Tag: NNPC

NNPC spends over N13bn for entertainment, N20bn for phone calls in 2 yrs

Aminu Imam

The Nigerian National Petroleum Company Ltd. (NNPCL) has revealed that it incurred N788.7bilion administrative expenses in 2021. This is an increase from N648.6 billion reported in 2020, bringing its total expenses to over N1.4 trillion in two years. NNPC stated this in its financial statement for 2021, published on its website. A breakdown of NNPC administrative expenses showed that N13.46 billion went into entertainment for its staff and over N20 billion for telephone calls and Postage within the two-year period. Entertainment expenses in 2021 gulped the sum of N11.83 billion,…

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Crude oil theft: NNPCL, Shell to face lawsuit over new illegal pipeline discovered in Delta

Aminu Imam

A civil Society organisation (CSO), the Oil Spill Victims Initiative, (OSPIVV), has threatened to sue the Nigerian National Petroleum Company Limited, (NNPCL), and Shell Petroleum Development Company, (SPDC), over the illegal pipeline connections used to siphon the country’s crude oil. The CSO revealed that the illegal pipeline connected to the trunk line through an abandoned pipeline by the Nigerians Agip Oil Company Limited (NAOCL), and linked to a location in the high sea, where they load crude oil into vessels and sell overseas. A new illegal pipeline has been discovered…

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Comatose refineries: NNPC should be disbanded – Sanusi

Aminu Imam

…Says company now ‘money pit’ instead of ‘cash cow’  Former Emir of Kano, Muhammad Sanusi II, has joined the legion of prominent Nigerians calling for the disbandment of Nigerian National Petroleum Company Limited (NNPCL). The Emir was speaking as the guest speaker during the 7th Kaduna Investment Summit, which was held at the Murtala Mohammed Square yesterday. Recall, the State governor, Nasir el-Rufa’i called for the sale of the nation’s refinery a few days ago in view of its poor performance. According to Sanusi, who was a former CBN Governor,…

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Oil theft: NNPC, PTI plan installation of anti-theft monitoring systems on pipelines

Aminu Imam

The Nigerian National Petroleum Company Limited and the Petroleum Training Institute (PTI) are to install anti-theft integrated monitoring systems on pipelines, to monitor the facilities against crude oil theft, Mele Kyari, the Group Chief Executive Officer (CEO) of the Nigeria National Petroleum Company (NNPC) Limited has disclosed. Kyari gave the hint while speaking during the Petroleum Training Institute’s 50th Anniversary in Abuja, yesterday. Nigeria has been losing billions of dollars for several years due to the activities of pipeline vandals who steal the country’s crude massively. Kyari said both organisations…

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Crude oil theft: NNPC uncovers 4km illegal oil pipeline to loading seaport operated for over 9 yrs

Aminu Imam

The Chief Executive of Nigeria National Petroleum Company Limited, (NNPC), Mele Kyari, on Tuesday revealed that the Company has uncovered an illegal 4km pipeline from Forcados, in Delta State to the sea, and a loading port that has operated in the last nine years. Mele Kyari made the revelation when he appeared before a joint Senate Committee on Upstream, Downstream and Gas, lamenting that though oil theft in Nigeria has been going on for over 22 years, the rate it has assumed in recent times is unprecedented. He revealed that…

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Senate panel summons NNPC boss over oil theft, subsidy, dilapidated refineries under his watch 

Aminu Imam

The Senate Committee on Petroleum (Downstream) yesterday summoned the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, (NNPCL), Mele Kyari, over oil theft, subsidy, and dilapidated refineries under his watch.  The committee’s chairman, Senator Mohammad Sabo Nakudu, said this in Abuja, at an interactive session on oil theft, state of refineries, and subsidy, among others. Nakudu said Kyari must appear on Tuesday to brief the committee on efforts being made to address crude oil theft, dwindling revenue, and the poor state of refineries. NNPCL General Manager, Public…

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Petrol subsidy gulps N2.6trillion so far this year, as NNPC again declares zero FAAC remittance

Aminu Imam

The Nigerian National Petroleum Company (NNPC) Limited has spent N2.565 trillion on petrol subsidy payments since the beginning of this year, an analysis has revealed. According to the national oil company, in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting yesterday, it deducted N525.71 billion as a shortfall for the importation of petrol (subsidy) in August, 2022. Subsidy or under-recovery is the under-priced sales of premium motor spirit (PMS), otherwise known as petrol. The FAAC document showed that due to the subsidy payment, the oil company failed…

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Crude oil theft: ‘Treat stolen Nigerian oil as blood diamonds’ – Mele Kyari tells Int’l Community

Aminu Imam

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Limited has called on the international community to treat any Nigerian oil from unofficial channels the same way blood diamonds were treated in the recent past. Speaking at the ‘Nigeria International Economic Partnership Forum’ in New York, on Thursday, Kyari said the international community must collaborate with the Nigerian government to stop the illegal trade in Nigeria’s stolen crude oil abroad the same way it is criminalising stolen diamonds from Congo and Sierra Leone. He said, “Oil theft is…

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Alleged Secret Bank Accounts: H/Reps probe NNPCL, Joint Venture business 

Aminu Imam

The House of Representatives has said it is probing the structure and accountability of Joint Venture (JV) business and production sharing contracts (PSCs) of Nigerian National Petroleum Company (NNPC) Ltd. Chairman of the ad-Hoc Committee, Hassan Fulata, yesterday said some NNPC accounts did not follow due process. He said the committee discovered a secret account by NNPC Ltd., alleging the Federal Government did not follow due process in opening these accounts. However, the Acting Accountant-General of the Federation (AGF), Okolieaboh Sylva, denied the government’s knowledge of such a secret account.…

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House of Reps panel probes NNPC Joint Venture contracts with IOCs

Aminu Imam

…Summons AGFMalami, Kyari The House of Representatives has unveiled plans to investigate the structure and accountability of the Joint Venture (JV) businesses between Nigeria and International Oil Companies (IOCs) between 1990 to date. To this end, the House resolved to set up an ad-hoc Committee to investigate all Joint Venture (JV) operations and Production Sharing Contracts (PSCs) in the Oil and Gas sector since 1990, with a view to ascertaining whether or not the capital expenditure, operations, financials and related frameworks are within the ambit of law and Production Sharing…

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