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Afreximbank signs $350m Term Loan Facility with OCP Group
The African Export-Import Bank (Afreximbank), has announced the signing of a seven-year 350 million dollar Term Loan Facility to provide financing to OCP Group of Morocco.
The bank made the announcement in a statement it issued in Cairo, Egypt on Monday, adding that the financing was to support the group’s expansion plans across Africa.
Prof. Benedict Oramah, the bank’s President said the partnership was in fulfilment of its mandate of facilitating export development in the continent and promoting intra-African trade and investments.
Oramah was quoted as saying that the Afacility had symbolic value, as it marked the beginning of a productive and close relationship between Afreximbank and OCP group.
“We are delighted to announce this facility, as the first demonstration of the strong relationship the bank enjoys with Morocco.
“This is an important transaction which supports the development of Africa’s agricultural capacity.
“OCP Group’s products, which are tailored to the needs of African farmers will generate broad and deep improvements to the continent’s ability to compete in international agricultural markets,” he said.
The statement said OCP group ranked among the world’s largest phosphate producers, with a strong position across all five continents and exporting to more than 160 clients.
It added that over the last decade, the group had consolidated its position in many African countries and, as an African player, was committed to developing South-South cooperation.
It said it had also placed Africa at the heart of its growth plan to contribute to bolstering the continent’s agricultural ecosystem, by providing the continent with both the right quantities and qualities of customised fertiliser products.
Our correspondent reports that Nigeria recently signed a 1.4 billion dollar agreement with OCP Group of Morocco to produce ammonia and diammonium phosphate in the gas industrialisation strategy.
The project is structured to commercialise Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive ammonia.
The agreements are designed to create a clear path for the second phase of the Presidential Fertiliser Initiative (PFI) and the creation and operationalisation of a Multipurpose Industrial Platform (MPI) in Nigeria.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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