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NEC Approves Refinancing Of $3.3bn Project Gazelle To Optimise Cost, Unlock Additional Liquidity

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NEC Approves Refinancing Of $3.3bn Project Gazelle To Optimise Cost, Unlock Additional Liquidity

**As VP Shettima demands responsive social protection policy to end poverty in Nigeria

By: Our Reporter

The National Economic Council (NEC) has approved the refinancing of the US$3.3 billion Project Gazelle Pre-Export Finance Facility through a new US$4.5 billion facility named “Project Gazelle 2”.

The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves, support ongoing fiscal and infrastructure priorities of the government.

This was the outcome of the 159th meeting of the National Economic Council (NEC) held virtually on Monday.

NEC’s approval followed a presentation by the Minster of Finance, Dr Taiwo Oyedele, which was presented by Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.

NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.

Speaking at a press briefing after the meeting, the finance minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day (bpd) to approximately 78,750 bpd – a 12.5 percent reduction.

He noted that under the new arrangement, an additional 11,250 bpd for the federation will be released, while there will be reduction in the pledged crude volumes by NNPC limited.

Dr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.

Earlier in his opening remarks, Vice President Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.

According to him, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.

He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”

NEC Approves Refinancing Of $3.3bn Project Gazelle To Optimise Cost, Unlock Additional Liquidity

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Troops Rescue Injured Farmer, Seize 27 Cattle After Violent Herders’ Attacks in Plateau

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Troops Rescue Injured Farmer, Seize 27 Cattle After Violent Herders’ Attacks in Plateau

By Zagazola Makama

Troops of Sector 8, Operation Enduring Peace have rescued an injured farmer and confiscated 27 cattle following separate incidents involving suspected violent herders in Mangu Local Government Area of Plateau State.

Intelligence sources told Zagazola Makama that the first incident occurred at about 4:05 p.m. on Aug. 3 when troops deployed at Komtul responded to a distress call over an attack on a farmer, Kopdi Istifanus, at his farmland in Maraban Village, Pushit District.

The sources said the troops’ swift intervention forced the suspected herders to flee, while the injured farmer was rescued and evacuated to Miton Clinic, Pushit, for medical treatment.

In a related development at about 6:57 p.m. the same day, troops responded to another report of herders allegedly attacking farmers across the Bwor River in Mangu LGA.

On arrival, the troops reportedly sighted some herders chasing farmers away from their farmlands while armed with knives.

According to the sources, the situation became violent when the herders allegedly attempted to attack the troops with a knife during efforts to restore order.

The troops consequently fired two rounds of 7.62 x 39mm special ammunition to subdue the assailants, who abandoned the knife and fled the scene, leaving behind their livestock.

Security personnel recovered the knife and confiscated 27 cattle belonging to the fleeing herders for further necessary action.

Troops are maintaining dominance in the general area, while efforts are ongoing to apprehend the fleeing suspects and prevent further attacks on farming communities.

Troops Rescue Injured Farmer, Seize 27 Cattle After Violent Herders’ Attacks in Plateau

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Five ISWAP Bomb Experts Killed in Premature IED Explosion in Borno

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Five ISWAP Bomb Experts Killed in Premature IED Explosion in Borno

By Zagazola Makama

Five suspected Islamic State West Africa Province (ISWAP) terrorists, including an alleged medical officer and four improvised explosive device (IED) specialists, have reportedly been killed in a premature explosion while assembling explosives in Marte Local Government Area of Borno State.

Intelligence sources told Zagazola Makama that the incident occurred at Maina Daya Village, located between Sabon Tumbu and Jubilaram, about 29 kilometres east of Monguno.

According to the sources, the explosion killed Usman Dan Fulani, described as an ISWAP medical officer, alongside two foreign Arab IED technicians and two ISWAP bomb-making experts.

The sources said the incident occurred while the terrorists were allegedly preparing improvised explosive devices for deployment, suggesting the group was planning further attacks along key military supply routes in the Sector 1 area of Operation HADIN KAI.

Security analysts believe the loss of experienced bomb-makers is a significant setback to ISWAP’s IED network and could temporarily weaken the group’s capability to carry out roadside bomb attacks in the Marte-Monguno axis.

Military sources disclosed that troops have been directed to exploit the development by intensifying patrols, cordon-and-search operations, and precision offensive actions around Monguno, Marte, and Gamboru Ngala to prevent the terrorist group from regrouping or rebuilding its IED capability.

Five ISWAP Bomb Experts Killed in Premature IED Explosion in Borno

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Lawyer Wants Police, Army, EFCC to Pay Victims of Wrongful Arrests, Hails DSS Accountability Policy

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Lawyer Wants Police, Army, EFCC to Pay Victims of Wrongful Arrests, Hails DSS Accountability Policy

…Says Security Agencies Must Compensate Innocent Nigerians for Operational Errors

By: Michael Mike

A senior legal practitioner and human rights advocate, Hamza Dantani, has called for a sweeping reform of Nigeria’s security architecture, urging the Nigeria Police Force, the Nigerian Army, the Economic and Financial Crimes Commission (EFCC) and other law enforcement agencies to institutionalise compensation for innocent Nigerians wrongfully arrested, unlawfully detained or injured during security operations.

