Nigeria News (Standard)
IMF Warns Abuja Against $5bn UAE Loan, Flags Transparency Risks
IMF urges Federal Government to seek Eurobond or concessional funding instead of complex derivative-based arrangement
IMF urges Federal Government to seek Eurobond or concessional funding instead of complex derivative-based arrangement
The International Monetary Fund (IMF) has cautioned the Federal Government in Abuja against proceeding with a proposed $5 billion financing deal from First Abu Dhabi Bank of the United Arab Emirates, warning that the arrangement may expose Nigeria to significant financial and transparency risks. The advice came on Tuesday during a media briefing in Lagos by Christian Ebeke, IMF’s resident representative in Nigeria.
Ebeke disclosed that the planned transaction is structured as a derivatives-based financing instrument—a type of deal he described as often complex and lacking in transparency. According to him, IMF’s review of similar transactions in other countries revealed that the terms are frequently unclear, making it difficult for stakeholders to fully assess potential risks.
“Our view is that transactions in these types of structures carry risks. Usually they are opaque, so the terms are not always very transparent when we review these instruments across countries,” Ebeke stated while addressing journalists. He further noted that Nigeria should consider alternative sources of funding, such as issuing Eurobonds or seeking concessional loans, which typically come with clearer conditions and lower exposure to hidden liabilities.
The IMF’s intervention comes as Nigeria faces mounting fiscal pressures amid rising debt servicing costs and efforts to stabilise the naira following recent reforms. The government has sought external borrowing options to bridge budget shortfalls, but concerns persist over the sustainability of new debt and its impact on public finances. As at May 2026, Nigeria’s public debt stock had exceeded ₦97 trillion, according to latest data from the Debt Management Office.
While no official statement has yet been released by the Ministry of Finance or Central Bank regarding IMF’s warning, stakeholders say transparency is crucial for maintaining investor confidence and macroeconomic stability. The IMF recommended that any future external borrowing should prioritise clear terms and full disclosure to avoid compounding fiscal risks.
The Federal Government is expected to review its borrowing strategy in coming weeks as it engages with international partners over budget support. Market analysts note that careful scrutiny of loan structures will be vital for safeguarding Nigeria’s economic recovery trajectory.
Source: https://guardian.ng/news/nigeria/imf-warns-nigeria-against-fresh-5bn-uae-loan-deal/
Nigeria News (Standard)
Delta Police Arrest Two Suspected Cable Vandals in Ndokwa West
One suspect hospitalised after attempted escape as police recover stolen electric cables along Ibabu–Ugiliamai Road
One suspect hospitalised after attempted escape as police recover stolen electric cables along Ibabu–Ugiliamai Road
Operatives of the Delta State Police Command have arrested two individuals suspected of vandalising electric cables in Ndokwa West Local Government Area on Tuesday, 25 June. The suspects were apprehended around 10:30pm along the Ibabu–Ugiliamai Road following a joint operation involving officers from Kwale Police Station and members of the local vigilante group.
According to a statement issued by Delta State Police Public Relations Officer, SP Bright Edafe, the security team acted swiftly on credible intelligence that some persons were removing and stealing electric cables in the area. Upon sighting law enforcement, the suspects attempted to flee the scene, resulting in one of them sustaining injuries during the pursuit. The injured suspect is currently receiving medical attention, while the other is in police custody.
Cable vandalism has become a significant concern in Delta State and across Nigeria, often leading to prolonged power outages and financial losses for communities. The state government has repeatedly called for increased vigilance by residents and closer collaboration with security agencies to combat such crimes.
SP Edafe stated that investigations are ongoing to determine if other individuals are involved in the syndicate. “We urge members of the public to continue providing timely information that can help us protect public infrastructure,” Edafe said in Thursday’s press release.
The police command assured residents that efforts will be intensified to prevent further incidents of cable theft in Ndokwa West and neighbouring communities. Authorities also reminded residents that anyone found engaging in vandalism or aiding such activities would face prosecution according to Nigerian law.
Source: https://guardian.ng/news/nigeria/metro/delta-police-arrest-two-suspected-cable-vandals/
Nigeria News (Standard)
Trump Claims US Military Strikes in Borno Prevented Mass Killing of Christians by ISWAP
Former US president says American intervention curbed attacks; Nigerian government yet to issue official response
Former US president says American intervention curbed attacks; Nigerian government yet to issue official response
Former United States President Donald Trump has stated that military strikes authorised by his administration in Borno State helped prevent the mass killing of Christians by militants linked to Islamic State West Africa Province (ISWAP). Trump made this assertion on Friday during an event held in Washington, where he defended his decision to target terrorist groups operating in Nigeria’s North-East region.
According to Trump, the US military operations significantly reduced attacks on Christian communities in Borno and neighbouring states, which had been facing repeated assaults from ISWAP fighters. He said, “As you know, we recently struck Nigeria and largely ended the slaughter of great Christian populations. They have a great Christian population. They were being butchered—thousands and thousands of people were being killed, children, women, old people, just being slaughtered, hacked to death.”
Trump added that the American intervention sent a strong warning to the militants responsible for these attacks. He claimed the strikes discouraged further violence against religious minorities in the region. The former president did not provide specific details regarding the timing or scale of the US operations referenced.
The Nigerian government and security agencies are yet to release any official statement confirming the reported strikes or commenting on Trump’s claims as at press time. In previous years, Borno State and other parts of North-East Nigeria have witnessed repeated attacks targeting both Muslim and Christian communities by various armed groups, including ISWAP and Boko Haram.
Security analysts say international military cooperation is often conducted discreetly and that foreign involvement in counter-insurgency operations can carry both diplomatic and security implications for Nigeria. The opposition could not be immediately reached for comment regarding Trump’s statements.
Nigeria News (Standard)
Former Super Eagles Coach Adegboye Onigbinde Laid to Rest in Modakeke, Osun State
Onigbinde, who led Nigeria to the 2002 FIFA World Cup, remembered for his legacy in Nigerian football
Onigbinde, who led Nigeria to the 2002 FIFA World Cup, remembered for his legacy in Nigerian football
Adegboye Onigbinde, the former head coach of the Super Eagles, was buried on Saturday in Modakeke, Osun State. The burial ceremony drew family members, friends, and football stakeholders who came together to pay their last respects to the veteran tactician.
Onigbinde’s funeral was held at his hometown of Modakeke, marking the end of an era for one of Nigeria’s most respected football coaches. Attendees described him as a disciplinarian and a mentor whose contribution to Nigerian football development spanned decades. Many local residents and members of the football community gathered to honour his memory.
Onigbinde rose to national prominence when he managed the Super Eagles at the 2002 FIFA World Cup. He is credited with nurturing young talent and promoting professionalism in Nigerian football. His death is considered a significant loss by many in the sports fraternity, particularly those from Osun State and across the South-West geopolitical zone.
Though details of official statements were not available at press time, tributes have continued to pour in from fans and former players who worked with Onigbinde during his long career. They praised his dedication and commitment to raising the profile of Nigerian football on the world stage.
As Nigerians reflect on Onigbinde’s enduring legacy, sports analysts note that his impact will continue through coaches and players he mentored over the years. The Nigerian Football Federation is expected to organise further commemorative events in honour of his service.
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