Business
CBN’s $7.5 billion loans from US lenders mar Nigeria’s credit rating

The Central Bank of Nigeria (CBN)’s security borrowing from JP Morgan and Goldman Sachs could set Nigeria’s credit rating on a free fall to junk amid efforts to reposition the economy.
The apex bank, in its newly released 2022 financials, reported borrowing $7.5 billion from U.S banks JP Morgan and Goldman Sachs by pledging securities.
Analysts say that the loan deal, which the central bank said was contracted “in exchange for its securities to be held for collateral”, may impair the nation’s fragile fiscal position and credit rating.
The CBN also disclosed that it entered into 30-day forward contracts totalling 3.15 trillion naira in 2022 with undisclosed counterparties.
Sylvester Anaba, an analyst at a Lagos investment house, said there won’t be severe consequences as much as CBN can pay back its debt to these foreign creditors.
“But if they default, then investors will begin to dump our bond. It will also impact our credit rating,” he said.
“Recently, they brought up some ratings and Nigeria was maintained at B-, about six notches down to junk rating. It means by the time CBN defaults; there is nothing that will save us from entering junk.”
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The apex bank disclosure on borrowings of $7 billion and $500 million, respectively, from JP Morgan and Goldman Sachs leaves fragile investor confidence in Nigeria in danger of fresh harm after President Bola Tinubu’s host of currency reforms and termination of a regime of costly fuel subsidies that are already winning international investors back.
Rating agency Fitch last November downgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-’ from ‘B’, citing “deterioration in Nigeria’s government debt servicing costs and external liquidity despite high oil prices.”
Moody’s earlier verdict
A verdict by New York-based Moody’s Investors Service early this year similarly cut Nigeria’s ratings to non-investment grade in danger to its prospects of sourcing debt from the international capital market.
The then Minister of Finance, Zainab Ahmed, rejected Moody’s position.
“But these are external rating agencies that don’t have the full understanding of what is happening in our domestic environment,” she said in a retort.
S&P Global Ratings
Against the backdrop of recent reforms, S&P Global Ratings earlier in August revised its outlook on Nigeria to stable from negative.
“Nigeria’s newly elected government has moved quickly to implement a series of fiscal and monetary reforms, which we believe will gradually benefit public finances and the balance of payments,” the rating agency said in a statement.
Analysts are worried that the various revelations from the newly released CBN financial reports may reverse the gains of recent months.
An exposure that high without documentation in the country’s public debt books is an early setback to recent measures like the unification of Nigeria’s multiple exchange rates, aimed at stabilising the naira.
Nigeria’s dollar bond due in 2030 sank 2.295 cents to its lowest level in the past one month on Friday at 83.221 cents as a crisis of confidence in the economy heightened among investors.
“We are currently grappling with a confidence crisis in the forex market. This may further worsen the confidence problem. It could aggravate speculative activities,” said Muda Yusuf, the chief executive of the Centre for the Promotion of Private Enterprise.
“Rating agencies are going to begin to revise our ratings. You know what that will do to our reputation as a country,” Dr Yusuf further said.
More Irregularities
CBN books for 2022 showed that $3.2 billion is owed to an unnamed party as foreign currency forward contract payables—no notes providing clarity on the transaction accompanying that item.
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“Since the loans from JP Morgan and Goldman Sachs etc., are collateralised with Nigeria’s foreign assets (securities), then the current gross external reserves of about $30 billion becomes $16.3 billion net,” a prominent economist who sought anonymity told PREMIUM TIMES.
“If the other outstanding obligations are included, CBN is technically insolvent,” he added, noting that the exchange rate is likely to depreciate further.
The analyst remarked that the low levels of the real reserves has encumbered the apex bank’s intervention in the currency market.
The current state of the reserves means investors will rather accept the exchange rate as it is at the moment on the knowledge that the reserves could run dry soon.
“The rush to the exit door will create an fx market stampede,” the analyst said.
The decision of international investors in 2021 to quit the open market operation (OMO) bills denominated in dollars was set to strain the reserves with foreign investment in the bills already at $17 billion a year earlier.
According to the analyst, “it was at this point that CBN took collateralised loans from these banks.”
The immediate past president, the CBN board and the National Assembly failed to bring Godwin Emefiele, the apex bank’s governor, to book in a mark of failure of oversight, making them culpable, he added.
“While they do not have to approve CBN transactions, they did not sanction the Governor for not publishing and gazetting Annual Reports, which would have exposed the scam.
“The entities that lent money to CBN have violated an important international norm: If the law of a country requires published audited accounts, they broke the law by lending to an entity that did not meet the law,” the analyst affirmed.
“The IMF should be asked questions: CBN was given IMF advances in 2020, what Annual Report formed the basis? What safeguards took place before the money was advanced? “Why has IMF Annual Reports since 2016 not pointed out these issues? Can IMF be relied upon as a credible and impartial organisation?” he said.
