As the #EndBadGovernance protests in Nigeria entered their sixth day, the movement continued to evolve across different parts of the country, with varying levels of intensity and diverse forms of expression. Here's a comprehensive overview of the situation:

1. Rivers State:

- Protesters stormed the Eleme-Onne section of the East-West Road, a crucial route connecting Port Harcourt to key business facilities.

- The demonstration disrupted vehicular movement, highlighting issues of poverty, hunger, and high food costs.

- Protesters demanded job creation, infrastructure development, and revival of local refineries.

- Some demonstrators gathered at former Governor Nyesom Wike's residence in Port Harcourt.

2. Katsina State:

- The protest took a religious turn, with residents organizing large prayer gatherings.

- Interdenominational crowds prayed for divine intervention to address economic hardships, hunger, insecurity, and governance failures.

- Organizers are mobilizing nationwide support for prayer sessions in mosques and churches on August 10th, 2024.

3. Abuja (Federal Capital Territory):

- Protests have significantly dwindled, with only two women holding a sit-out at the Moshood Abiola stadium.

- Government restrictions have limited access to the central business district.

- Protesters criticize the government's response as inadequate, calling for reduced petroleum prices and improved governance.

- Concerns persist about the heavy-handed suppression of protests in Abuja compared to other regions.

4. Lagos:

- Organizers suspended the protest for 24 hours, citing threats from sponsored thugs.

- A congress was held to strategize the next steps, with plans for a rally on Wednesday to honor those killed during the protests.

- Incidents of violence were reported, with thugs attacking journalists covering the protest at Freedom Park, Ojota.

5. General Observations:

- The protests have been marked by clashes with security forces in some areas.

- Demonstrators express dissatisfaction with President Tinubu's speech, claiming it failed to address their demands.

- There are reports of fatalities, particularly in the northern parts of the country.

- The movement appears to be losing momentum in some areas while gaining traction in others.

- Protesters are adapting their strategies, incorporating prayer sessions and planning commemorative events.

6. Government Response:

- Authorities have imposed restrictions on protest locations in some areas, particularly in Abuja.

- Security forces have been deployed to maintain order, sometimes resulting in confrontations with protesters.

- The government's approach has been criticized as inadequate by protest organizers.

As the situation remains fluid, the #EndBadGovernance movement continues to highlight issues of economic hardship, poor governance, and systemic failures across Nigeria.

The night before long-time leader Sheikh Hasina abruptly fled Bangladesh amid deadly protests, her army chief held a meeting with his generals and decided that troops would not open fire on civilians to enforce a curfew, two serving army officers with knowledge of the discussions told Reuters.

Gen. Waker-Uz-Zaman then reached out to Hasina's office, conveying to the prime minister that his soldiers would be unable to implement the lockdown she had called for, according to an Indian official briefed on the matter.

The message was clear, the official said: Hasina no longer had the army's support.

Details of the online meeting between military top brass and the message to Hasina that she had lost their backing have not previously been reported.

They help to explain how Hasina's 15-year rule, during which she brooked little dissent, came to such a chaotic and sudden end on Monday, when she fled from Bangladesh to India.

The nationwide curfew had been imposed after at least 91 people were killed and hundreds injured in nationwide clashes on Sunday, the deadliest day since student-led protests against Hasina began in July.

Army spokesman Lt. Col. Sami Ud Dowla Chowdhury confirmed the Sunday evening discussions, which he described as a regular meeting to take updates after any disturbance. He did not provide details when presented with additional questions about decision-making at that meeting.

Hasina could not be reached and her son and advisor, Sajeeb Wazed, did not respond to repeated requests for comment.

Reuters spoke to ten people familiar with the events of the past week, including four serving army officers and two other informed sources in Bangladesh, to piece together the final 48 hours of Hasina's reign. Many of them spoke on condition of anonymity due to the sensitivity of the matter.

Hasina, who has ruled Bangladesh for 20 of the last 30 years, was elected to a fourth term leading the country of 170 million in January, after arresting thousands of opposition leaders and workers. That election was boycotted by her main rivals.

Her iron-fisted grasp on power has been challenged since summer by protests triggered by a court ruling to reserve government jobs - heavily coveted amid high youth unemployment - for certain segments of the population. The decision was overturned but the demonstrations had quickly morphed into a movement to oust Hasina.

