the South East is evident on the outskirts of the expanding village of Abbotts Langley in Hertfordshire, where a patch of green belt has become a frontline in the debate over data centres and the new government's commitment to growth.

The 31-hectare plot, once grazed by cows that produced milk for the nearby Ovaltine factory, has been bought by property developer Greystoke Land and earmarked for a data centre.

The local planning authority, Three Rivers Council, rejected it because of the loss of green belt, but on her first day in office, Angela Rayner, the housing minister, "called in" the application, beginning a process expected to end with her over-ruling the local authority.

Labour promised to back development in government but that does not make it popular. As well as concerns over the environmental impact of a data centre, residents believe the development will remove the only buffer between the village and the motorway.

Stephen Giles-Medhurst, Liberal Democrat leader of Three Rivers Council, 76% of which is made up of green belt, told Sky News communities need something in return.
 "I'm not a total nimby, I can see which way the wind is blowing, but we will make the best case possible to say no to this development because it is an inappropriate site, which causes very high harm to the green belt.

"Ironically we do have some brownfield sites that landowners won't release, and we can't compulsory purchase, let's do something about that and bring them back into public ownership.

"But if at the end of the day we're overruled then we will be demanding the infrastructure that's for Abbots Langley and Three Rivers."

A Ministry for Housing, Communities and Local Government spokesperson said: "Our reforms to the planning system will make it easier to build the key infrastructure this country needs - such as data centres - securing our economic future and giving businesses the confidence to invest.

"Development on the green belt will only be allowed where there is a real need and will not come at the expense of the environment."

[SkyNews]

In pursuit of capital to finance its operations, the Nigerian National Petroleum Company (NNPC) Limited offered a substantial volume of the nation’s crude oil to creditors to secure about $6 billion in loans within three years.

The NNPC is also currently shopping for another $2 billion loan that will see the company hand over more barrels to deep-pocket investors.

The crude-backed loans, drawn from four different deals, were obtained between 2020 and 2023 — a period Nigeria’s crude oil production fell from 1.49 million barrels per day (bpd) to 1.31 million bpd.

TheCable presents details of the deals.

 

PROJECT GAZELLE

In August 2023, the NNPC secured a $3 billion oil-backed loan from the African Export-Import Bank (Afreximbank) to support the naira and stabilise the foreign exchange (FX) market.

In the deal, the oil company pledged a total of 164.25 million barrels of crude.

 

At 90,000 barrels per day, starting from 2024, NNPC is expected to repay the loan through Project Gazelle Funding Ltd, a special purpose vehicle (SPV) incorporated in the Bahamas.

Commenting on the transaction in its 2023 audited financial statements, the NNPC said the funding was utilised to finance an “advance payment of future taxes and royalty obligation due to the federation on production sharing contracts (PSC) assets managed by the company on behalf of the federation”.

According to the NNPC, the interest rate for the facility is 11.8 percent while the margin and liquidity premium are 6 percent and 0.5 percent respectively.

In January, Afreximbank announced the first disbursement of $2.25 billion under the crude oil prepayment facility.

 

The lender also paid out an additional $925 million in June — bringing the total disbursement to $3.175 billion.

PROJECT BISON

In September 2021, the NNPC proposed to acquire a 20 percent interest in the Dangote Petroleum Refinery for $2.76 billion.

According to the national oil company, the deal was financed by a forward sale agreement of $1.036 billion from Lekki Refinery Funding Limited — of which $1 billion was paid to Dangote refinery.

 

The oil firm said it signed the forward sale agreement with the Lekki refinery to supply 35,000 barrels of crude per day (bpd) for the settlement of the $1.036 billion (N426.2 billion) funding.

The interest rate for the facility, according to the NNPC, is 11 percent.

 

NNPC said it paid $625 million principal, while $424 million (N324 billion) is still outstanding, as of December 31, 2023.

The national oil company added that the investment was initially held by the NNPC Greenfield Limited, its wholly-owned special-purpose vehicle (SPV).

