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Buhari Cancels Oil Swap Deals

Following a recommendation by the Nigerian National Petroleum Corporation(NNPC), the offshore processing and oil swapped deals signed in January have been canceled.

The Oil Swap deals approved by former President Goodluck Jonathan was supposed to run until December 2016.

The Oil Swap deal involves the process of the NNPC exchanging crude oil for refined oil products.

The Oil Swap deals which have come under scrutiny for not being transparent was effectively cancelled on August 13th after the President’s approval.

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