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Tinubu Government Approves $5 Billion Debt Write-Off For NNPC Ahead Of IPO.

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The Federal Government has approved the cancellation of nearly $5 billion in debts owed by the Nigerian National Petroleum Company Limited (NNPC) as part of efforts to restructure the firm ahead of a planned Initial Public Offering (IPO) in 2028.....KINDLY READ THE FULL STORY HERE▶

According to Nivo News, the Presidency confirmed on December 29 that President Bola Tinubu approved the write-off of NNPC’s dollar-denominated debts totaling $1.42 billion and domestic liabilities amounting to ₦5.57 trillion. At current exchange rates, the combined relief is approximately $5 billion.

The debts covered include obligations under production sharing contracts, domestic crude supply agreements, repayment arrangements, modified carry structures, and unpaid royalties. While the total amount cleared was disclosed, the government did not provide a breakdown of debts denominated in naira or US dollars.

Industry reports indicate that the debt cancellation is part of broader reforms aimed at increasing transparency and attracting foreign investment to Nigeria’s oil and gas sector. NNPC, which commercialized under the Petroleum Industry Act, has long signaled plans to go public, with potential listings being considered in Lagos, London, and New York. The IPO could see up to 20% of the company’s equity offered to investors.

However, the government has not addressed approximately $42.4 billion in legacy debts accumulated between 2011 and 2017, which remain disputed. NNPC maintains that it remitted all revenue due during that period and owes nothing to the government. Debts incurred between January and October 2025 also remain outstanding.

Meanwhile, NNPC is negotiating new financing, reportedly in talks with Saudi Arabia’s Aramco for a $5 billion crude-backed forward-sale loan. The transaction would involve a special purpose vehicle, Green Falcon, which would use the funds to purchase discounted crude from NNPC and repay Aramco through resale proceeds. Part of the loan is expected to settle obligations under an earlier crude-backed arrangement, Project Gazelle.

The combination of debt relief and new financing reflects a strategic restructuring aimed at improving NNPC’s financial position, enhancing investor confidence, and positioning the company as a commercially driven energy enterprise on the global stage.

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‘I Was Surprised’ – Krizbeatz Opens Up On What Tiwa Savage Was Doing At Home.

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Nigerian music producer Krizbeatz has recounted an experience from a visit to the residence of popular Afrobeats singer Tiwa Savage.....KINDLY READ THE FULL STORY HERE▶

The producer shared the story while speaking about his Christian faith during an interview on the Zikoko podcast.

Krizbeatz described himself as someone who grew up in the church and has continued to maintain a connection with Christianity.

Recalling his encounter with Tiwa Savage during a music production session, he said he visited the singer’s home to work on her song titled Energy.

However, he was surprised by what he found the award-winning singer doing when he arrived at her residence.

According to him, Tiwa Savage was reading the Bible at the time.

He said, “I am the producer of Tiwa Savage’s song ‘Energy.’ The day I visited her house to produce the song, I saw her reading the Bible.”

Meanwhile, Tiwa Savage recently responded to a social media user who questioned her decision to describe herself as an African Baddie.

The controversy started after the man criticised the singer for using the description despite being in her 40s.

He wrote, “African baddie at 40… this one no serious.”

Reacting, the singer disclosed that she is 46 years old and expressed confidence in her appearance, financial status and music career.

She also dismissed the criticism while promoting her forthcoming song, African Baddie.

Tiwa wrote, “46, fine, paid, unbothered and dropping my super hottttt record ‘African Baddie’ on Friday. What exactly is the problem, boy?😂 #AfricanBaddie.”

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‘Abacha Wanted Me Dead’ – Obasanjo Reveals Details Of His Secret Arrest.

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Former Nigerian President Olusegun Obasanjo has disclosed how he rejected an offer of political asylum from the United States despite warnings that he could be arrested if he returned to Nigeria.....KINDLY READ THE FULL STORY HERE▶

The former leader also recounted how he left the Nigerian Army to pursue farming before his return to the country led to his arrest and imprisonment under the administration of late military Head of State, General Sani Abacha.