Zaman has not publicly explained his decision to withdraw support from Hasina. But the scale of the protests and a death toll of at least 241 made supporting Hasina at all costs untenable, three former senior Bangladesh army officers told Reuters.

"There was a lot of uneasiness within the troops," said retired Brig. Gen. M. Sakhawat Hossain. "That is what probably (put) pressure on the chief of army staff, because the troops are out and they are seeing what is happening."

Zaman, who is related to Hasina by marriage, had showed signs of wavering in his support for the prime minister on Saturday, when he sat on an ornate wooden chair and addressed hundreds of uniformed officers in a town hall meeting. The military later made some details of that discussion public.

The general declared that lives had to be protected and called on his officers to show patience, said army spokesman Chowdhury.

It was the first indication that Bangladesh's army would not forcefully suppress the violent demonstrations, leaving Hasina vulnerable.

Retired senior soldiers such as Brig. Gen. Mohammad Shahedul Anam Khan were among those who defied the curfew on Monday and took to the streets.

"We were not stopped by the army," said Khan, a former infantry soldier. "The army has done what he had promised the army would do."

'SHORT NOTICE'

On Monday, the first full day of the indefinite nationwide curfew, Hasina was holed up inside the Ganabhaban, or "People's Palace", a heavily-guarded complex in the capital Dhaka that serves as her official residence.

Outside, on the streets of the sprawling city, crowds gathered. Tens of thousands of people had answered protest leaders' call for a march to oust the leader, streaming into the heart of the city.

With the situation spiralling out of her control, the 76-year-old leader decided to flee the country on Monday morning, according to the Indian official and two Bangladesh nationals familiar with the matter.

Hasina and her sister, who lives in London but was in Dhaka at the time, discussed the matter and flew out together, according to a Bangladesh source. They left for India around lunch, local time.

Indian foreign minister Subrahmanyam Jaishankar told parliament on Tuesday that New Delhi had urged "various political forces with whom we were in touch" to resolve the situation via dialogue throughout July.

But as crowds gathered in Dhaka on Monday ignoring the curfew, Hasina decided to resign "after a meeting with leaders of the security establishment", he added. "At very short notice, she requested approval to come for the moment to India."

A second Indian official said it was "diplomatically" conveyed to Hasina that her stay had to be temporary for fear of negatively impacting Delhi's ties with the next government in Dhaka. India's Ministry of External Affairs did not immediately return a request for comment.

Nobel laureate Muhammad Yunus, whom the protesting students want to lead the interim government after Hasina's ouster, told The New Indian Express newspaper that India had "good ties with the wrong people... Please revisit your foreign policy."

Yunus wasn't immediately available for an interview.

Late in the afternoon on Monday, a Bangladesh Air Force C130 transport aircraft landed at Hindon air base outside Delhi, with Hasina on board.

There, she was met by Ajit Doval, India's powerful national security advisor, according to the Indian security official.

Delhi had fought to carve Bangladesh out of East Pakistan in 1971. After Hasina's father was assassinated in 1975, Hasina took refuge in India for years and built deep links with her neighbour's political elite.

Returning to Bangladesh, she gained power in 1996, and was seen as more sensitive to India's security concerns than her political rivals. The Hindu-majority nation also regarded her secular stance as favourable for the 13 million Hindus in Bangladesh.

But back in Bangladesh, resentment still lingered even among retired soldiers that Hasina had been allowed to leave.

"Personally, I feel that she should not have been given a safe passage," said Khan, the veteran. "That was a folly."

 

Reuters

Nigeria's oil output has risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said on Tuesday.

Crude production in Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), stood at 1.2 million barrels per day in February, Ogalla said. Oil major Shell has exited the country.

"We have stepped up surveillance and enforcement in the oil producing areas," the naval chief said.

"Right now, as we speak, the Nigerian Navy has 12 vessels on the sea to protect oil production and stem oil theft. We have arrested over 16 vessels, so far."

Ogalla said the force has blocked channels for the sale of illegally refined petroleum products.

The country's oil minister Heineken Lokpobiri said in May that Nigeria could produce 6 million barrels of oil per day with adequate investment in its energy sector.

He added that Nigeria and other African oil-producing countries lack the capital to explore and produce their oil and gas.

 

Reuters

The Dangote Group, Africa’s largest conglomerate, is exploring the sale of a 12.5 percent stake in its newly commissioned refinery as it grapples with liquidity concerns, according to the Global rating agency, Fitch Rating.

