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NNPC obtains circa US$1B to fund Upstream Operations of NPDC
Precious ADELOLA
ABUJA-THE Nigerian National Petroleum Corporation (NNPC) has obtained a prepayment funding of circa US$1b to support the upstream operations of its subsidiary, Nigerian Petroleum Development Company (NPDC).
The crude oil prepayment has enabled NNPC to pay NPDC’s Tax obligations to the Federal Government of Nigeria, of circa US$700M with the balance utilised to fund NPDC’s capital and operating expenditures.
The prepayment financing is backed by future oil production of NPDC, and utilises a well-established structure to enable the purchaser of the crude, Eagle Export Funding Limited, to raise financing in the domestic and international markets, to fund an upfront payment to NNPC under a Forward Sale Agreement (FSA).
The financing which funded the prepayment has been structured over two tranches: a 5 year USD amortizing tranche (“Tranche 1”) and a 7 year NGN amortizing tranche (“Tranche 2”).
Both tranches benefit from a cash sweep with the 7-year tranche having a 1-year non-call period. These tranches shall be repaid by Eagle Export Funding Limited from the export sale proceeds of the NPDC crude, which in turn are backed by Letters of Credit, issued by banks with a minimum credit rating, in line with market precedent.
The export price for the crude is the relevant NNPC Official Selling Price (OSP) for the corresponding calendar month and crude grade. Vitol and Matrix Energy have executed the standard NNPC Crude Oil Sale & Purchase Agreement.
The participants in the Eagle Export Funding Limited deal include Standard Chartered Bank, United Bank for Africa, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix Energy. Despite the constrained liquidity situation in the financing markets due to the COVID-19 pandemic; the pricing and terms obtained for the USD and NGN funding tranches were very competitive and better than precedent transactions.
The Ogun State Police Command has confirmed the tragic death of Inspector Ajele Oloyede, who was on special duty at Goodwill Ceramic Company in Igbesa, Ado Odo-Ota Local Government Area.
In a statement on Sunday, the Police Public Relations Officer, Omolola Odutola, disclosed that the incident occurred on March 14, 2025, around 1:20 p.m.
Oloyede, who was attached to the 78 PMF, Zamfara State, was found dead from a gunshot wound under unclear circumstances.
READ ALSO: No More Sacking Of Unmarried Pregnant Policewomen – NPF
According to preliminary reports, another officer, Tolorunloju Stephen, attached to the Force Headquarters Annex in Lagos, recounted that he had just returned from Ikeja when he saw Inspector Oloyede resting his head on a table in the security office.
After exchanging pleasantries, Oloyede reportedly assured Stephen that he was fine.
Moments later, Stephen went to the restroom but was startled by the sound of a gunshot. He rushed back to find Oloyede lying in a pool of blood.
With the help of private security personnel, the injured officer was immediately transported to Ota General Hospital, where he was pronounced dead by doctors.
The police confirmed that the firearm used in the incident has been recovered, and the body has been deposited for an autopsy.
Reacting to the incident, Ogun State Commissioner of Police, Lanre Ogunlowo, ordered a full-scale investigation to determine whether foul play was involved or if mental health issues contributed to the tragedy.
The case has been transferred to the State Criminal Investigation Department (SCID), Eleweran, for further inquiry.
“The Nigeria Police Force expresses its deepest condolences to the family, colleagues, and loved ones of Inspector Ajele Oloyede. The command remains committed to the well-being of its officers and will ensure that all necessary support is provided during this difficult time,” Odutola stated.
Authorities assured the public that the findings of the investigation would be made known once concluded.
Nine surveyors abducted in the Akure North Local Government Area of Ondo State have been released after their families paid a ransom of N20 million.
Recall that the victims were kidnapped a week ago while working at a site in Ilu-Abo.
Their captors initially demanded N100 million for their release.
However, following negotiations, market women intervened, pleading for a reduction to N50 million.
READ MORE: Ondo Market Women Block Governor’s Office Over Nine Abducted Surveyors
The kidnappers initially rejected the appeal before eventually settling for N20 million.
Confirming their release, Pastor Ajibade Owolanke, brother to the Ejemikin of Akure, High Chief Oluwole Omotayo, said: “The victims have joined their individual family members.”
It was gathered that after regaining their freedom, the surveyors were taken to different hospitals for medical examinations.
The abduction sparked widespread outrage in the state, prompting market women and youths in Akure to stage a protest.
The demonstrators urged Governor Lucky Aiyedatiwa and security agencies to take decisive action against the rising wave of kidnappings in the state.
Security authorities have yet to comment on any arrests related to the incident.
More to follow………..
The Nigerian government has taken a decisive step to curb access to pornographic content in the country, as the House of Representatives directed the Nigerian Communications Commission (NCC) to enforce a total shutdown of porn websites nationwide.
The directive, issued during plenary on Tuesday, mandates internet service providers to block access to such sites, with penalties for non-compliance.
The motion was sponsored by Dalhatu Tafoki, representing the Faskari/Kankara/Sabuwa Federal Constituency, who emphasized the need to protect societal values.
READ MORE: House of Reps Launches Investigation Into Osun Crisis
“I would like to move a motion for the need to block internet websites hosting pornographic content and sanction the internet service providers responsible for the posting,” Tafoki stated.
“Nigeria is a highly religious country, and all the major religions in the country forbid nudity and obscenity in any form.”
He further highlighted concerns raised by psychologists and sociologists regarding the negative impact of pornography, stating that it leads to “promotion of adultery, prostitution, and other promiscuous behaviours, leading to addiction, escalation, and desensitisation, change of attitude towards oneself and family.”
The House adopted the motion and tasked its Committees on Communications and Legislative Compliance with overseeing implementation, with a report expected within four weeks.
Speaker Tajudeen Abass reinforced the stance, warning that internet service providers who fail to comply will face sanctions.
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