Obasanjo shared the experience while discussing his encounter with Abacha in an interview featured in a video published by BBC News Pidgin on Tuesday.

The 89-year-old explained that he ventured into agriculture after leaving office as Nigeria’s military Head of State in 1979.

According to him, his farming business was progressing successfully until Abacha allegedly made plans to eliminate him.

Obasanjo said he had not intended to retire from the Army at the age of 42, but had reached the highest position possible in the military, having become a four-star general and Head of State.

He said, “When I was leaving government as military head of state, there was, I was leaving too early. I didn’t join the army to retire at the age of 42.

“Now I had to retire at the age of 42. At the age of 42, I had become a four-star general. There’s nothing else I can do in the army. I’ve become the military head of state. That’s the highest political office I could rise.

“So what can I do? I decided I would go into farming. It really was going well, and it went well until I was arrested. Abacha had decided that I must be liquidated; otherwise he would not be able to have his way.”

The former President further disclosed that he was unaware of the alleged plan against him until the American ambassador to Nigeria contacted him while he was travelling.

According to Obasanjo, the ambassador informed him that the US government had offered him political asylum because it anticipated that he would be arrested if he returned to Nigeria.

However, he said he rejected the offer because he believed he had committed no offence that warranted an arrest.

He explained that upon arriving in Nigeria, his passport was seized, and he headed to his farm, only to discover that security operatives had surrounded the premises.

Obasanjo said a plain-clothes police officer later approached him, claiming that an Assistant Inspector-General of Police (AIG) wanted him to assist with an issue.

He recalled rejecting the invitation, insisting that the AIG should personally come to his farm if he needed his assistance.

The former leader said he eventually drove himself to the police station, where the AIG informed him that he had been instructed to arrest him.

Obasanjo added that he was subsequently detained, and former US President Jimmy Carter later intervened on his behalf, leading to his placement under house arrest.

However, he said security operatives returned one night while he was playing squash at about 1 a.m. and took him away to prison.

He said, “I didn’t know that it was a decision of Abacha that some of us must not be kept free; otherwise, he would feel unsafe. I was put in a place. Then President Jimmy Carter came. He pleaded, and then they put me under house arrest.

“Then they came one day; I was playing squash at about 1 am. They came and said they were taking me away. And they took me away, and from there, I went to prison.”

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Tanzania Shake Up Squad Ahead Of Super Eagles Clash, Recall Nado.

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Tanzania have made two changes to their squad ahead of the 2027 Africa Cup of Nations (AFCON) qualifying double-header against Nigeria, withdrawing Clement Mzize and Dickson Job due to injuries.....KINDLY READ THE FULL STORY HERE▶

The Taifa Stars have called up Azam FC winger Iddi Seleman Nado to replace the injured duo.

Mzize and Job, who both play for Young Africans, will miss the two encounters after suffering fresh injury setbacks. Their club reportedly requested that they remain in Tanzania for further medical examinations and treatment.

The Tanzania Football Federation’s Director of Media and Communications, Clifford Ndimbo, confirmed that the players had been granted permission to continue their recovery at Young Africans.

Both footballers had only recently returned to competitive action following lengthy spells on the sidelines. However, their latest injuries have ruled them out of the crucial fixtures against the Super Eagles.

Following their withdrawal, head coach Miguel Gamondi invited Nado, who joined the Tanzanian delegation that travelled to Uyo on Monday.

The 31-year-old winger has scored once in 11 appearances for the national team and will now have an opportunity to feature in the two-legged qualifying matches.

His inclusion brings Tanzania’s squad size to 22 players as they seek their first victory in the qualifying campaign.

The Taifa Stars have managed just one point from their opening two matches, recording one draw and one defeat, leaving them under pressure to improve their standing in the group.

Tanzania will take on Nigeria at the Godswill Akpabio International Stadium in Uyo on Friday, November 13, before hosting the return fixture at the Amman Stadium in Zanzibar on Tuesday, November 17.

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