News
Crude-For-Loans: NNPCL Votes 8m Barrels Monthly For $8.8bn Debt
The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn.
By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis.
This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.
Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export Funding (Original, Subsequent, and Subsequent 2 Debts), Project Yield, and Project Gazelle.
According to The Tide’s source, NNPC has already fully repaid $2.61bn in loans, representing 29.4 per cent of the total credit facility, while $6.25bn or 70.6 per cent, remains outstanding.
Also, out of the $8.86bn credit facility, only about $6.97bn has been received from seven crude-for-loan deals.
One of the key projects, Project Panther, involves a joint venture between NNPC and Chevron Nigeria Limited, backed by international and local banks.
The project secured a $1.4bn loan facility, with 23,500bpd pledged to service the debt. Repayment is set to commence after a moratorium, with financing terms including an SOFR (Secured Overnight Financing Rate) plus 5.5 per cent margin and a liquidity premium.
Another significant deal is Project Bison, tied to NNPC’s attempt to acquire a 20 per cent equity stake in the Dangote refinery. However, the national oil company only acquired a 7.25 per cent stake.
The project secured a $1.04bn loan from Afrexim Bank, with 35,000 bpd pledged as collateral. NNPC fully repaid this loan in June 2024.
Project Eagle Export Funding comprises three separate loans aimed at meeting various financial obligations.
The original loan, secured in 2020 for $935m, was serviced with 30,000 bpd and was fully repaid by September 2023.
A subsequent loan of $635m was also fully repaid by the same period. The third tranche, known as Project Eagle Export Funding Subsequent 2 Debt, was secured in 2023 for $900m, with 21,000 bpd pledged. Repayment is scheduled to begin in June 2024, and the loan will mature in 2028.
Project Yield, designed to support the Port Harcourt Refining Company, involves a $950m loan, with 67,000 bpd pledged for repayment.
The repayment of the loan, secured in 2022, will begin in December. This seven-year facility is crucial to refurbishing the refinery and enhancing domestic refining capacity.
However, despite this crude-for-loan arrangement, The Tide reports that fuel production at the Port Harcourt refinery has yet to commence, despite multiple postponements as of August. Promises from the Federal Ministry of Petroleum Resources and NNPC have repeatedly fallen through.
More recently, there was the Project Gazelle deal, which aimed to stabilise Nigeria’s foreign exchange market.
In December 2023, NNPC secured a $3bn forward sale agreement, pledging 90,000bpd from Production Sharing Contract assets to cover future tax and royalty obligations.
As of the end of 2023, $2.25bn had been drawn from this facility, with repayments scheduled to begin by mid-2024.
These crude-for-loan deals come at a time when Nigeria is struggling to boost its oil production.
The NEITI 2022-2023 report revealed a significant decline in crude oil output, reaching the lowest levels in a decade. In 2022, the country produced 490.94 million barrels of crude oil, a steep drop from the peak of 798.54 million barrels in 2014.
Although production slightly improved to 537.57 million barrels in 2023, this still represents only 67.16 per cent of the country’s peak production capacity.
One of the major challenges facing the sector is production deferment. In 2023, Nigeria deferred 110.66 million barrels of crude oil, down from 153.44 million barrels in 2022.
The deferment was primarily due to unscheduled maintenance, repair issues, and oil theft.
Despite government efforts to curb these issues, including initiatives to reduce theft and sabotage, operational inefficiencies persist.
NEITI reported that oil theft and sabotage resulted in the loss of 5.25 million barrels in 2023, exacerbating production struggles.
The House of Representatives Special Joint Committee recently directed NNPC to halt further crude-for-loan agreements.
This directive follows reports that the company is planning to borrow an additional $2bn in oil-backed loans amid efforts to settle a $6bn backlog owed to international oil traders, particularly following the removal of fuel subsidy.
The Tide’s source reported that the NNPC was in talks for another oil-backed loan to boost its finances and allow investment in its business, according to the Group Chief Executive Officer, NNPC, Mele Kyari.
Kyari said the company wanted the new loan against 30,000-35,000 barrels per day of crude production, though he declined to say how much money it sought.
Nigeria’s government finances rely on oil the NNPC exports, which provides the bulk of crucial foreign exchange reserves. However, pipeline theft and years of underinvestment have sapped oil production in recent years, and the cost of fuel subsidies has further depleted cash reserves.
President Bola Tinubu has been struggling to implement reforms in Africa’s biggest oil exporter – including eliminating fuel subsidies and allowing the naira currency to trade close to market levels – without putting the country’s population at a cost-of-living breaking point.
It explained at the time that the oil company would use the loan to support the Federal Government in stabilising Nigeria’s exchange rate.
