Business
Oyedele confirms Nigeria has drawn first $1.5 billion under $5 billion Abu Dhabi financing deal
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has confirmed that Nigeria has accessed the first $1.5 billion from its $5 billion financing arrangement with First Abu Dhabi Bank (FAB).
Mr Oyedele disclosed this while speaking to journalists after the Federal Executive Council (FEC) meeting in Abuja on Monday.
He said the financing facility, which had earlier received approval from the National Assembly, is intended to refinance expensive debt, fund infrastructure projects and support budget implementation.
“The approval for that loan went to the National Assembly, so everybody is aware of it. It’s for refinancing of expensive debts, financing of infrastructure, as well as budgets,” he said.
He added that, “So, we don’t want to start making press releases each time we do a drawdown. It is not different from any other loan.”
The minister’s comments provide the first official confirmation that the government has begun drawing on the financing package.
Last week, Bloomberg reported that Nigeria had accessed about $1.5 billion through a Total Return Swap with First Abu Dhabi Bank, marking the first utilisation of the broader $5 billion facility.
Mr Oyedele said the government deliberately structured the financing arrangement to allow funds to be accessed in tranches rather than all at once.
READ ALSO: FEC approves N215bn for CNG buses, $900 million agriculture financing – Minister
According to him, the approach is intended to reduce borrowing costs by ensuring Nigeria only pays interest on funds that have been drawn.
“The loan is meant to be a drawdown in tranches, and one of the advantages of that is, if you need $5 billion and you take everything at once, you start paying interest, even though you’re not spending all of it now. So, this has been structured in a way that makes us even more efficient in the cost of borrowing by taking what we need part time,” he explained.
Mr Oyedele said the phased approach forms part of the government’s broader debt management strategy aimed at lowering financing costs while meeting critical funding needs.
The Federal High Court in Abuja on Tuesday fixed Nov. 24 for hearing in a suit filed by the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) against the Institute of Chartered Accountants of Nigeria (ICAN).
CIFCFIN is challenging the power of ICAN to train and issue qualifying certificates to forensic professionals.
The matter, which is before Justice Joyce Abdulmalik, was initially scheduled for mention on Tuesday but the case was adjourned to enable parties appear properly before the court.
The News Agency of Nigeria (NAN) reports that CIFCFIN, through its counsel, Shaibu Aruwa, a Senior Advocate of Nigeria (SAN), sued ICAN as the sole defendant in the suit marked FHC/ABJ/CS/1559/2026.
CIFCFIN argued that ICAN cannot offer a “Certification Programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN).”
It submitted that this was in line with the combined interpretation of Sections 2(a) – (i),3(1)(a) and 4(a) – (c), 6(2), 12(2), 13, (1) () and (g), 17(1l) (a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45, 2022,
Mohammed Arafat, the Head of Legal and Corporate Services of CIFCFIN, maintained in a supporting affidavit that ICAN’s invitation to applicants for a seven-day professional certification programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN), is outside its mandate and could confuse the general public.
The plaintiff alleged that ICAN had invited applicants in the fields of knowledge of chartered accountants, compliance managers, bankers, investment analysts, auditors, and anti-corruption agencies staff and other institutions to register for the programme.
CIFCFIN, therefore, prayed the court for an order setting aside and nullifying the award of the qualification or the CFAN certificate, or any other qualification or certificate in the field and practice of forensics in Nigeria by ICAN.
It urged the court to make an order for the defendant to withdraw, retract or cease any publication, gazette notice, or public representation asserting that it has power to certify or license.
CIFCFIN also sought an order of perpetual injunction restraining ICAN, its council, etc, from issuing, advertising or recognising CFAN qualification, designation, licence or certification or any title or award identical or similar to those created under the provisions of its Act.
It further sought a declaration that “by the combined provisions of Sections 2(a) -(i), 3(1)(a) and 4(a)- (c), 6(2), 12(2), 13, (1)(0) and (g), 17(1)(a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45. 2022, the defendant cannot offer ‘Certification Programme’ culminating in the award of CFAN.”
(NAN)
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