In 2021, Nigerian National Petroleum Corporation (NNPC) acquired a 7.25 percent stake in the Dangote refinery’s project entity for $1.0 billion, with an option to purchase the remaining 12.75 percent stake by June 2024.

“Since the option has not been exercised, the group plans to divest a 12.75% stake in DORC in 2024,” Fitch Ratings said in its latest note.

Fitch added, “The group intends to service its significant syndicated loan maturing in August 2024 from the equity divestment. However, timely divestment and meeting the imminent maturity is highly uncertain in our view”.

Fitch noted that Dangote has immediate debt servicing requirements related to the syndicated loan raised to finance the construction of the refining company.

“Further delays in meeting the funding requirements would significantly increase the likelihood of financial restructuring or default and lead to further rating downgrade,” Fitch explained.

The company’s oil refinery operated at about 50 percent capacity in the first half of the year, at 325,000-375,000 bpd, Fitch said, while Dangote’s fertiliser business was hindered by inadequate gas supply.

“The EBITDA contribution from the refinery has been far below our previous projection as the facility is ramping up and optimizing production,” Fitch Rating said.

“We expect gradual improvement in EBITDA contribution from DORC going forward following the initiation of gasoline production in Q3 this year,” the rating agency added.

Fitch said Dangote group has senior secured debt raised at subsidiary levels amounting to $2.7 billion at end-2023 representing 49 percent of total group debt.

“The debt structure also includes an on-demand shareholder loans from its ultimate parent Greenview plc, amounting to $2.3 billion representing 43 percent of total debt,” Fitch said.

“We view the shareholder loans as subordinated debt. The company has also raised senior unsecured debt amounting to N350 billion with long-dated maturities in 2029 and 2032 to finance capex requirements,” Fitch added.

Two months ago, Aliko Dangote, the founder of Dangote Group revealed that he has paid off $2.4bn of the $5.5bn loan for his $19bn Lagos-based refinery.

“We borrowed the money based on our own balance sheet. I think we borrowed just over $5.5bn. But we also paid a lot of interest as we went along, because the project was delayed because of a lack of land, also the sand-filling took a long time. Almost five years or so we didn’t do anything.

“We actually started in 2018. We borrowed that much. We have, of course, paid interest and some principal, about $2.4bn. We’ve done very well. We now have only about $2.7bn left to be paid. So we’ve done very well for a project of that magnitude,” he said.

 

Businessday

 

The Nigerian Exchange Limited (NGX) on Tuesday, extended its previous day losses declining by N371 billion as investors continue to react to the volatility in the global stock market. The benchmark All-Share Index (ASI) dropped by 653.89 basis points or 0.67 per cent, closing at 96,928.52 basis points from its opening value of 97,745.73.

Consequently, market capitalisation fell, ending the day at N55.00 trillion compared to N55.404 trillion at the start while Year-to-Date (Ytd) gain moderated at 30.5 percent. Experts warn that the ongoing volatility and domestic unrest could further affect investor confidence on the local bourse, although the global tension saw some stability at the close of Tuesday’s trading session as some indices showed signs of recovery.

Meanwhile, Tuesday’s negative performance on the NGX were driven by sell-offs in key stocks, including BUA Cement, Fidelity Bank, GTCO, Transcorp and 21 others. Despite the negative trend, trading volume and turnover showed improvement with a total of 449.2 million unit of shares valued at N6.74 billion changing hands in 9,381 deals. Compared with the previous NGX trading day, the data shows a 39 per cent improvement in volume, eight per cent improvement in turnover, but four per cent decline in deals.

The session saw 120 equities participating, with 30 gainers and 25 losers. National Salt Company (NASCON) and Academy Press led the gainers with a 10 per cent share price increase each, closing at N32.45 and N2.20 per share respectively. They were closely followed by a 9.89 percent gain in Oando closing at N30.55 per share.

Skyway Aviation Handling Co. also gained 9.80 per cent closing at N22.40 while RTBRISCOE added 9.78 per cent and ended the day’s trade at N1.01 per share.

Conversely, BUA Cement experienced the most significant decline, with a 9.99 per cent decrease to N128.90 per share, followed by Thomas Wyatt Nigeria losing 8.52 per cent to close at N1.61 per share while Champion Breweries lost 7.97 per cent and closed at N2.77 per share.

