$3bn Afreximbank Loan Disclosure: Court tells NNPC to open its secret files
By: Abudu Olalekan
A federal court has ordered NNPC to disclose details of the $3bn Afreximbank crude-for-cash loan following a suit by HEDA. Read the full story here.
It isn’t every day you see a giant like the Nigeria National Petroleum Company Limited get told what to do. But that is exactly what happened in Abuja recently. For a long time, the $3bn “crude-for-cash” loan from Afreximbank has been a bit of a mystery. People whispered. Critics shouted. But the doors stayed shut. Until now. The Federal High Court has finally stepped in, telling the NNPC it is time to stop hiding behind big English and show Nigerians the receipts.
This whole thing started because the HEDA Resource Centre wasn’t satisfied with the silence. They wanted answers. They filed a suit, and Justice Emeka Nwite was the one to give the final word. In the case known as Suit No. FHC/ABJ/CS/1631/2023, the court ruled that the NNPC must supply all the informations regarding this emergency loan. This wasn’t just a polite request. It was an order of mandamus. That is a fancy way of saying the court is forcing them to do their job. Barrister Seidu Mohammed, who represented HEDA, must be feeling quite good about this win.
The court was very specific. They didn’t just ask for a summary. No. They want the real details. NNPC Limited has been ordered to disclose what the actual benefits of this $3bn loan are for the company and the Nigerian economy. We keep hearing it will help, but how? The court also wants to know the short-term and long-term economic implications. It is about time. Nigerians are tired of hearing about billions of dollars that never seem to make life easier at the pump or in the market.
Wait, there is more. The judge also demanded clarification on the oil grades being used. Which part of our oil are we giving away to pay back this money? What about the exchange rate? That is a big one. The terms of the repayment matter. Even the quality of the oil being used as collateral needs to be out in the open. You can’t just trade away the nation’s future in the dark. The Court hold that these requests are simple and harmless. There is no reason to say no.
NNPC tried to argue. They said disclosing this stuff might hurt “third-party interests” or mess up negotiations. But Justice Nwite wasn’t buying it. He noted that there was zero evidence to show any real harm. He pointed out Section 15(4) of the FOI Act. Even if there was some small harm, the public interest is much bigger. This is our oil. It’s the backbone of the whole economy. The judge said he couldn’t “in all honesty” deny HEDA’s request when so much is at stake for regular Nigerians.
Olanrewaju Suraju, who is the Chairman of HEDA, was quick to react. He called the judgement a “major win” for transparency. And he’s right. For too long, the oil sector has been like a secret club. This sets a precedent. It shows that public institutions can’t just ignore the Freedom of Information Act when it suits them. Suraju expects NNPC to comply fast. No more delays.
Reportersroom is following this closely because it’s about accountability. HEDA is calling on everyone—the media, civil society, even you—to keep demanding better. We can’t stop financial recklessness if we don’t know where the money is going. The oil sector is too important to be run like a private business with no windows. This court order is a crack in the wall of secrecy. Let’s hope the light finally stays on. It is a milestone for sure. Now, we wait to see if the NNPC actually opens the books or tries to find another way to keep us in the dark. Transparency shouldn’t be this hard to get.
