Former international Julius Aghahowa has backed the Super Eagles to beat the Amavubi of Rwanda.

The Super Eagles must secure maximum points against the East Africans to revive their 2026 World Cup hopes.

The three-time African champions are winless in Group C with three draws and one defeat.

Rwanda beat Nigeria 2-1 in a 2025 Africa Cup of Nations qualifier in Uyo last November.

Aghahowa is however confident the Super Eagles will triumph this time around.

“I am confident if they go in to the game with the right mentality, they will win in Rwanda,” the former Super Eagles striker was quoted by SCORENigeria.

“The boys are on top form, their talent is never in doubt, but they have to work on their mentality when they play for the country.

“Some of them see playing for the Super Eagles as a holiday, but if they gave 120% for Nigeria, we will get the result we need.”

[DailyPost]

Nigeria, alongside nine other African countries, accounts for 69 per cent of the continent’s total external debt stock, according to a new report by the African Export-Import Bank (Afreximbank).

The report, African Debt Outlook: A Ray of Optimism, highlights Nigeria’s significant debt burden, placing it among the top three most indebted countries, with 8 per cent of Africa’s total external debt.

It identifies South Africa as the largest debtor with 14 per cent of Africa’s external debt, followed by Egypt at 13 per cent.

Morocco and Mozambique each account for 6 per cent, while Angola holds 5 per cent. Kenya and Ghana have 4 per cent each, and Côte d’Ivoire and Senegal hold 3 per cent each.

The report attributes the high levels of debt to external borrowing driven by underdeveloped financial markets, volatility in foreign exchange earnings, and the need for infrastructure financing.

It read, “In the first half of 2024, ten African nations constituted 69 percent of the continent’s total external debt stock, up from 67 percent in 2023. The countries leading this metric are South Africa (14 percent), Egypt (13 percent), Nigeria (8 percent), Morocco (6 percent), Mozambique (6 percent), Angola (5 percent), Kenya (4 percent), Ghana (4 percent), Côte d’Ivoire (3 percent), and Senegal (3 percent).” 

Nigeria’s debt burden in context 

Nigeria’s share of Africa’s external debt highlights its reliance on international borrowing to finance budget deficits and critical infrastructure. The country has consistently accessed Eurobond markets, concessional loans from multilateral institutions, and other external financing options to bridge revenue gaps. Afreximbank estimates Africa’s total external debt stock at $1.16 trillion in 2023, with projections indicating an increase to $1.29 trillion by 2028.

Nigeria remains a key player in international capital markets, issuing a $2.2 billion Eurobond in December 2024 to manage debt obligations.

The report highlights the increasing role of private creditors in Africa’s debt structure as multilateral institutions like the World Bank and IMF scale back lending.

With private creditors offering higher-yield instruments, many African governments, including Nigeria, are turning to Eurobonds to finance fiscal shortfalls. While this approach provides immediate capital, it also carries risks, as commercial borrowing tends to come with higher interest rates and shorter maturities than concessional loans.

The report classifies Nigeria’s debt risk as “moderate” alongside South Africa and Morocco. However, it warns of rising external borrowing costs amid tighter global financial conditions. Africa’s average cost of borrowing surged to 8.2 per cent in 2024, significantly higher than the stable 5.4–6.3 per cent range observed between 2008 and 2019.

With interest payments accounting for an increasing share of government revenue, Nigeria faces additional fiscal pressures.

Afreximbank highlights that in 2024, the ratio of interest payments to government revenue in Africa peaked at 27.5 per cent, up from 6.8–19 per cent in previous years. This mounting debt service obligation continues to strain budgets and limit fiscal flexibility.

A changing debt landscape and optimistic projections 

Despite the rising debt burden, Afreximbank maintains an optimistic outlook, forecasting a gradual decline in Africa’s debt-to-GDP ratio from 69.9 per cent in 2024 to 61.7 per cent by 2028.

For Nigeria, improved fiscal management, economic diversification, and enhanced access to capital markets are expected to help stabilise its debt trajectory.

Favourable macroeconomic conditions, stable interest rates, and improving credit ratings are cited as factors that could ease debt concerns across Africa.