Opacity
Last year, Premium Times raised concerns over the failure of the apex bank to publish its financial reportsin gross contravention of extant laws.
For years, the Central Bank of Nigeria (CBN) repeatedly failed to release its annual reports showing details of its operations and financial obligations.
Since 2005 when it started publishing details of its annual report on its website, the CBN never failed to publish the report until it stopped the publication of the crucial documents shortly after the Muhammadu Buhari government came to power.
According to the CBN Act 2007, the apex bank is expected to publish its report within two months after the end of each financial year.
“The Bank shall, within two months after the close of each financial year, transmit to the National Assembly and the President a copy of its annual accounts certified by the Auditor,” the CBN Act reads in part.
“A report required to be submitted to the National Assembly and the President shall be published by the Bank in such manner as the Governor may direct.
“The Board shall ensure that accounts submitted pursuant to this section shall, as soon as possible be published in the Gazette.
“The Bank shall, as soon as may be practicable after the last day of each month makeup end, publish a return of its assets and liabilities as at the close of business on that day, or if that day is a holiday, as at the close of business on the last preceding business day,” the Act reads.
Analysts said the failure of the CBN to publish the report sent wrong signals to investors and others interested in understanding the state of the economy and concealed Nigeria’s fiscal problems for far too long. (Premium Times)
Auto
Massilia Motors launches new Mitsubishi L200 with low fuel consumption, advanced engineering

Massilia Motors launches new Mitsubishi L200 with low fuel consumption, advanced engineering
L-R: CFAO Nigeria Country Delegate, Mr. Regis Tromeur; GMD/CEO, Kewalram Chanrai Group, Mr Siva Subramaniam; Deputy Managing Director, CFAO Mobility, Mr. Kunle Jaiyesimi; Managing Director of Massilia Motors, Olivier Lamoure; and General Manager, Sales, Massilia Motors, Mr. Tunji Itiola at the launching of the All-New Mitsubishi L 200 at Eko Atlantic, Lagos …on Friday, April 11, 2025
The all-new Mitsubishi L200 pickup, a 2025 edition, has been formally unveiled in Nigeria, courtesy of Massilia Motors.
Massilia Motors, the sole distributor of Mitsubishi brand of vehicles in the country and a joint venture with CFAO Mobility, says the new L200 pickup is coming with low fuel consumption, advanced engineering and ultra-tough characteristics, making it a versatile vehicle for various terrains and conditions.
The unveiling event took place at Eko Atlantic, Victoria Island, Lagos, where guests had the opportunity to experience the new pickup firsthand.
The new L200, already recognized worldwide and well-known in Nigeria, has been completely redefined in this latest model.
It features advanced engineering and ultra-tough characteristics, making it a versatile vehicle for various terrains and conditions.
The L200 is equipped with an All-New Chassis frame for improved ride and handling; lessen noise and vibration; durability; anti-corrosion; crash safety; better body size and wider interior.
The chassis frame is built with high-tensile materials to withstand tough terrain and ensure reliable performance in any condition, complemented by a redesigned suspension system.
Inside, the L200 is designed for comfort, even during long trips, with advanced technology and a thoughtfully crafted living space, according to Massilia.
The new suspension fine tune has some unique features that include Front – Double wishbone that is optimized longer stroke by geometry; Rear – Leaf spring (3 layers) with less friction.
The vehicle, powered by a six-speed manual gearbox on a 2.4-litre petrol engine, features a distinctive grille and appearance, and has won several awards, including the 2024-2025 Japan Car of the Year Design Award.
Built on inherited Pajero DNA with 4WD performance for reliability and ruggedness, Mitsubishi’s Anti-lock braking system (ABS) and Electronic Brake Force Distribution applies brake force while cornering to maintain vehicle stability and optimize traction, preventing torque loss.
The system adjusts engine output and applies brake force to spinning wheels as needed, always ensuring driver safety.
Mitsubishi has also focused on driver and passenger comfort with newly designed seats inspired by their rally heritage, providing excellent body support.
The upgraded air-conditioning system offers adjustable airflow for personalized comfort. Ample storage space and a bucket space of up to 2340mm x 1580mm makes it ideal for various tasks.
Other interior features include a 9-inch infotainment system and a new 7-inch multi-information display and outstanding cabin comfort because of better head and leg room for passengers.
The vehicle is designed to provide slip-resistant footing for safe and easy entry and exit, even in wet or slippery conditions.
The rear bumper corner allows for more foot space when the tailgate is open, featuring the largest step area in its segment.
Managing Director of Massilia Motors, Olivier Lamoure, highlighted the fact that the new L200 comes with lower fuel consumption aided by improved Aero Dynamics with roof and rear spoiler combination.