The call, which comes amid persistent concerns over arbitrary arrests and alleged abuses by security agencies, followed commendation for the Department of State Services (DSS) over what Dantani described as a groundbreaking policy of compensating victims of operational errors.

In a statement titled “DSS Compensation Initiative Sets Standard for Security Agencies,” the lawyer described the initiative introduced under the leadership of the Director-General of the DSS, Oluwatosin Ajayi, as a significant departure from the long-standing culture of impunity that has often characterised security operations in the country.

According to him, the policy demonstrates that security institutions can admit mistakes, provide redress to innocent victims and still retain public confidence and operational effectiveness.

“This is a bold, commendable and unprecedented gesture that deserves national recognition,” Dantani said.

“It demonstrates that while security agencies have a constitutional responsibility to protect the nation, they also have a moral and legal obligation to acknowledge mistakes and provide remedies to innocent citizens whose rights have been violated.”

The human rights advocate argued that while the fight against terrorism, banditry, kidnapping and organised crime remains one of the nation’s foremost priorities, security operations must always be guided by the Constitution and respect for fundamental human rights.

“The pursuit of security must never come at the expense of justice,” he said.

“National security and respect for fundamental human rights are complementary principles that strengthen one another.”

Dantani maintained that accountability should not be viewed as a sign of institutional weakness but rather as evidence of professionalism and commitment to justice.

He noted that by compensating victims of wrongful operations, the DSS had demonstrated that public institutions could accept responsibility for mistakes without compromising their mandate to safeguard national security.

To buttress his argument, Dantani cited several individuals who reportedly benefited from the compensation policy.

Among them is Kaduna-based farmer and herder Nura Idris, who allegedly received ₦3 million after being wrongly accused of links to Boko Haram.

He also referenced Abuja businesswoman Chineze Ozoadibe, who reportedly received ₦10 million after her wrongful arrest over allegations of oil bunkering.

The lawyer further mentioned a Sokoto trader who was mistakenly shot during a security operation in Jos in 2016 and was reportedly compensated with ₦20 million alongside lifetime medical care.

He also listed Umar Ibrahim, Alhaji Bello Rabiu and Jaja Sarki Bamo, who allegedly shared compensation after wrongful arrests over accusations of banditry and kidnapping, as well as 11 artisans from Osun State, who were reportedly compensated after being cleared of terrorism-related allegations.

According to Dantani, wrongful arrests often inflict devastating financial losses, emotional trauma and irreparable reputational damage on innocent citizens and their families.

Although financial compensation cannot erase such suffering, he argued, it represents an important acknowledgment that injustice occurred and that the government accepts responsibility for its actions.

He therefore urged the Nigeria Police Force, the Nigerian Army, the EFCC, the Nigeria Security and Civil Defence Corps (NSCDC), the National Drug Law Enforcement Agency (NDLEA) and other security institutions to establish transparent compensation mechanisms for innocent persons who become victims of operational mistakes.

The lawyer also proposed broader institutional reforms to reduce the incidence of wrongful arrests, including improved intelligence gathering, stronger identity verification systems, wider use of forensic investigations, enhanced inter-agency intelligence sharing, continuous human rights training for personnel and the establishment of independent complaint review panels.

He cautioned security agencies against using arrests as investigative tools rather than as actions based on credible evidence.

“An arrest should never be treated as punishment, and detention should never become a substitute for proper investigation,” he said.

He expressed optimism that the DSS initiative would inspire similar reforms across Nigeria’s security sector and promote a culture of transparency, accountability and respect for constitutional rights.

“The true measure of a justice system is not only its ability to punish offenders,” Dantani added, “but also its willingness to protect the innocent, admit mistakes and provide justice when those mistakes occur.”

Background

Wrongful arrests and prolonged detentions have remained recurring concerns in Nigeria’s criminal justice system, with courts frequently awarding damages against security agencies for violations of citizens’ fundamental rights.

Human rights organisations, including local and international advocacy groups, have repeatedly called for greater accountability within law enforcement institutions, arguing that arbitrary arrests and unlawful detentions undermine public confidence in the justice system and weaken cooperation between citizens and security agencies.

Under Chapter IV of the 1999 Constitution (as amended), Nigerians are guaranteed fundamental rights, including the right to personal liberty, dignity of the human person and fair hearing. These rights are further reinforced by the Administration of Criminal Justice Act (ACJA) and various judicial pronouncements requiring law enforcement agencies to operate within the confines of the law.

Analysts believe that if compensation mechanisms similar to the one praised by Dantani are institutionalised across Nigeria’s security agencies, they could significantly improve professionalism, strengthen public trust and encourage greater respect for the rule of law.

For many observers, the debate is no longer whether security agencies should be held accountable for operational mistakes, but how quickly reforms can be implemented to ensure that innocent Nigerians are protected while the country’s security forces continue the fight against terrorism, banditry, kidnapping and other violent crimes.

Lawyer Wants Police, Army, EFCC to Pay Victims of Wrongful Arrests, Hails DSS Accountability Policy

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