 

PROJECT EAGLE

In 2020, the NNPC signed a $1.5 billion prepayment deal with Eagle Export Financing Limited.

 

Under the terms of the agreement, the NNPC commenced reimbursement of the facility on August 28, 2020, with 1.8 million barrels of crude oil every delivery period.

The forward sale agreement (FSA) was meant to provide capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of FX earnings.

“The production under the FSA will support debt of up to N627.8 billion (US $1.5 billion), which has been structured as a crude oil prepayment facility over two tranches,” NNPC said.

United Bank for Africa (UBA), Standard Chartered Bank, Afreximbank, Union Bank, as well as Vitol and Matrix — two oil trading companies — participated in funding Project Eagle.

As of December 31, 2023, the NNPC said its subsidiary, NNPC Exploration and Production Limited (NEPL), had capital commitments of $352.88 million (N158.3 billion) relating to the forward sale agreement with Eagle Export Financing for the delivery of crude oil.

“Under the contract, Eagle Export Funding Limited will make an upfront payment to NEPL for crude in a forward sale agreement (FSA),” the firm said.

“The payment received is required to be settled with delivery of crude oil volumes i.e. NEPL sells crude to Eagle Export Funding Limited based on a delivery schedule.

“Based on the agreement, at least 1,800,000 barrels of crude oil must be nominated and scheduled by NEPL and delivered at the relevant delivery terminal to Eagle Export Limited in every delivery period which commenced on August 28, 2020.”

PROJECT EAGLE SUBSEQUENT

In another deal, the national oil company obtained pre-export finance (PXF) loans, named PXF1 and PXF2, for the settlement of its debts to some import vendors of petroleum products.

According to NNPC, the NEPL had capital commitments of $159 million (N60.3 billion) regarding the deal, as of December 2020.

However, NNPC said there are no capital commitments regarding the pre-export financing as of December 31, 2023.

“As at 31 December 2023, there are no capital commitments regarding pre-export financing as outstanding PXF 2 liability balance was refinanced through a forward sale of crude valued at $694m (N278 billion) to Eagle Export Limited tagged “Project Eagle Subsequent” on 15 March 2021,” the company said.

PROPOSED $2 BILLION LOAN BY NNPC

On July 9, Mele Kyari, group chief executive officer (GCEO) of the NNPC, said the company is in talks with lenders for a new $2 billion oil-backed loan to finance the NNPC’s operations and allow investment in its business.

Kyari said the company was seeking a loan against 30,000 bpd to 35,000 bpd of crude production.

He said the cash raised would be used for all NNPC’s business activities, including supporting production growth.

“We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” Kyari said.

“It will be a syndication with critical but regular partners who have been in business with our company to forward the cash.”

In August, TheCable reported that top NNPC officials were in Europe to source the loans and were targeting Standard Chartered Bank in the United Kingdom.

If the deal is successful, it will increase the volume of crude oil pledged to NNPC’s lenders.

IMPACT OF NNPC’S CRUDE-BACKED LOANS

The NNPC said crude-backed loans are important for several reasons including accessing FX, financing its business activities, supporting production growth, and buying stakes.

However, stakeholders have raised concerns about the deals, stressing the negative impacts of such transactions.

According to oil experts, the forward sale arrangements have immense impacts on the country’s oil output, petrol availability, and external reserves.

Speaking to TheCable, Jide Pratt, an oil and gas expert, said the arrangements would negatively impact export volumes and domestic supply when crude oil production drops, as NNPC is compelled to set aside some barrels for the creditors.

“So if we have 1.34 million bpd production and 60 percent of that is for NNPC, if the company takes crude-backed loans, it reduces federation revenue,” he said.

“The impact also flows from under production as this means the company struggles to meet domestic crude supply obligation (DCSO) as we see with refineries not getting enough local crude feed.”

On August 11, the management of AIPCC Energy Limited, operators of the Edo Refinery and Petrochemicals Company Limited (ERPCL), said NNPC has failed to supply crude oil to the refiner despite having several meetings, correspondences, and communications with the national oil company over the past three years.