Another striking feature of the new vehicle is its enhanced cargo and payload capacity with improved turning radius of 6.2m from 5.9m, as well as higher ground clearance from 200mm to 212mm all to guarantee better driver manoeuvrability.
Lamoure added, “At Massilia Motors, it is important for us to give the keys to the customer so they can personally test the vehicle and share their impressions.
“Whether for personal use or for their business, performance and reliability are proven in the field, not in a showroom. This hands-on approach allows customers to truly experience the vehicle’s capabilities.”
Massilia Motors says it also offers prospective customers free test drive which can be booked via www.mitsubishi-motors.com.ng , where further information about the vehicle can also be obtained.
The L200 has a rich history, tracing its roots back to the Forte launched in 1978. Over the past 47 years, about 5.7 million units have been produced across five generations and sold in approximately 150 countries. The latest model continues this legacy with its high-rigidity RISE body, designed to absorb energy and minimize cabin deformation in the event of a crash.
The L200 has also received international accolades, including a five-star rating from Latin NCAP and recognition at the 2024 Arab Car of the Year awards, where it was named “Best Mid-size Pickup”.
Massilia names variants available for the Nigerian market as the Double Cab and Single Cab, adding that it offers genuine spare parts, after-sales services, and a warranty of three years or 100,000km.
Railway
NRC suspends Warri-Itakpe train after multiple engine failure

NRC suspends Warri-Itakpe train after multiple engine failure
The Nigerian Railway Corporation (NRC) on Thursday announced the suspension of its Warri-Itakpe train service, after it experienced multiple technical issues.
The standard gauge train was said to have broken down midway on Tuesday, creating some panic situation among passengers on board.
It said in a statement that the decision to suspend the train operation would allow its technical team “to conduct a full audit, resolve all identified issues, and restore safe and reliable service.”
The NRC statement signed by Henrietta Eregare of the NRC Public Relations Department, read in part, “The Nigerian Railway Corporation (NRC) wishes to inform the general public and our valued passengers that a significant disruption occurred on the Warri-Itakpe rail line on Tuesday, April 9, 2025, due to multiple technical issues involving a train engine failure.
“Management has consequently suspended train services on the route for 72 hours.
“The disruption commenced at approximately 1:38pm and affected both the 8am departure from Warri and the 2pm train from Itakpe.
“Emergency recovery protocols were immediately activated but also suffered a setback due to engine failures.”
It recalled how the corporation swiftly arranged for the safe evacuation of all passengers through road transportation with adequate security presence.
“Passengers were guided off the affected train to waiting cars approximately 500 meters from the track.
It stated, “Some Passengers chose to arrange their own transportation before the arrival of official recovery vehicles—a decision NRC understands given the delay.”
The corporation also disclosed that adequate arrangements had been made for a full refund of the value of tickets to passengers involved in the disrupted trains.
Those interested in using their tickets for future trips can take advantage of the revalidation option, according to the NRC.
“Refund and revalidation process is available on our online ticketing platforms, via our customer service lines, and at all NRC stations,” the statement added.
It expressed regret for the inconvenience caused by the unexpected disruption.
It said, “The Nigerian Railway Corporation takes full responsibility and is actively working to restore normal operations as quickly as possible. We remain committed to the safety, reliability, and comfort of our passengers.”
Business
BREAKING: Dangote Refinery slashes petrol price to ₦865

BREAKING: Dangote Refinery slashes petrol price to ₦865
The Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to ₦865 per litre.
The new price is N15 less than the facility’s previous price of N880 per litre sold Wednesday.
Our correspondent learnt that the refinery alerted its clients via a notification sent out on Thursday morning.
Our correspondent gathered that the Dangote refinery informed its customers in a notice sent out on Thursday morning.
Remember that marketers had exclusively informed that the 650,000-barrel Dangote refinery was expected to reduce its petrol loading costs by the end of this week, further adding to the decline in fuel prices.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, reassured the public about the price drop while responding to the Federal Executive Council’s direction on the naira-for-crude arrangement.
Following an initial delay, the Federal Executive Council directed on Wednesday that the suspended Naira-for-Crude arrangement with local refiners be fully implemented.
It stated that the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining”.
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The Ministry of Finance announced this in a statement published on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative”.
The statement was released following a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery, a major beneficiary of the agreement, to review progress and address ongoing implementation matters.
The committee stated that the policy is not a temporary measure but rather a long-term strategy to reduce Nigeria’s reliance on foreign currency for petroleum.
It further stated that the effort is not a one-time or limited intervention but rather a fundamental policy direction aimed at promoting sustainable local refining and bolstering energy security.
The statement read, “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
BREAKING: Dangote Refinery slashes petrol price to ₦865
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