Revealed! FG denies speculation on NNPCL crude oil deal

• The Federal Government has denied reports suggesting a last determination connected the guardant crude lipid merchantability by NNPCL, stressing that specified claims are baseless.
• Meanwhile, the authorities facilitated a solution betwixt Sterling Oil Exploration & Energy Production Company (SEEPCO) and PENGASSAN
• PENGASSAN had antecedently threatened to disrupt operations implicit claims of favoritism against Nigerians successful favour of Indian nationals

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Federal Government has reaffirmed that it has not made a last determination astir the guardant crude lipid merchantability by NNPCL and emphasised that immoderate remarks implying specified an endeavour are baseless.

Photo Credit: FG, Contributor
Source: UGC

Mohammed Manga, Director of Information and Public Relations astatine the Federal Ministry of Finance, Abuja, signed the statement, which was provided to Daily Champion.

According to the statement, it reads:

"The Federal Government of Nigeria is alert of caller media reports concerning a imaginable guardant merchantability of crude lipid involving the Nigerian National Petroleum Company Limited (NNPC Ltd).""While marketplace speculation is not uncommon successful the discourse of ongoing economical reforms and transactions, nary last determination has been announced by the Government, and commentary suggesting the illness of immoderate specified inaugural is unfounded.“The authorities is inactive committed to implementing a assortment of creative, open, and cost-effective financing techniques to maximise Nigeria's lipid reserves, heighten outer liquidity, and fortify macroeconomic stability."

Meanwhile, Legit.ng reported that the national government’s involution has helped broker a truce betwixt the Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

It has been confirmed that some parties person resolved each the issues that threatened to disrupt the full upstream operations successful Nigeria’s petroleum industry.

Sources disclosed that determination were a bid of meetings and collaborative engagements betwixt the groups, arsenic facilitated by the government, which yet led to a caller statement connected June 4, 2025.

PENGASSAN threatens nationalist onslaught implicit discrimination

In March 2025, PENGASSAN threatened to disrupt upstream operations crossed Nigeria if the anti-labour issues were not addressed.

The radical had raised its concerns astir anti-labour practices ongoing successful Sterling Oil Exploration and Energy Production Company (SEEPCO) successful a protestation astatine the company’s caput bureau past week.

It claimed that the institution was discriminating against Nigerians successful favour of Indian nationals and violating the NOGICD Act.

Speaking astatine a property league successful Abuja, the PENGASSAN President, Festus Osifo, asked the authorities to measurement into the substance and unit SEEPCO to region its 10,699 Indian expatriates moving crossed 15 locations and employment qualified Nigerians for the positions.

Photo Credit: Contributor
Source: Getty Images

He threatened that the national would retreat its members and disrupt each upstream cognition successful Nigeria.

In the pursuing weeks, the Nigerian Content Development and Monitoring Board (NCDMB) vowed to instrumentality enactment against the institution for repeatedly violating section contented directives.

Depot owners hike petrol prices

Legit.ng reported that the Nigerian petroleum marketplace whitethorn spot a flimsy summation successful depot prices soon owed to a hike successful planetary lipid prices and a domestic organisation shutdown owed to the agelong holiday.

Reports accidental that from Friday, June 6, to Monday, June 9, 2025, cardinal petrol depots nationwide halted income to observe the nationalist national holiday, slowing down proviso to retail stations.

As of Friday, June 6, 2025, Brent crude traded astatine $66.46 per barrel, rising to $67.91 by Tuesday, June 10, 2025, showing the rising planetary request expectations and tighter output predictions owed to Canadian wildfires and the Middle East crisis.

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Source: Legit.ng