Speaking further, Pratt said the country’s revenue would decline over low oil production or the barrels offered in exchange for loans, preventing the government from increasing FX in the excess crude account.

“As such, with less volume produced or more pledged to forward sales combined with dropping crude prices, the government is unable to increase FX in the excess crude account,” he said.

“In all of this, NNPC shouldn’t have the free reign on crude-backed loans in a proper organisation with corporate governance structures.”

Also, Oyeyemi Oke, managing partner at AO2LAW, a law firm, said Nigeria uses potential revenues, which it is supposed to get in future, for the deal.

“We have collected it, or it will be part of the amount that will be used to repay the loan. Does that mean that, essentially, our revenues have gone down? Not necessarily,” he said.

“But what it means is that we don’t have flexibility to sell crude oil to other persons. What it means is that perhaps the financers under the forward sales arrangement have already locked in the crude to be supplied at a particular price, which gives little flexibility. What it means is that we may not be able to take advantage of the increase in crude oil price.”

Oyeyemi said part of the amount which should be in the foreign reserves — as a result of crude oil sale — is used to service loans obtained from the arrangement.

“But this is not unusual. The question is: what is the interest on loan to be repaid? I don’t think it’s unusual whereby we’re using part of our revenues to service debt, just like any commercial venture,” he said.

“If NNPC did not borrow the loans, Nigeria may have more money in its reserves, but since we are using loans, part of the monies which should be in our reserves will be used for settling the debts.”

October 1 is celebrated as Nigeria’s Independence Day. But Nigeria isn’t independent. It is, for all practical purposes, a dependent state, a satellite state, whose political and cultural elites are still tethered to the coattails of colonialism and neocolonialism. Its economy is almost literally run by the World Bank and the IMF, and the older the country gets, the more it seems to tighten the apron strings that tie it to its former colonial overlord.

No one illustrates this contradiction and emotional dissonance more dramatically, not to mention more symbolically, than President Bola Ahmed Tinubu, who chose to depart for the United Kingdom, Nigeria’s former colonizer, for a two-week annual leave just a day after celebrating Nigeria’s so-called 64th independence from British colonialism.

To publicize traveling to rest in a country that colonized you, a day after celebrating freedom from that country’s colonialism is the ultimate national self-ridicule. It’s like a woman throwing a party to celebrate her emancipation from an oppressive relationship with a wild brute, only to show up at her ex-partner’s doorstep the next morning to seek validation.

A president choosing to spend personal time in the country that once colonized his own projects an image of lingering dependence on the former colonial power. It’s an implicit endorsement of the cultural and societal norms of the colonizer over those of the home country and raises questions about national pride and the commitment to fostering domestic tourism and economic growth.

Most world leaders opt to spend their annual leave within their own countries or in neutral locations to support local economies. For instance, former U.S. President Barack Obama often vacationed in the state of Hawaii, his birthplace, while French presidents traditionally spend holidays in French territories. These choices reflect a conscious effort to remain connected with their homeland and to promote its attractions.

 Like Muhammadu Buhari before him, Tinubu didn’t find any part of Nigeria worthy of his presidential annual leave. London is worthier of presidential annual leave than any part of Nigeria because these leaders actually disdain Nigeria, which provides the political, social, and cultural basis of their power. That’s such an unrelieved national tragedy.

Nigeria boasts diverse landscapes, rich cultural heritage, and numerous tourist attractions—from the savannahs of the north to the coastal regions of the south, from Yankari Game Reserve in Bauchi to Obudu Ranch Resort in Cross River. By vacationing domestically, the president could spotlight these attractions, boost national tourism and inspire citizens to explore their own country.

 It would also send a strong message to potential international tourists (whom this and previous governments seem fixated on attracting) about the safety and appeal of Nigeria as a destination.

But choosing to vacation abroad, particularly in the former colonizing country, redirects personal expenditure away from the domestic economy. While the economic impact of a single individual's spending might be minimal, the symbolic loss is significant. It suggests a lack of confidence in the nation's infrastructure, leisure facilities, or security— issues that are within the president’s remit to address and that he claims he is deeply concerned about.

