Nigeria records 226 crude oil theft in one week – NNPC

The Nigerian National Petroleum Company Limited (NNPCL) has recorded 226 crude oil theft incidents during a single week, from November 18 to 24, highlighting the urgent need for stricter enforcement and protection of Nigeria’s energy resources in our waters. The state-owned oil company made this known on its official Twitter (X) account yesterday. According to the NNPC, this widespread illicit activity spanned various oil-producing states. Abia and Rivers states bore the brunt of illegal connections, accounting for 39 cases. Oil theft and losses in Nigeria between 2009 and 2020 stand…

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Niger Delta: NNPC discovers 54 illegal pipeline connections, 78 unlicensed refineries

The Nigerian National Petroleum Company (NNPC) Limited said 234 incidences of illegal connections, refineries, amongst others, were recorded in several oil-producing states in the Niger Delta region between September 9 to 15, 2023. NNPC said the total incidences recorded were higher compared with the 148 incidences of illegal connections and refineries reported between September 2 to 8, 2023. At the time, the oil firm said, eight illicit pipeline connections and unlawful refineries were uncovered. However, in its weekly war on crude oil documentary aired on national television on Tuesday, NNPC said…

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Just In! NNPCL sacks management staff with 15 months to retirement

The Nigerian National Petroleum Company (NNPC) Limited has compulsorily retired all management staff with less than 15 months to statutory retirement. In making the announcement on Tuesday, NNPC declared that the reason for the exercise was because of the need to boost its business objectives and strategic operations, adding that it was with immedidate effect. The move, the company added, is in line with its commitment to scale-up capabilities through targeted talent management and equal opportunity for all Nigerians. NNPC made the announcement via its official X (formerly Twitter) handle,…

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“NNPC Fuel subsidy, a scam that cost Nigeria huge revenue” – Gov. Abiodun

Ogun State Governor and former Chairman of the Oil Marketers Association of Nigeria, Dapo Abiodun has described fuel subsidy as a scam, saying its removal by President Bola Tinubu would improve the lot of Nigerians. Abiodun said this yesterday while speaking with newsmen shortly after a two-Raka’at prayer to mark this year’s Eid-el-Kabir at Lantoro praying ground in Abeokuta, Ogun State. The governor, who was represented by his former Chief of Staff, now a Senator, representing Ogun-Central Senatorial district, Shu’aib Afolabi Salis, said with the removal of the subsidy more…

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‘NNPC is involved in fuel subsidy scam’ – Ex-Bauchi Gov., Isa Yuguda alleges

Former Governor of Bauchi State and Former Minister of State for Transportation and Aviation, Isa Yuguda, has alleged that the Nigerian Petroleum Corporation (NNPC) Limited is also involved in the fuel subsidy scam. Yuguda said while he was the Chairman of the Sub-committee on Subsidy under the Goodluck Jonathan’s administration in 2009, the national oil company paid subsidies on pipelines that were not existing. The former governor and former minister made the allegation during an interview on a television programme yesterday. Yuguda also claimed that his committee submitted the report to President…

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NNPC Severance Package: EFCC drops probe against Kyari, Ajiya

There were indications that the Economic and Financial Crimes Commission (EFCC) may have closed investigations into the alleged unlawful payment of severance benefits to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari and the Chief Financial Officer of the company, Umar Ajiya. Recall that the national oil giant had invited the anti-corruption agency to investigate the authenticity of the claims with a view to ascertaining the veracity of the allegations. According to a top NNPC official, who spoke to newsmen on condition of…

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Nigeria records N16tr oil sales, as NNPC remits nothing to CBN

Several weeks after the Central Bank of Nigeria, CBN said the state-oil company, NNPCL, has yet to make remittance to it, records from newly released government data have shown that Nigeria recorded N16 trillion from crude oil sales between January and September this year. Recall that the CBN Governor, Godwin Emefiele, last month said foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily, from above $3 billion monthly in 2014 to $0 today. According to data gathered from the National Bureau of Statistics (NBS),…

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Oil in North: Transparency issues becloud ‘one billion barrels’ discovery claim

With about seven months to the end of Muhammadu Buhari’s administration as President and Minister of Petroleum Resources, concerns are seriously rising over Nigeria’s exploration activities in the northern part of the country as well as a purported one billion barrels crude oil discovery made in the region. Stakeholders, yesterday, expressed worry over the secrecy in the development amidst transparency issues even as the details of a one billion barrels of crude oil discovered in the Gongola basin, located between Bauchi and Gombe remained only in the news two years…

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Calls to scrap NNPCL intensifies over fuel subsidy crisis

Strident calls for the scrapping of the national oil company, the Nigeria National Petroleum Company Limited (NNPCL), have continued to rent the air following indication that it no longer remits funds to the Federation Account, which is distributed to the various tiers of government. Despite being commercialised a couple of months ago to run as a profit-making venture, the national oil company has continued to be in the news for the wrong reasons. Although the oil firm declared profit for 2021, it claims to spend all its revenue on subsidies,…

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Academics take stand on NNPC, says company now liability to Nigeria

Apparently worried about the increasing expenditure of Nigerian National Petroleum Company (NNPC) Limited, group of lecturers under aegis of Academics for Accountable Governance Group, (AAGG), has declared as unacceptable the situation where whopping amount of N788bn was allegedly spent on salaries; Forex, entertainment, and other expenses. It also challenged the NNPC  to explain to Nigerians how it made a net profit of N674bn and spent N788.7 billion on salary, entertainment and other costs. According to the group, there is no place in the world where a major oil and gas…

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