Tag: NNPC

Petroleum Minister Buhari overrides NNPC, approves Seplat’s acquisition of Mobil Producing Oil assets

Aminu Imam

President Muhammadu Buhari has approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the State-owned oil company to block the deal. Recall that in February, Seplat had entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria (MPNU) from Exxon Mobil. However, the deal was blocked by Nigerian National Petroleum Company (NNPC) Limited. Regulatory authorities also declined consent to the transaction. In July, Seplat Energy informed investors that NNPC blocked the deal through a court injunction restraining Exxon Mobil from selling…

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Alleged Subsidy Frauds: States poised for showdown, demand petrol consumption records from NNPC

Aminu Imam

The Federation Account Allocation Committee (FAAC) has asked the Nigerian National Petroleum Company (NNPC) Ltd. to submit state-by-state consumption of Premium Motor Spirit (PMS), otherwise known as petrol, to its ad-hoc committee. The directive is contained in the FAAC Post Mortem Sub-Committee (PMSC) final report submitted to the whole house at its July 2022 meeting in Abuja. Consumption of PMS has been a major concern to members and it was raised severally at the FAAC plenary. “Therefore, in order to ascertain the consumption, the Sub-Committee also requested the relevant Agencies…

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Arewa Consultative Youth Forum insists NNPC must be probed over non-remittance

Aminu Imam

The leadership of the Arewa Consultative Youth Forum, (ACYM) has insisted that the Nigeria National Petroleum Corporation, (NNPC), must be probed over alleged non-remittance of revenue to the Central Bank of Nigeria, (CBN), as stipulated by law. Recall that in an issued statement in Abuja at the weekend, the President of the Forum, Kabiru Yusuf, distanced the Forum from a statement purportedly issued by him to the contrary. He said the statement claimed that himself and his office dissociated the Forum from the Tuesday statement by the Arewa Consultative Youths…

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Dwindling Revenue Largess: States, LGs face bankruptcy over NNPC’s new status

Aminu Imam

The new legal status of the national oil giant, Nigeria National Petroleum Corporation (NNPC) Limited, from a wholly government-owned company to a commercial venture may be a double-edged sword for the country and the federating units. With the new status, the company has ceased to fund the Federation Account, which is the financial conduit that sustains the States and local governments through the Federation Account Allocation Committee, (FAAC), shared every month by the three tiers of government. In the new status, the company will only pay taxes and dividends to…

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‘Commercialisation of NNPC doesn’t go far enough’ – Atiku Abubakar

Aminu Imam

Former vice-president and presidential candidate of the Peoples Democratic Party Party (PDP), Atiku Abubakar, has stated that the commercialisation of Nigerian National Petroleum Corporation (NNPC) Ltd. by the Federal Government is a step in the right direction, but doesn’t go far enough. Reacting to the official unveiling of the NNPC Ltd. in a tweet yesterday, the PDP presidential candidate noted that though the move was a step in the right direction, it is still far from what he envisaged when he promised to privatise the corporation. Atiku recalled that the…

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“New NNPC will sell fuel at price dictated by FG” - Kyari assures

Aminu Imam

The Nigerian National Petroleum Company (NNPC) Ltd says it will do business at the price dictated by the federal government and promised to publicly declare its asset base soon. According to its CEO Mele Kyari, by the middle of 2023, NNPC would have systems, processes, lines of profitability and accountability to stakeholders. On subsidy, he said the NNPC Limited had no issue with it, rather it would be an issue of the state. “Whatever is the decision and policy of the state, the NNPC is there to deliver commercial value…

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NNPC officially transits to commercial entity, unveils new logo

Aminu Imam

The Nigerian National Petroleum Corporation (NNPC) has transited fully into a commercial entity, becoming the Nigerian National Petroleum Company Limited. President Muhammadu Buhari officially unveiled the new Nigerian National Petroleum Company Ltd. in Abuja yesterday, in line with the provisions of the Petroleum Industry Act (PIA) 2021, affirming that the company is mandated by law to ensure that Nigeria’s National Energy Security is guaranteed. Speaking at the unveiling, Buhari said, “The provisions of PIA 2021 have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent…

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New NNPC Limited will not tie subsidy, petrol price to operations, says Mele Kyari 

Aminu Imam

The Nigerian National Petroleum Company Limited, (NNPC), says it will ensure the provision of petroleum products to the Federal Government. The Group Managing Director, NNPC Ltd, Mele Kyari disclosed this during a pre-recorded television interview at the weekend ahead of today, Tuesday’s unveiling of NNPC Limited as a commercial entity.  Recall that in September 2021, the Corporate Affairs Commission (CAC) completed the incorporation of the NNPC Ltd. He emphasised that NNPC would be a service provider to the government rather than bearing the responsibility for importation and subsidy. In the…

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FG, States finances in trouble as NNPC again fails to remit N1.89tr crude oil sales revenue

Aminu Imam

…Salary cut imminent The Nigerian National Petroleum Corporation Ltd. (NNPC), has announced that it has no money to share to Federal, States and local governments. Providing a breakdown of its finances, the NNPC revealed that it made N1.89 trillion in five months but however said that most of the money has been spent. On Monday, the NNPC revealed that it failed to remit monies to the federation account in May 2022 despite making N470.61 billion. This is the fifth straight month the oil firm has failed to add a kobo…

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Corruption: For bribing NNPC officials, others, US keeps Glencore $1.2bn fine

Aminu Imam

The United States (US) has fined Swiss-based oil trader, Glencore, the sum of $1.2 billion as a penalty for bribes paid to corrupt officials in Nigeria and other countries, in a move that rewards a country that suffered no damage from the company’s crime. Glencore routinely gets awarded crude lifting contracts by the Nigerian National Petroleum Company Ltd., (NNPC). Following prolonged investigations by Brazil, the United Kingdom, and the United States, two Glencore subsidiaries pleaded guilty on May 24 to multiple charges of market manipulation and bribery, including corruption related…

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