NEWS
NNPCL Unveils Strategy For Royalties, Taxes From $3.3bn Afrexim Loan
The Nigerian National Petroleum Company Limited (NNPC Ltd), would be prepaying future royalties and taxes to the Nigerian Government from the $3.3bn financing deal from the African Export-Import Bank (Afrexim) last year.
Chief Corporate Communications Officer, Olufemi Soneye, NNPC Ltd made the disclosure on Sunday in a document titled, ‘Frequently Asked Questions – Project Gazelle’.
Recall that the state oil company secured a $3.3bn emergency crude oil repayment loan from the Afrexim, with the objective of helping the Nigerian government stabilize the exchange rate.
In an attempt to address public’s curiosity, Sonyeye explained that, “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle.
“There has been a lot of interest from the public and stakeholders in recent weeks regarding the $3.3bn crude oil pre-payment loan, also known as Project Gazelle.
This is a financing agreement secured by NNPC Limited to prepay future royalties and taxes to the Federal Government.”
The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan to reduce the risk of default and ensure financial stability.
Offering more details on the benchmark oil price, the NNPC Ltd said the facility was using a conservative crude price of $65/barrel to calculate the allocated crude to be produced and sold in the future.
Brent, the global benchmark for crude, is currently at about $78/barrel.
Commenting on the benchmark oil price of $65/barrel for the $3.3bn deal, the national oil firm said, “This provides a safety margin for price fluctuations in the future.
“NNPC Limited has reserved up to 90,000 barrels of crude for Project Gazelle, ensuring sufficient cash flow for repayment and other financial obligations.
“If oil prices rise, more money will come in from selling the 90,000 barrels, allowing for faster repayment. However, if oil prices fall, the repayment may be slower.
“The quantity of crude earmarked (90,000 barrels) is sized to ensure enough cash is available for the repayment of the facility when it is due.
“This also ensures that NNPC Limited can meet other cash flow obligations, considering the expected future price of crude oil globally.”
According to the NNPCL, repayments were strategically planned and tied to future oil sales, with conservative pricing in oil sales contracts mitigating the risks associated with oil price volatility.
International News
‘They Are Dying’ — Trump Explains Why He Rejected Iran’s Hormuz Proposal
US President Donald Trump has explained his decision to reject Iran’s latest proposal to reopen the Strait of Hormuz, saying Tehran was seeking an agreement because it was losing revenue.
Speaking to reporters at the White House, Trump said Iran wanted to immediately reopen the strategically important waterway but argued that the proposal was not acceptable to his administration.
“They want to make a deal, and I think that’s fine. I like making a deal, too, but that deal would not be acceptable,” Trump said.
SEE ALSO: How the Strait of Hormuz Attack Could Trigger a Fresh Global Oil Shock
According to the US president, Iran’s push to reopen the strait was driven by the economic pressure it was facing.
“What they want to do is immediately open the Hormuz Strait. Do you know why? Because they are dying,” Trump said.
“You know why they’re dying? Because they have no money coming in, because they get their money from the Hormuz Strait.”
Trump also claimed that the US had established an unprecedented naval blockade against Iran, describing it as “a wall of steel.”
“So they outsmarted themselves. We put up the greatest blockade ever in military history. It’s a wall of steel,” he said.
“And guess what? They don’t have any money now because they wanted to close the strait.”
The Strait of Hormuz is a major global energy shipping route, and disruption to traffic through the waterway has significant implications for international oil markets and countries that depend on energy imports.
Trump’s remarks came amid continued tensions between Washington and Tehran over the reopening of the strategic waterway and negotiations involving Iran.
NEWS
Gowon’s Memoir: Reno Omokri Reveals Fresh Details On Ironsi, Biafra, Civil War
Former presidential aide and author, Reno Omokri, has highlighted what he described as significant revelations from former Head of State, General Yakubu Gowon’s autobiography, My Life of Duty & Allegiance.
Gowon’s memoir, published in 2026, chronicles his military career, emergence as Head of State, the Nigerian Civil War, his 1975 overthrow and his subsequent life in exile. The book has generated considerable discussion because of its account of some of Nigeria’s most consequential historical events.
SEE ALSO: Reno Omokri Hails Dangote as Wealth Hits $51.3bn After Refinery IPO Launch
In a lengthy review of the autobiography, Omokri described the book as “unexpectedly well written and captivating,” adding that he learnt a lot from it.
One of the issues he highlighted was Gowon’s account of his relationship with his predecessor, Major General Johnson Aguiyi-Ironsi.
According to Omokri, Gowon revealed that Ironsi attempted twice to remove him from his position as General Officer Commanding the Nigerian Army.
Citing pages 193 and 295, Omokri said Ironsi first attempted to move Gowon to head the Air Force and later proposed sending him to the United Kingdom for a course.
However, Omokri cautioned against reaching definitive conclusions from Gowon’s account alone.
“Of course, without General Ironsi’s side of the story, we cannot draw concrete conclusions,” he wrote.
Omokri also drew attention to Gowon’s account of how he became Head of State following the July 1966 counter-coup.
He said the memoir suggested that Gowon was almost “elected” by officers and men gathered at Ikeja Barracks during the uncertain period that followed the counter-coup.