The facility, among other things, would help the Federal Government attend to some of its dollar obligations, assist the Central Bank of Nigeria in stabilising the foreign exchange market, and provide funding for NNPC.
Providing details about the deal in the document titled, “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle,” NNPC said, “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.
Giving details on the benchmark oil price, the company said the facility used a conservative crude price of $65/barrel to calculate the allocated crude to be produced and sold.
NNPC also said 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.
News
ADIAfrica Concludes Free Eye Screening Outreach In PH
The Africa Global Development For Positive Change Initiative (ADIAfrica), in collaboration with Stephen Igwe and Judith Igwe International Educational System, has concluded a free eye screening outreach for residents of Rivers State.
The outreach, which was flagged off in Port Harcourt, targeted more than 300 individuals with various eye conditions. Speaking at the event, the International President of ADIAfrica, Prince Dan Mbachi, said the initiative was designed to provide access to essential eye care services for underserved communities.
According to him, the first phase of the exercise commenced in Obio/Akpor Local Government Area and is expected to extend to Etche and Ikwerre Local Government Areas, while the second phase will cover other parts of the state.
Mbachi described the outreach as part of the organization’s commitment to promoting quality healthcare, equity, human dignity, and sustainable development. He emphasized that vision challenges go beyond medical concerns, noting their impact on education, economic productivity, and family wellbeing.
“At ADIAfrica International, we recognize that vision is not merely a medical issue; it is also economic, educational, and social. A child who cannot see clearly struggles to learn. A trader with impaired vision struggles to work. When sight is compromised, opportunity is limited,” he said.
He explained that the exercise provided eye tests, medications, visual field assessments, eyeglasses, contact lenses, and related accessories, stressing that the intervention was aimed at transforming lives rather than serving as a mere charitable gesture.
Mbachi further noted that the initiative aligns with ADIAfrica’s broader mission of advancing sustainable development through practical and people-centered solutions.
Also speaking at the event, a chief from Rumueme Kingdom in Obio/Akpor Local Government Area, Chief Livingston Akaninwo, commended the organisation and its partners for supporting vulnerable members of society. The traditional ruler expressed concern that many people with eye conditions suffer silently due to poverty and limited access to healthcare.
He called on the government and well-meaning individuals to support ADIAfrica’s efforts to enable the outreach to reach more communities across the state.Some beneficiaries, including Mrs. Veronica Peters Olera Pere, expressed gratitude to the organizers for the initiative and appealed for the programme to be extended to other parts of Rivers State to benefit more residents.
By: John Bibor
News
UNICEF, RSG Train Rivers Girls To End FGM, Promote Health, Women Rights
A three-day intensive training programme aimed at empowering adolescent girls with knowledge, life skills, and advocacy tools to eliminate Female Genital Mutilation (FGM) and promote their wellbeing has ended at Okogbe Community in Ahoada West Local Government Area of Rivers State.
The programme, which held from February 26 to February 28, 2026, was organised by the United Nations Children’s Fund (UNICEF) in partnership with the United Nations Population Fund (UNFPA) and the Rivers State Ministry of Social Welfare and Rehabilitation. It brought together adolescent girls aged between 10 and 19 years drawn from five communities in the area, including Ubeta, Okogbe, Okaki, Akinima, and Akoh.
The training was designed to reactivate and strengthen girls’ clubs across Ahoada West, Abua/Odual, and Emohua Local Government Areas, with a strong focus on ending harmful traditional practices and equipping participants with knowledge to improve their health, safety, and social wellbeing.
Throughout the three days, facilitators engaged the girls in interactive sessions covering a wide range of topics such as menstrual hygiene, puberty education, communication skills, gender-based violence, child rights, personal hygiene, emotional intelligence, and the importance of empathy and peer support. Particular attention was given to the dangers and long-term consequences of FGM, which experts described as a serious violation of the rights of women and girls.
One of the facilitators, child protection advocate, Inyingi Irimagha, specifically of the Child Protection Network(CPN), emphasised the need to challenge harmful cultural practices that negatively affect girls, noting that culture should evolve when it threatens human dignity and health.
UNICEF Desk Officer at the Rivers State Ministry of Social Welfare and Rehabilitation, Victor Iseberetonma, also stressed that empowering young girls with knowledge and confidence remains one of the most effective strategies for eliminating FGM.
He attributed the successful organisation of the programme to the doggedness and commitment demonstrated by UNICEF, the Permanent Secretary of the Ministry, Mrs Lauretta Davies-Dimkpa, and others in making sure that no stone was left unturned for the smooth take-off of the programme, and particularly thanked UNICEF for the great work it is doing in the State.
Other facilitators, including Mr Unah Uchenna and Miss Lucy Uzodinma shared similar sentiments, and called for total elimination of FGM in the society.