The timing of the trip particularly exacerbates its symbolic dissonance. October 1 is not—or should not be— merely a historical marker; it is—or should be— an annual reaffirmation of Nigeria's autonomy and identity. Departing for Britain immediately after such a celebration diminishes the day's significance.

 It conveys a message that, despite official rhetoric, the ties to the colonial past remain unsevered on a personal level for the president who should symbolize our national identity and pride.

Leadership everywhere but particularly in transitional, post-colonial countries like Nigeria that are still battling national self-image issues carries the added responsibility of shaping and reinforcing national identity.

The personal choices of presidents often serve as a reflection of their commitment to this role. By engaging in actions that align with national interests and cultural pride, leaders can foster a stronger sense of unity and purpose among the populace.

To be fair to Tinubu, he has signaled from the inchoate stage of his presidency that he wants no truck with national self-pride and that he is a fawning, unapologetic crawler of British colonialism. That was why he pushed the restoration of the discredited, self-humiliating colonial national anthem through the National Assembly with unprecedently breakneck speed.

In my June 1, 2024, column titled “‘New’ National Anthem is National Self-Debasement,” I observed that it’s inexcusable national self-humiliation to discard a home-made national anthem, irrespective of its defects, for one that was made by an imperialist whose influence we’re supposed to be independent of.

“A country whose symbolic song of independence is inspired, written, and composed by the appendicular remnants of imperialist oppressors of whom the country has supposedly been independent for more than six decades isn’t worthy of its independence. Such a country has lost the moral and philosophical argument for independence and against recolonization,” I wrote.

The national anthem, as an auditory emblem of sovereignty, should carry the weight of our independence and self-fashioning. "Arise, O Compatriots," whatever its deficiencies, was a product of Nigerian composers who won a national contest in 1978.

The national anthem should be a rallying cry. It should encapsulate the country’s ideals, aspirations, and identity, as espoused by the citizens of the country. Reverting to an anthem with colonial ties is a step backward in Nigeria’s journey toward solidifying its post-colonial identity.

So, it should come as no surprise that a president who so casually and so thoughtlessly discarded a homemade national anthem for one that was composed by a British woman is so enamored of colonial tutelage that he chooses to depart for the country that colonized his country a day after celebrating independence from the colonizer.

I noticed that the usual patriotic fervor that most Nigerians evince on October 1 was noticeably absent this year. Maybe it’s because they can sense the lack of investment in Nigeria’s pride right from the presidency—in addition, of course, to the raging hunger and listlessness in the land.

What’s the point of patriotism and national pride when the president of your country is so ashamed of the country that he is restoring symbols of colonial domination?

I was especially piqued that the official statement announcing his London trip said the president “will use the two weeks as a working vacation and a retreat to reflect on his administration’s economic reforms.” What? Why does he need to go to London to reflect on the death and destruction that his IMF/World Bank economic policies are inflicting on Nigerians?

Nigeria is the theater of destruction. That’s where he should be to reflect on his IMF/World Bank economic policies whose outcome is already foretold—deepening mass poverty, hopelessness, torment, extermination of the middle class, etc.

 Maybe Tinubu doesn’t need a vacation anywhere. He only needs to descend from his Olympian presidential height to the streets of Nigeria to see the cries, tears, and blood of everyday folks being crushed by the impossibly ponderous weight of his sadistic economic policies.

 

Well, we now have a second moon from outer space. It is merrily orbiting the earth, like the good old round moon we have always known. But it is not round. It is not big either. We would most probably not have seen it, or known about it, but for the advances in astronomy and related sciences.  Worse still, this small, 10 metres wide non-round moon will go away again, beyond the earth and its orbit by the end of November. Strictly speaking, this celestial wayfarer is an asteroid, suspected to have gotten here from a set of asteroids that are less then 200 million kilometres from us.

The official view is that it poses no threat to life here on earth. But is that the same thing as saying that its presence will not have any effects whatsoever here? I think not. Consider the points to be made in the next paragraphs.