United Bank for Africa was the most active stock trading 62.8 million units of shares valued at N1.3 billion while exchanged 36 million shares at N1.1 billion.

 

Sun

Hamas names Oct 7 mastermind Sinwar as leader after Haniyeh assassination

Hamas named its Gaza leader Yahya Sinwar as successor to former political chief Ismail Haniyeh, who was assassinated in Tehran last week, the group said on Tuesday, in a move that reinforces the radical path pursued since the Oct. 7 attack on Israel.

Sinwar, the architect of the most devastating attack on Israel in decades, has been in hiding in Gaza, defying Israeli attempts to kill him since the start of the war.

"The Islamic Resistance Movement Hamas announces the selection of Commander Yahya Sinwar as the head of the political bureau of the movement, succeeding the martyr Commander Ismail Haniyeh, may Allah have mercy on him," the movement said in a brief statement.

News of the appointment was greeted with a salvo of rockets from Gaza from the bands of militants still fighting Israeli troops in the besieged enclave.

Sinwar, who spent half his adult life in Israeli prisons, was the most powerful Hamas leader left alive following the assassination of Haniyeh, which has left the region on the brink of a wider regional conflict after Iran vowed harsh retaliation.

Israel has not claimed responsibility for the assassination but it has said it killed other senior leaders, including Hamas deputy leader Saleh al-Arouri, who was killed in Beirut, and Mohammed Deif, the movement's military commander.

Born in a refugee camp in the southern Gaza city of Khan Younis, Sinwar, 61, was elected as Hamas' leader in Gaza in 2017 after gaining a reputation as a ruthless enforcer and an implacable enemy of Israel.

He was formerly head of the Al-Majd security apparatus which tracked, killed and punished Palestinians accused of collaborating with Israel’s secret service before he was jailed.

 

Reuters

WESTERN PERSPECTIVE

Zelenskiy says Ukraine deployed more drones than Russia in July

President Volodymyr Zelenskiy said on Tuesday that Ukraine was making good progress in manufacturing and employing drones and had used more of them last month in combat than had Russia.

Speaking in his nightly video address, Zelenskiy thanked all Ukrainian servicemen for their efforts in combat "in particular, all those soldiers and commanders who make good use of our possibilities with drones.

"Our Ukrainian defence forces are already leading the way in this regard, and in July our forces used more drones than did the occupiers," he said.

"This must become a sustainable trend at the front - across all types of drones that are in our units."

He said drones, including long-range versions, "are already affecting the war in strategic terms".

Ukraine is boosting its production capacity with help from its Western partners and the country's manufacturers will exceed over the course of 2024 contractual plans to produce one million drones, the president said.

Zelenskiy and other officials have long stressed the need for increased drone production and Ukrainian forces have increased long-range attacks on targets inside Russia, including oil refineries and other infrastructure.

 

RUSSIAN PERSPECTIVE

Russian security chief estimates Ukraine’s military losses this summer

The Ukrainian military has lost more than 115,000 servicemen in the conflict with Moscow over the past two months, Russian Security Council Secretary Sergey Shoigu has claimed.

Some 3,000 units of equipment and more than 3,000 cars operated by Kiev’s troops have also been destroyed since June 14, he told journalists on Tuesday.

During the same period, the Russian military was able to capture 420 square kilometers (162 square miles) of territory from the Ukrainian forces, added Shoigu, who was Russia’s defense minister until a government reshuffle in May.

"All this could have been stopped if the demands set out by our president had been met [by Ukraine]. Therefore, our position is clear – the troops are moving forward,” he said.

In June, Russian President Vladimir Putin stated that Moscow would immediately open peace talks with Kiev if it withdrew its troops from the Donetsk and Lugansk People’s Republics, and the Kherson and Zaporozhye regions, which officially became part of the Russian state in the fall of 2022. According to Putin, Ukraine must also commit to maintaining a neutral status, “demilitarization,” and “denazification” as part of a possible deal.

Vladimir Zelensky instantly rejected the Russian president’s offer, describing it as an “ultimatum” and unacceptable. NATO, which is backing Kiev in the conflict, also described the proposal as “not serious.”

Shoigu stated that “every day of delay in making such a decision [on negotiations] results in the loss of control [by Kiev] over another part of territory that the Ukrainians consider theirs, and, most importantly, the loss of thousands of human lives.”

