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‘No deal collapsed’ – Nigerian Govt breaks silence on forward crude oil sale

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The Federal Government has debunked reports suggesting the collapse of a proposed forward crude oil sale involving the Nigerian National Petroleum Company Limited, NNPCL.

This was as the government stated that no final decision has been made on the matter.

According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, on Wednesday in Abuja, the government said it was aware of recent media speculation surrounding the deal, stressing that such commentary is premature and inaccurate.

“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government.

“Commentary suggesting the collapse of any such initiative is unfounded,” the statement read.

The statement maintained that the forward sale of crude oil-an arrangement often used to secure financing by pledging future oil production-remains under consideration as part of a broader strategy to stabilise Nigeria’s economy.

“The government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability,” Manga said.

The Federal Government expresssed its commitment to deploying innovative, transparent, and fiscally responsible financing strategies to optimize Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability.

The move is said to be part of the government’s ongoing economic reforms aimed at promoting economic growth and development.

The Finance Ministry also reassured stakeholders that any decisions regarding forward crude oil sales will be made with careful consideration and transparency.

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NNPC Slashes Petrol Price

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The Nigerian National Petroleum Company Limited (NNPC) has reduced petrol prices at its retail stations in Lagos, Abuja, and other states by at least N20 per litre.

 

Current pump prices now range between N895 and N965.

In Lagos, the price dropped from N910 to N890 per litre, while in Abuja, it moved down from N940 to N920 per litre.

Other stations, including Ardova, MRS, and First Royal, are now selling petrol at N890 per litre.

 

Across the country, new pump prices for major states are as follows: Abuja N920, Lagos N890, Abia N912, Adamawa N940, Akwa Ibom N910, Anambra N905, Bauchi N915, Bayelsa N900, Benue N935, Borno N945, Cross River N910, Delta N900, Ebonyi N928, Edo N910, Enugu N912, Gombe N965, Imo N928, Kaduna N935, Kano N935, Kwara N905, Nassarawa N935, Niger N955, Ogun N905, Ondo N905, Osun N895, Oyo N905, Plateau N900, Rivers N895, Sokoto N935, Taraba N950, Yobe N950, and Zamfara N945.

 

Depot prices have also been adjusted following the arrival of fresh petrol shipments.

 

In Lagos, depots such as Wosbab, Chipet, Integrated, and Bovas now sell at N836 per litre, with Aiteo charging N835. Port Harcourt depots including Masters, Liquid Bulk, and Bulk Strategic reduced rates to N853, while Warri depots adjusted prices between N846 and N848.

 

Calabar depots also lowered costs, with rates ranging from N846 to N849 per litre.

 

The reduction comes after Dangote Refinery lowered its gantry price to N840 per litre.

Diesel prices also fell, dropping from N950 to N910 per litre.

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Egbu Community That Powers South East Battles Months Of Darkness

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Egbu community in Owerri North Local Government Area of Imo State has endured months of crippling electricity outages, even as it hosts a Transmission Company of Nigeria (TCN) facility supplying and distributing power to the entire South-East.

Residents describe the situation as cruelly ironic: while electricity flows from their town to cities across five states, Egbu itself receives barely two hours of power daily.

The blackout has intensified amid a standoff between the Imo State government and the Enugu Electricity Distribution Company (EEDC) over the proposed Orashi Electricity Distribution Company.

Governor Hope Uzodimma announced at the recent Imo Economic Summit that Orashi Electricity Distribution Company would commence operations in December, promising improved supply and stability across the state.

Before this announcement, the Imo State government accused EEDC of deliberately shutting down power in retaliation for the creation of the new distribution company. Commissioner for Information and Strategy, Declan Emelumba, insisted the state’s intervention aims solely to improve electricity delivery and protect residents.

EEDC, through its Head of Communications, Emeka Eze, denied the claim, asserting the company has no intention to disrupt supply. It also noted that agents of the state government had previously interfered with its Egbu transmission facility, disrupting operations.

Caught in the crossfire, Egbu remains the worst affected, with prolonged blackouts crippling businesses and daily life. Residents say the 11KV Egbu feeder, which supplies electricity locally, has been in poor condition for years, severely limiting power availability.

Augustine Njoku, a youth leader in Mpana area, said, “That 11KV feeder has been bad for years. EEDC refuses to fix it, and that is why we are in darkness.”

Small businesses are struggling. Uche Onwuka, who runs a football viewing centre at Ishiuzor village, said unreliable power has driven away customers. “I spend everything on petrol; there’s no profit left,” he lamented.

Restaurant owner, Ms Augusta Igwe added, “Running my generator eats up all my profit. How could two hours of electricity supply improve my business. This is unacceptable. I can no longer cope.”

Am Electronics trader, Gibson Amuneke said he was forced to close his shop: “There is no business without electricity.. This is very insensitive. When you go to other parts of the State, there is reasonable power supply but here in Egbu, which hosts the Transmission. station, we hardly get supply”

Residents also complain of high estimated electricity bills despite scant supply, describing it as unfair for a community that hosts a major national power installation.

Efforts to reach EEDC officials about the 11KV feeder and residents’ claims went unanswered. With Orashi Electricity Distribution Company set to begin operations in December and the EEDC-Imo standoff unresolved, Egbu residents remain trapped in darkness, questioning how a community that powers the South-East can be left in such neglect.

 

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Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress

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Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.

Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.

He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.

During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.

While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.

Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.

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