The tides we experience in all bodies of water on earth are caused by the gravitational pull of the Moon and Sun. At the Bay of Fundy in Canada, where you have the biggest tide in the world, the difference between low and high tide could be as much as 16.3 metres. But leaving all that, and coming to the simple matter of tides and what causes them, we should simply note that there won’t be high and low tides if there was no moon..

So, it is possible that any stary object will saunter into our planetary space and orbit and not have its radiation and even gravity leave some impression? I think not. But let us take the conversation further, by listening in on a conversation between Celest and her friend, Jasmine, on recent events going on around us. Let’s follow them, as Jasmine brings up something in the news that made her think that life on earth was almost about to come to an end.

Jasmine: Celeste, sorry I have to impose on you right now, but I saw something in the news report of July 30, 2024, about a killer asteroid, coming towards the earth from outer space?

Celeste: Yes, I read about it in Yahoo News. And now a new moon hanging over, and around our dear earth.

Jasmine: Yes, and that is very scary. I was worried, when I read about the approaching asteroid, that it would hit the earth and wipe out all life. The report said that preparations were underway to prevent a possible cataclysm, so I figured that we were on the verge of being wiped out. Now I am relieved that it has moved on.

Celeste: The report did not say that the asteroid was about to hit our earth, but the title of the report: “Preparations underway as ‘planet killer’ asteroid, the size of cruise ship, nears Earth” must have created the impression of a looming disaster. But let us go into the science of it all, if you don’t mind?

Jasmine: Very well then.

Celeste: The asteroid mentioned in the July 30, 2024 global media reports is called Apophis. It is about 350 metres wide. It would have caused quite some damage to life and environment if it had struck the earth.

Jasmine: Well, I am glad that it has carried its trouble elsewhere.

Celeste: Going by its size, it would have completely destroyed a big country in one fell swoop if it impacted land here on earth.  It would have triggered floods and tsunamis across beaches and coastal cities all over the world, if it struck ocean or sea. That is what would have happened if it struck the earth. It is expected again sometime in 2029, and again in 2036.

Jasmine: The asteroid is named Apophis by scientists. Now, that is the ancient Egyptian god of Darkness and Chaos; who was constantly fighting the Sun god, Ra. The report also said that scientists were sending their “RAMSES” into space to learn more about Apophis. And is Ramses not the name of one of Egypt’s Pharaoh.

Celeste: Yes, it is.

Jasmine: So, what is all this romance with ancient Egypt right now?

Celeste: Sorry, I don’t understand, Jasmine.

Jasmine: Ramses died many centuries ago. But here we are, with scientists trying to dispatch him to deal with this invading Apophis, the ancient Egyptian god of darkness and chaos? Has science suddenly turned to voodoo and witchcraft?

Celeste: Voodoo and witchcraft? C’mon Jasmine! The RAMSES mentioned in the report is an acronym for “Rapid Apophis Mission for Space Safety”.

Jasmine: Oh, really?

Celeste: Yes! If you had read the report in greater detail, you would, perhaps, have noticed that RAMSES was part of a Planetary Defence Program, to study and better understand the makeup and behaviour of the more than 1,000 other so-called “planet killer” asteroids that cross the Earth’s orbit from time to time.

Jasmine: And this particular asteroid will be here again in about five years time, right?

Celeste: Yes.

Jasmine: Tell, me, what genuine risks do asteroids pose to the earth?

Celeste: Our earth passes through a lot of what astronomers call interplanetary dust daily. Some of the objects there are the meteors, or the shooting stars, we sometimes see at night.

Jasmine: Really?

Celeste: Oh yes! Some are about the size of pebbles. Others are like bowling balls in size. They enter the atmosphere three or four times everyday, causing some of the brightest flashes in the night sky. Something as big as a truck does not come in so frequently. But there was a hit in 2013, when a massive fireball smashed windows and injured pedestrians over the city of Chelyabinsk, in Russia.

Jasmine: So, a big asteroid can really do a lot of damage?