The Ukrainian people are “paying a high price”for the “illusion” of Zelensky and his associates that “the Europeans will organize another beautiful peace summit for Kiev, at which all their internal problems will resolve themselves,” he added.

"The window of opportunity for Ukraine is narrowing. The choice is up to the Ukrainian people,” the secretary of the Security Council warned.

Zelensky, who previously outright rejected the possibility of peace talks with Moscow, has recently changed his tune of the issue. He wrote on X (formerly Twitter) on Monday that his administration was aiming to work out a basis for a “just end” to the conflict with Russia this year.

However, he again insisted on implementing his so-called ‘peace formula’, which demands that Russia withdraw its troops from all territory claimed by Ukraine. Moscow has previously dismissed this plan as “detached from reality.”

In June, Putin said Ukraine was losing five times more troops than the Russian military, according to Moscow’s estimates.

 

Reuters/RT

 

Warren Buffett, one of the most successful investors in the world, has a reputation for his simple financial wisdom. His advice is certainly worth listening to, especially if it helps you avoid making money mistakes.

According to Buffett, here are 10 things poor people waste money on and what he does instead.

Low-Value Investments

“The most important investment you can make is in yourself,” Buffett has said, according to Inc. “That’s how knowledge builds up. Like compound interest.”

One of Buffett’s most famous tips, known as the Buffett formula, is to go to bed smarter each day.

According to Inc., Buffett recommends reading. He spends about 80% of his day reading, and he suggests that anyone hoping to achieve success should read 500 pages per day.

If you’re investing in something other than yourself right now, it might be time to rethink your strategy.

Credit Card Debt

Buffett is also very against credit card debt. He prefers to rely on cash instead of using a credit card. “I’ve got an American Express card, which I got in 1964,” Buffett told Yahoo Finance. But I pay cash 98% of the time.”

Quantity Over Quality

“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price,” Buffett wrote in his 1989 letter to Berkshire Hathaway shareholders.

Buffett won’t invest in something just because it’s cheap. Although he’s talking about investing in businesses, this can be applied to everyday life. When you prioritize quantity over quality, the short-term gains may not mean much (and it could cost you more) in the long run.

Unnecessary Spending

Buffett doesn’t care about having the latest technology or designer labels. According to AP Moneywise, he used a $20 flip phone for several years before upgrading to an iPhone in 2020.

His advice? “Do not save what is left after spending, but spend what is left after saving,” according to Moneywise.

New Cars

Cars are depreciating assets. According to Kelley Blue Book, most new vehicles have a 20% drop in value in the first year.

So instead of buying a new car, Buffett prefers to buy used vehicles at reduced prices.

“The truth is, I only drive about 3,500 miles a year, so I will buy a new car very infrequently,” he said, according to Forbes.

Full-Price Purchases

Even Warren Buffett looks for good deals. Years ago, Buffett once treated Bill Gates to a meal at a fast food restaurant and used coupons to help pay for the meal.

“Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald’s? You offered to pay, dug into your pocket, and pulled out … coupons!” Gates wrote in his and now-ex-wife Melinda’s 2017 annual letter.

“Melinda just found this photo of me and ‘the big spender.’ It reminded us how much you value a good deal,” Gates wrote, using the anecdote to segue to a discussion about the value of philanthropy.

Regular Nights Out

Buffett has a very simple diet and doesn’t like to go out much. In Buffett’s biography, “The Snowball: Warren Buffett and the Business of Life,” author Alice Schroeder quoted him as saying, “I like eating the same thing over and over and over again. I could eat a ham sandwich every day for fifty days in a row for breakfast,” Mashed reported.

Wasted Opportunities

In his early years, Buffett picked up side hustles and made money by delivering newspapers, selling used golf balls and buffing cars, as previously reported by GOBankingRates. He also looked for new opportunities, and when he couldn’t find any, he’d create them.

Gambling

At a 2007 Berkshire Hathaway shareholders meeting, Buffett called gambling “socially revolting,” according to The Motley Fool.

“I’m not a prude about it, but to quite an extent, gambling is a tax on ignorance,” he reportedly said, referring to the tax revenue generated by gambling.

“A government shouldn’t make it easy for people to take their Social Security checks and [waste them pulling] a handle.”

If you have extra money, don’t waste it on gambling.

Living Beyond Their Means

When you’re shopping and see something you like, ask yourself whether you really need it or just want it.

