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.

There was a mild drama as Edo State senator, Adams Oshiomhole and Air Peace staff engaged in a heated altercation at Murtala Muhammed Airport Terminal 1 (Zulu Hall) on Wednesday morning.

The altercation disrupted flight operations.

The incident occurred around 6:10 am when Oshiomhole arrived at the terminal for a flight to Abuja, scheduled to depart at 6:30 am.

Oshiomhole upon arrival had demanded to be boarded, noting that he had done online check-in.

However, Air Peace in a statement on Wednesday said the boarding process had already closed when Oshiomhole arrived, and the flight had departed as scheduled.

The airline claimed that, upon being informed he had missed his flight, the senator allegedly responded with physical aggression, assaulted staff members, and obstructed the terminal entrance, preventing other passengers from entering the departure hall.

“Upon being informed of the missed flight, the politician resorted to violence, physically assaulting our staff and forcefully barricading the terminal’s entrance,

“He went as far as sealing the entry gate and manning the access point, effectively obstructing other passengers from gaining entry into the terminal,” Air Peace said.

However, Oshiomhole has not officially reacted to the development as of the time of filing this report.

Ikeja Electric Plc has announced the successful conviction of three persons involved in tampering with its power distribution infrastructure in Lagos State.

The development was confirmed in a statement issued by the company’s Head of Corporate Communications, Kingsley Okotie.

They were tried and sentenced by magistrate courts in the state for acts of vandalism and theft of electrical assets owned by the utility company.

On May 5, 2025, the Magistrate Court in Ikorodu convicted Adegbite Jamiu for damaging a transformer supplying electricity to the Igboye community.

Jamiu faced a three-count charge of conspiracy, unlawful damage, and theft.

He pleaded guilty and received a six-month prison sentence, with the terms to run concurrently from the date of his arrest.

His arrest was facilitated by a community member who reported the incident to the police.

In another development, a magistrate court in Ogba, Ikeja, on May 7, 2025, sentenced Jeremiah Chukwuemeka and Joshua Udeh to one year imprisonment each.

They were found guilty of stealing cables from a transformer located on Sobo Arobiodu Street in Ikeja GRA.

Arrested on August 15, 2024, both men were charged with conspiracy, theft, willful damage to public infrastructure, and conduct likely to cause a breach of peace. They also pleaded guilty and were convicted accordingly.

Mr Babatunde Osadare, Chief Legal, Regulatory, and Compliance Officer of Ikeja Electric, while commenting on the court rulings, commended the judiciary and law enforcement agencies for their prompt action.

He emphasized the importance of safeguarding electrical infrastructure and encouraged continued community vigilance.