Celeste: A big asteroid measuring anything from 150 metres across would have a devastating effect. If something about 1km in size should strike the earth from space, that could end civilisation as we know it today.

Jasmine: I don’t get it. How could something that small end civilization?

Celeste: With its speed and all, it would dig a massive crater, trigger devastating tsunamis, throw fireball as far across the earth as possible, create huge clouds of debris that would block out the light of the sun, and most likely bring about a new ice age.

Jasmine: Hmmm, that is very scary. Well, I hope that none is coming our way right now; really!

Celeste: Maybe, maybe not. What I do know is that there is so much going on out there right now. The earth has attracted a new “moon” for itself, has it not? Then there was the comet (named Devil comet by scientists) which was visible during the 2024 eclipse. Do they all mean anything other than the mere fact that they appeared and we saw them?

Jasmine: How would I know? You are the science person between the two of us. New moon, eclipse and Devil comet, why?

Celeste: My concern is that we cannot say what the effects of the radiations of these heavenly bodies on life on earth might be. The earth’s overall vibration and even on its magnetic field may all be in the line of fire.

Jasmine: Aha, there she goes again! Always looking for an opportunity to talk about Armageddon!

Celeste: And there you go again, forgetting that a little knowledge of astrology and physics tell us how everything is in what can best be described as a network of radiations. Our way of living could “invite” triggers of a new wave of experiences, just as objects from outer space could have specific effects on us and the world around us. Take Climate Change, for instance.

Jasmine: What about Climate change?

Celeste: We keep thinking that it is just about the weather and air emissions. We do not know that earthquakes, tsunamis, volcanic eruptions, weather catastrophes and much more are linked with it.

Jasmine: All that can be linked to Climate Change?

Celeste: I have often said that the earth’s climate is changing too fast for many things to return to normal again. Temperatures are rising in some areas, while wildfires and phenomenal heat waves are rising in other places. There are more downpours, droughts, storms, devastating flood and rapid melting of glacial ice in different places.

Jasmine: Well?

Celeste: Well, what? The world’s glaciers lost their ice at the rate of 267 billion tonnes of ice per annum, between 2000 and 2019.

Jasmine: And what is wrong with ice melting as it pleases?

Celeste: Such melting ice contribute to rising sea levels. Rising sea levels means that more coastal city flooding, more erosion and other hazards should be expected. Our changing climate will be contributing to the number and frequency of natural disasters occurring on the Earth’s surface. And there could also be other dangers from beneath the Earth’s surface, such as earthquakes and volcanic eruptions.

Jasmine: Climate Change can also induce all that?

Celeste: But of course! Rising temperatures lead to a warmer atmosphere. A warmer atmosphere retains more water vapour. The retained water vapour leads to higher levels of precipitation, or rainfall. And geologists have long since established some connection between the rate of rainfall and volcanic activity. Catherine Brahic’s 2008 piece “Heavy Rain Can Trigger Earthquakes”, which appeared in Scientist, established that fact. This book, and similar works, show that the number and frequency of earthquakes is influenced by the annual rainfall cycle of what is called the summer monsoon season in the Himalayas.

Jasmine: Really?

Celeste: But of course! There is ample evidence, showing that some 48% of Himalayan earthquakes strike during the drier pre-monsoon months of March, April and May. Only 16% occur in the monsoon season.

Jasmine: Hmmm. Alright, so the ongoing glacial meltdown caused by global warming is also likely to increase the number and frequency of earthquakes and volcanic eruptions in the future?

Celeste: That is the implication. The effects of Climate Change are everywhere for us to see. All the sings of the End-Times are also here, but no one is paying attention.

Jasmine: What did I say earlier about you leading conversations like this towards some kind of end of the world scenario? You may know all the science in this world, you may have all the information on ancient prophesies and predictions, but I dare say that this world of ours is not coming to an end anytime soon. You can take that from me.

Celeste: No problem, Jasmine. As for the new moon now orbiting the earth, I also dare say that it is likely to introduce a new variable into the cosmic ecosystem of our earth.