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Oil wells: No propaganda can overturn A’Ibom’s ownership rights — Eno

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•Akwa Ibom State officials, including Governor Umo Eno and the state Attorney-General, have publicly insisted that 76 disputed oil wells will not be returned to Cross River State.
•Governor Umo Eno has stated that no propaganda can overturn Akwa Ibom’s ownership rights over the 76 oil wells.
•The Akwa Ibom Attorney-General has reiterated that existing legal and administrative decisions support Akwa Ibom’s control of the 76 oil wells.
•The Akwa Ibom government has accused Cross River State of using propaganda in relation to the dispute over the 76 oil wells.
•Cross River State Governor Bassey Otu has declared that Cross River will no longer be cheated in the matter of the 76 oil wells.
•The dispute over the 76 oil wells is between Akwa Ibom State and Cross River State, both in Nigeria’s oil-producing region.

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▸If Cross River State escalates the dispute through new legal challenges or federal petitions Intergovernmental tension between Cross River, Akwa Ibom, and federal authorities could increase, potentially delaying revenue allocations linked to the 76 oil wells.

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Exposición de Mercado

Materia PrimaBrent CrudeMayor Volatilidad

If the dispute contributes to wider political or operational uncertainty in Nigeria’s oil-producing region, traders could price in marginally higher risk premia for West African crude, adding to short-term volatility in Brent-linked benchmarks.