The Nigerian National Petroleum Company Limited (NNPC Ltd) has committed more than 186,000 barrels per day of future crude production to debt repayment under three crude-backed financing arrangements, according to its newly released 2025 Audited Financial Statements. The commitments involve Project Gazelle, Project Leopard and Project Leopard II, under which the national oil company raised trillions of naira against future crude production. The disclosure comes as First Abu Dhabi Bank, the UAE's largest lender, is seeking to spread its exposure to Nigeria's $5 billion financing by bringing other international banks into the transaction. The move would allow the bank to retain its role as the principal counterparty while sharing the economic risk.
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