“On page 212, we learnt that Gowon was almost in a way ‘elected’ by the officers and men gathered at the Ikeja Barracks to be Head of State in the uncertain atmosphere that followed the July 29, 1966 countercoup,” Omokri wrote.
He further highlighted Gowon’s description of the early period of his administration, arguing that the former Head of State initially occupied the office without having complete control over the machinery of government.
“From page 217, we understand that he was initially in office but not in power,” Omokri said.
The review also focused on the role of Nigerians of Igbo origin who, according to Omokri’s reading of the memoir, remained among Gowon’s advisers during the crisis and Civil War.
He specifically mentioned Philip Asiodu, Edwin Ogbu and Ukpabi Asika.
“On page 282, we learn … that there were quite a number of Igbos, even during the crisis and later the Civil War, who were in Gowon’s kitchen cabinet, advising him,” he wrote.
Omokri also highlighted Gowon’s account of the political structure of his administration, saying the former Head of State described a system in which military and civilian authorities shared power.
“From page 302, we learn that General Gowon practised diarchy, a form of government in which the military shared power with civilians,” Omokri stated.
Another controversial issue raised in the review concerned an allegation in the memoir about foreign involvement in the Nigerian Civil War.
According to Omokri, Gowon alleged that the Rothschild family sponsored Biafra’s war against Nigeria after reaching an agreement with the then Biafran leader, Lieutenant Colonel Chukwuemeka Odumegwu Ojukwu.
Omokri, however, noted that Gowon did not provide much detail on the allegation. The claim is therefore presented here as an allegation attributed to Gowon in the memoir, rather than an independently established fact.
Omokri also said Gowon took issue with Chinua Achebe’s account of the Civil War, particularly the late author’s book, There Was a Country.
“On page 363, General Gowon, more or less, called Achebe a propagandist, especially with regard to his book, ‘There Was a Country’,” Omokri wrote.
The review further examined Gowon’s personal experiences following his overthrow in 1975.
Omokri said the memoir revealed that Gowon experienced financial difficulties after being removed from power and later lived in England, where he received assistance from Nigerians.
“On page 602, you almost feel sorry for him after his overthrow in Kampala, where he had to depend on donations from Presidents Idi Amin and Eyadéma because he was broke,” he wrote.
Omokri also highlighted Gowon’s account of his years at the University of Warwick, saying the former Head of State cooked for fellow Nigerian students and travelled on public buses.
“On page 620, he showed that he never lost that personal touch when he cooked food for fellow Nigerian students at the University of Warwick, who were shocked to see him riding public buses,” Omokri said.
Concluding his review, Omokri praised Gowon’s record-keeping and willingness to acknowledge mistakes.
“Altogether, this is a brilliant book, and I am impressed by General Gowon’s meticulous record-keeping, his purity of heart, and his willingness to admit mistakes,” he wrote.
“This book is a must-read for all those who want to understand post-colonial Nigeria,” Omokri added.
NEWS
‘He Is Licensed To Lie’ — Onanuga Launches Fresh Attack On Peter Obi
Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has launched another attack on former Anambra State Governor and Nigeria Democratic Congress presidential candidate, Peter Obi, accusing him of lying and double standards.
Onanuga made the remarks in a series of posts on X on Saturday titled “Deconstructing Peter Obi,” in which he shared excerpts from a recent response by the Anambra State Government to Obi.
In one of the posts, Onanuga wrote: “He is licensed to lie as he likes. His supporters love his lies.”
ALSO READ: ₦2.13bn Ecological Fund: Anambra Govt Releases Fresh Details on Peter Obi’s Claim
He quoted the Anambra Government as accusing Obi of benefiting from what it described as “hypocrisy and multiple standards” in public discourse, particularly in the way his supporters respond when his claims are challenged.
The statement attributed to the state government also alleged that Obi had consistently criticised his predecessors and successors in Anambra while his media supporters continued to promote his political image.
Onanuga further quoted the government as saying that those close to Obi should advise him to stop what it described as lying “as a habit” in order to avoid being confronted with “inconvenient facts and truth.”
The Presidency aide also highlighted the political disagreement between Obi and Governor Chukwuma Soludo, particularly over their respective choices of political candidates ahead of the 2027 general elections.
According to the statement he shared, Obi’s supporters accepted his decision to support candidates even when he was not on the ballot but criticised Soludo for exercising what the government described as the same political right.
Onanuga also turned his attention to Obi’s approach to governance, quoting the Anambra Government as arguing that “governance and development are different from trading.”
The statement criticised what it described as Obi’s emphasis on government savings and interest income, arguing that government performance should also be measured by improvements in security, welfare and the living conditions of citizens.
The latest comments come amid an escalating dispute between Obi and the Anambra State Government over the financial record of his administration between 2006 and 2014.
The state government has alleged that Obi left behind outstanding external loans and other liabilities.
The government said records from the Debt Management Office showed eight external facilities associated with projects undertaken during his tenure, with $92.35 million still outstanding as of June 30, 2026.
Obi has rejected the allegations, saying he neither borrowed nor issued a bond for Anambra during his tenure and disputing the characterisation of the external financing as debts left by his administration.
The former governor has also called for issue-based campaigns ahead of the 2027 election, urging the media to focus political discourse on governance, security, unity and prosperity rather than character attacks and name-calling.






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