The report notes that countries such as Ethiopia, Sudan, and Zambia have benefited from debt restructuring under the G20 Common Framework and the Paris Club, a model Nigeria could explore if necessary.

Global monetary easing is another factor shaping the outlook for debt. The U.S. Federal Reserve and other major central banks have begun reducing interest rates, a move expected to lower borrowing costs for African economies, including Nigeria.

While Afreximbank presents an optimistic medium-term outlook, it also outlines risks that could undermine debt sustainability. Weak domestic revenue mobilisation remains a major challenge for Nigeria, given its dependence on oil revenues, which exposes the country to external shocks.

The country’s high fiscal deficits necessitate further borrowing, increasing exposure to global interest rate fluctuations. Currency depreciation remains another risk, as a weaker naira raises the cost of servicing external debt.

Afreximbank recommends that countries adopt stronger debt management strategies, including improving tax revenue collection, engaging with debt relief frameworks, and diversifying the economy by investing in manufacturing, agriculture, and renewable energy.

The report also calls for reforms in the global financial system to ensure fairer lending terms and better access to concessional financing for African economies.

[Nairametrics]

On 23 October 2024, Nigeria dropped criminal charges against Tigran Gambaryan, a Binance executive arrested in February 2024 and prosecuted, alongside his company, for money laundering, tax evasion and currency speculation.

In asking the judge, Emeka Nwite, to discontinue Mr Gambaryan’s trial that day, R.U. Adaba, a prosecutor from the Economic and Financial Crimes Commission (EFCC), hinted that the charges against the American were being withdrawn for “some critical international and diplomatic reasons”.

The lawyer did not provide details. However, she cited Mr Gambaryan’s worsening health in custody as the main reason for dropping the charges. On being freed from the Kuje Correctional Centre that same day, American officials in Nigeria immediately arranged an emergency flight, which hurriedly flew the Binance official to the US.

PREMIUM TIMES learnt that the 23 October court hearing leading to the Binance official’s freedom followed months of intense, behind-the-scenes diplomatic negotiations between Nigerian and US government officials. Some high-level and reliable sources confided in some of our reporters that in the weeks leading up to the hearing, some top American officials, including then-President Joe Biden, intensely campaigned for the release of Mr Gambaryan, engaging relevant Nigerian authorities through letters, frantic telephone calls, and a flurry of online meetings. A deal was then hammered out.

When we initially received that information, details were sketchy. Officials contacted on both sides insisted the talks and agreements reached were confidential. But following months of interviews with sources familiar with the matter and a review of documents, PREMIUM TIMES can now report with more clarity the back-channel diplomatic pressures that pushed Nigeria into suddenly freeing Mr Gambaryan, a highly-prized suspect whose bail application it fiercely opposed for months.

Mr Gambaryan, Binance Holdings Limited’s head of financial crime compliance, and Nadeem Anjarwalla, the crypto exchange platform’s Africa regional manager, were detained on 26 February 2024 for failing to cooperate with law enforcement agencies investigating how crypto exchange firms, including Binance, were sabotaging the Nigerian economy and causing the West African nation substantial financial loss.

Nigeria said Binance conducted $21.6 billion worth of transactions within its territory in 2023 alone. In a briefing document seen by this newspaper, it said that despite this, the company disregarded Nigerian law by failing to comply with a court order mandating it to release critical data to authorities. “By refusing to cooperate with Nigerian authorities, the platform has not only evaded its tax obligations but has also raised significant concerns about its potential in facilitating illicit financial activities,” the document said. “The implications of such activities directly threaten Nigeria’s financial integrity and national security.”

The Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) then filed two separate cases against the executives and their company. Authorities described the action as crucial for local regulatory compliance and key to Nigeria’s broader efforts to combat financial crimes, safeguard its economic interests, and prevent the misuse of digital platforms for terrorism financing and money laundering.

But no sooner had Nigeria commenced the prosecution of the suspects than the US government began to pile pressure on Nigerian authorities to release Mr Gambaryan, described as a former agent with the American secret service. That pressure was initially spearheaded by the US Ambassador to Nigeria, Richard Mills Jr., who sent a note to the Nigerian Ministry of Foreign Affairs demanding expedited release of Mr Gambaryan from detention on humanitarian grounds.

