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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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ExxonMobil has announced plans to invest $10 billion in Nigeria’s deep-water oil operations.

Ekwutosblog reports that chairman and managing director of ExxonMobil Affiliates in Nigeria, Shane Harris made the announcement on Wednesday during a high-level meeting with Vice-President Kashim Shettima on the sidelines of the ongoing 79th session of United Nations General Assembly (UNGA) in New York.

The MD in a statement released by Stanley Nkwocha, senior special assistant to the president on media and communications, reaffirmed the company’s commitment to investing in Nigeria.
He said, “Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities.”

Harris revealed that the company is working closely with President Bola Ahmed Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.

He said, “The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.”
“Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.”
According to the Vice President; the investment is a testament to the administration’s economic reforms and investment-friendly policies.

He said, “This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria.”

“We are committed to creating an enabling environment for such transformative projects.”
“The renewed hope agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”

Shettima highlighted several recent policy changes introduced by the administration, including unifying the exchange rate, removing petrol subsidies, and implementing tax reforms.
He noted that though the decisions have short-term challenges, they are designed to create a stable and predictable business environment.

Speaking on the oil and gas sector, the the VP said the government is actively working on revising the fiscal framework for deep-water operations, ensuring both investment appeal and fair returns for Nigerians.

He said, “The potential ExxonMobil investment is a clear indication that we are moving in the right direction.”

“As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress.”

 

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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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