During a 2009 meeting at Emory University, Buffett said something to the effect that his goal is “not to make people envious.” He also said you can’t buy health or love and warned the audience not to confuse the cost of living with the standard of living, according to meeting notes from a student who attended, which appeared on the student’s Underground Value blog.

 

GOBankingRates

Key Developments

1. Protests Continue Despite Presidential Address

Despite President Bola Tinubu's national broadcast on Sunday calling for protesters to suspend their actions and engage in dialogue, demonstrations continued across several Nigerian states on Monday. The protests, now in their fifth day, are focused on demanding economic and political reforms to address the rising cost of living and other governance issues.

2. Arrest of Protest Leader in Abuja

Michael Lenin, a prominent organizer of the #EndBadGovernance protests, was reportedly arrested by the Department of State Services (DSS) in Abuja around 2 am on Monday. However, the DSS later denied having Lenin in custody, creating confusion about his whereabouts and the circumstances of his alleged arrest.

3. Protests in Ibadan and Osun

Demonstrations continued in Ibadan, led by activists who stated that Tinubu's broadcast did not address the protesters' concerns. In Osun State, protesters moved from Nelson Mandela Freedom Park to major streets in Osogbo, causing traffic disruptions.

4. Violence and Looting in Kaduna

Kaduna saw some of the most intense protest activity, with thousands of demonstrators marching through major streets. Reports indicate incidents of looting and breaking into private residences. Notably, protesters were seen waving Russian flags, expressing a desire for Russian intervention similar to recent events in Niger.

5. Curfews Imposed in Multiple States

In response to the unrest, 24-hour curfews were imposed in several areas:

- Kaduna State: Curfew in Kaduna and Zaria metropolis

- Plateau State: Curfew in Jos North and Bukuru metropolis

- Bauchi State: Curfew in Katagum Local Government Area

6. Government and Security Response

- Tinubu postponed a Federal Executive Council meeting to hold talks with security chiefs.

- The military leadership warned against calls for a coup and the hoisting of foreign flags, describing such actions as treasonable offenses.

- Security agencies have been deployed to maintain order and prevent further violence.

7. Concerns Raised by Northern Elders Forum

The Northern Elders Forum expressed disappointment that Tinubu's speech did not address the issue of banditry, which they claim has caused significant harm in northern regions.

8. Ongoing Demands of Protesters

Protesters continue to demand economic relief, including a reduction in fuel prices, and broader political reforms. Some groups have called for resignation of President Tinubu.

9. International Attention

The use of Russian flags by some protesters, particularly in northern states, has drawn international attention to the demonstrations and raised concerns about foreign influence.

10. Casualties and Violence

While the protests have been largely peaceful in many areas, there have been reports of violence and casualties in some states. Amnesty International has reported at least 13 deaths related to the protests, although this figure is disputed by police.

The situation remains fluid, with protests continuing despite government appeals and security measures. The coming days will be crucial in determining the trajectory of the demonstrations and the government's response to the protesters' demands.​​​​​​​​​​​​​​​​

The Nigerian National Petroleum Company (NNPC) Limited has launched the Utapate crude oil blend, a new grade of crude oil, into the international market. According to a statement released on Monday by NNPC spokesperson Femi Soneye, the first cargo of this new blend departed for Spain in July.

The Utapate crude oil blend is sourced from Oil Mining Lease (OML) 13, which is fully operated by NNPC Exploration and Production Limited (NEPL), the upstream subsidiary of NNPC. Located offshore Akwa Ibom State, Nigeria, the Utapate blend currently produces 28,000 barrels per day, with potential to increase to 50,000 barrels per day. The new crude grade has a sulphur content of 0.0655%.

Spanish oil company Repsol won the tender for the initial cargo of 950,000 barrels of the Utapate blend, which is comparable to the highly sought-after Amenam crude. Additionally, Gulf Transport and Trading, another leading crude oil dealer, has secured tenders for the Utapate cargoes for August and September.

Last year, during the Argus European Crude Conference in London, NNPC Ltd announced the launch of the Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture. Similar to the Nembe grade, the Utapate crude oil blend features low sulphur content and a low carbon footprint due to flare gas elimination, aligning with the specifications of major European buyers.

Soneye highlighted that this development demonstrates NNPC's commitment to increasing Nigeria’s crude oil production and expanding reserves through the development of new assets.