The ambassador also repeatedly engaged the Office of the Nigerian National Security Adviser (NSA), officials at the Ministry of Finance and the presidency. “It didn’t matter to the ambassador that Gambaryan and his employers were being tried for several crimes, including tax evasion and money laundering,” an official familiar with the matter told PREMIUM TIMES. “They just wanted us to let him go just because he is an American citizen. They showed no regard for our country’s legal processes.”

With Nigeria standing its ground and insisting the Binance official must complete his trial, the US Embassy in Nigeria escalated the matter to Washington, DC. Several US officials then became involved.

At a meeting in the American capital in May 2024, the then US Secretary of State, Anthony Blinken, raised the matter with his Nigerian counterpart, Yusuf Tuggar. In late April, the Deputy Secretary of State Kurt Campell tabled the matter in a meeting with Nigeria’s National Security Adviser, Nuhu Ribadu.

Other US officials who reportedly engaged Mr Ribadu on Mr Gambaryan’s detention were his US counterpart, Jake Sullivan; Assistant Secretary of State for Africa, Molly Phee; and Director of the Federal Bureau of Investigation (FBI), Christopher Wray, who travelled to Nigeria 12-14 June 2024 to discuss the matter. Mr Wray also met Nigerian President Bola Tinubu during his visit but PREMIUM TIMES could not determine if he discussed the Binance official’s case with the President.

As officials in the executive arm of the US government badgered Nigeria to free Mr Gambaryan, so were the country’s lawmakers. On 4 June 2024, a group of US lawmakers wrote President Joe Biden, Mr Blinken, and Presidential Envoy for Hostage Affairs, Roger D. Carstens, asking them to work for Mr Gambaryan’s freedom. In the well-publicised letter, the members of Congress urged US authorities to treat Mr Gambaryan’s case as a hostage situation and bring him back home without delay.

Seven days later, on 21 June, two federal lawmakers, French Hill and Chrissy Houlahan, travelled to Nigeria to discuss with officials and visit Mr Gambaryan in detention. On 10 July, members of Congress Richard McCormick and French Hill tabled a resolution in plenary asking Nigeria to immediately release the Binance official and urging the American government “to utilise all resources available” to secure Mr Gambaryan’s release.

Still, Nigeria did not bulge. In communication with their American counterparts, Nigerian officials demanded respect for Nigeria as a sovereign country with its own laws. They also rejected the suggestion by US lawmakers and executive branch officials that Mr Gambaryan was being held or treated as a hostage. “He (Mr Gambaryan) and his company offered financial services without the necessary licences, conducted operations without the required permits, failed or refused to comply with the Money Laundering Act and provided speculative services without any proper authorisation,” an official wrote in one exchange seen by PREMIUM TIMES. “It is worthy of observation that Gambaryan is being legally held in the country, not as a hostage but for various crimes committed by him and his company.”

To underscore its seriousness to see Mr Gambaryan’s trial to a logical conclusion, Nigeria instructed its prosecutor to oppose the Binance official’s second bid for bail forcefully. The judge, Emeka Nwite of the Federal High Court in Abuja, had denied the American bail in May 2024, judging him as a flight risk. Mr Gambaryan’s challenge of that ruling was still pending at the Court of Appeal when he, on 11 October, tabled a fresh bail application. The prosecution opposed the application, and the court dismissed it because it constituted an abuse of court process.

The judge said Mr Gambaryan’s request could not be granted while still challenging the earlier bail ruling at the Court of Appeal. Justice Nwite also added that the American failed to convince the court that the Nigerian Correctional Service did not have adequate facilities for his healthcare. The court then adjourned the matter till 18 October, 22 November and 25 November for the continuation of the trial.

That was not the outcome America expected from that 11 October hearing, which signalled Nigeria’s determination to enforce its laws rather than buckle under pressure. What happened in court that day showed Nigeria meant business. America then decided to put its foot forward and negotiate in a more conciliatory manner. The second part of this report will cover what happened next and how both countries struck the deal that culminated in the dropping of charges against the Binance official.

[Premium Times]