Many of the participants described the training as enlightening and transformative, saying, it exposed them to important life lessons they had never received before. One of the girls said the programme helped her understand not only the dangers of FGM but also how to support others emotionally.
“It has educated us about what is wrong, especially about FGM and other issues affecting girls.
“We learned how to talk to people, how to empathise, how to console someone, and how to make others feel relaxed and understood,” Morrow Onisokien Burebure said.
Another participant explained that the programme went beyond discussions on harmful practices to include personal development and daily living skills.
“We learned about our values and how we should live our lives,” she said. “They taught us about menstrual hygiene, how to use sanitary materials properly, how to keep our bodies clean, wash our hands, and how to be friendly even with people we don’t know,” said Dowel Victory Bakewari of Community Secondary School, Akinima.
The participants also pledged to become advocates for change in their communities. One of them stated that she would share the knowledge gained during the training with others back home.
“I will tell people about the effects of FGM and how to stop it.We need to create awareness so that people will understand why it should not continue,” Ake Beauty enthused.
Another participant noted that the training gave her a better understanding of her body and the responsibilities that come with adolescence.
“It is good because we were taught what we need to know about our bodies as girls,” she said. We learned things we should do and things we should not do, and the dangers of FGM. I will tell people in my community that they should stop practising it,” Ebere Testimony Kenneth of Akala-Olu Community Secondary School, Ula-Upata said.
Some participants also expressed appreciation to the organisers for bringing the programme to their in communities, describing it as a life-changing opportunity. One of them simply said, “We thank the organisers for what they have done so far. They have helped us learn things that will protect our future.”
Facilitators at the programme explained that FGM remains deeply rooted in cultural traditions in some communities, which makes sustained awareness and community engagement essential. They noted that while culture plays an important role in society, harmful practices must be abandoned once they are recognised as dangerous.
According to the organisers, the programme successfully met its objectives by equipping participants with practical knowledge, leadership skills, and the confidence needed to speak out against harmful practices. They emphasised that the girls trained would serve as peer educators and change agents within their communities.
The organisers furthermore reaffirmed their commitment to continuing advocacy in efforts, strengthening girls’ clubs, and expanding grassroots awareness campaigns across Rivers State.
As the programme came to a close, the atmosphere was filled with optimism and determination. For the young participants, the training was not just an educational exercise but a call to action — one that has placed them at the forefront of effort to protect the rights, health, and future of girls in their communities.
By: Donatus Ebi
News
Rivers Government Opens Dr Peter Odili Cancer And Cardiovascular Centre, Offers Free Screening
The Rivers State Government has officially opened the Dr Peter Odili Cancer and Cardiovascular Centre in Port Harcourt for public use, commencing free screening for cancer and various cardiovascular diseases.
The disclosure was made by the Permanent Secretary of the Rivers State Ministry of Health, Professor Justinah Jumbo, during a cancer awareness walk held in Port Harcourt to mark the 2026 World Cancer Day.
The awareness walk, which began at the centre located in Rumuepirikom, formed part of activities to celebrate World Cancer Day and to sensitise residents about the availability of cancer screening and treatment services at the newly opened facility.
Professor Jumbo explained that the event was designed to inform the public that the centre is now fully operational for cancer screening and treatment. She noted that the facility, constructed by the immediate past administration in the state, is aimed at reducing the need for residents to travel abroad for cancer diagnosis and treatment.
Also speaking at the event, Permanent Secretary-designate and Director of Medical Services at the Ministry of Health, Dr. Vincent Wachuku, said the walk was not only to commemorate World Cancer Day but also to draw attention to the centre’s readiness to serve patients within and outside Rivers State.
“We are here today because it is World Cancer Day. Beyond the walk, we want to let everyone know that this centre is open and ready to provide services to people suffering from any form of cancer, whether they are from within the state, outside the state, or anywhere in the world,” he said.
Dr. Wachuku added that, as part of the launch activities, the government has approved free screening for breast cancer, cervical cancer, prostate cancer and other related conditions for an initial period. He noted that while the free services may not be permanent, future charges would be highly subsidised.
According to him, the government is also putting measures in place to support patients who may not be able to afford treatment at the centre.
The Chief Executive Officer of the facility, Tony Rahme, assured residents that the centre would provide services comparable to global standards. He stated that the hospital currently has 65 bed spaces and is staffed by a multidisciplinary team of experts from different countries, including Filipino nurses, to manage cancer and cardiovascular cases.
Rahme explained that the centre is equipped to handle advanced oncology surgeries, cardiovascular procedures, kidney treatment, cardiothoracic surgery, and a wide range of nephrology services.
He disclosed that over 70 to 100 individuals had already been screened as part of the commencement activities, reaffirming the hospital’s commitment to delivering quality healthcare services to all segments of society.
By: John Bibor
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