Tag: NNPC

FG begins probe of adulterated fuel imports

Aminu Imam

…As NNPC takes delivery of 300 million litres of petrol The Federal Government has initiated the process to investigate the supply of adulterated petrol to the country, which has given motorists serious concerns in the last few days. This followed a briefing on the matter provided to President Muhammadu Buhari by the Minister of State for Petroleum Resources, Timipre Sylva, who confirmed to newsmen yesterday that the aim is to get to the bottom of the matter. Speaking after the meeting of the Federal Executive Council, (FEC), presided over by…

Read More

FG pays $194m for Port Harcourt refinery, plans additional $98m, N17.2bn

Aminu Imam

The Federal Government has processed $98m and N17.2bn as partial payments for the ongoing rehabilitation of the Port-Harcourt Refining Company, (PHRC), it was learnt, on Friday. It was also gathered that the government had made an initial payment of $194m, being the 15 percent advance payment required for the rehabilitation of the facility, to Tecnimont SpA, of Italy. A report obtained by newsmen from the Nigerian National Petroleum Company Ltd, (NNPC), on the financial status update of the rehabilitation said the project was financed by an equity contribution by the…

Read More

Buhari drops Ararume as NNPC chair-nominee, appoints Late Chuba Okadigbo’s wife

Aminu Imam

President Muhammadu Buhari has appointed Margret Okadigbo as Chairman of the Board of the Nigerian National Petroleum Company, (NNPC), Limited. Mrs. Okadigbo is replacing Senator Ifeanyi Ararume, who has been having a running battle with Governor Hope Uzodimma of Imo State. The replacement is contained in a statement titled: ‘President Buhari appoints board and management of NNPC Limited’, issued by the Special Adviser to the President on Media and Publicity, Femi Adesina yesterday, in Abuja. The new appointee is the wife of a former President of the Senate and running…

Read More

NNPC expends N83.33bn on dormant refineries in 10 months

Aminu Imam

…Amount exceeds pipeline security costs by N18bn The Nigerian National Petroleum Company, (NNPC) Limited, spent N83.33 billion on the country’s non-functional petroleum refineries in the first 10 months of 2021, according to the latest data from the national oil company. Documents from the NNPC on its November operations further revealed that the company had so far exceeded its budget for the security and maintenance of its pipelines by N18.025 billion as of October this year. The data on the company’s performance from January to October indicated that besides petrol subsidy,…

Read More

‘Petrol subsidy burden will affect payment of salaries in 2022’ -World Bank, NNPC warns FG, States

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC) and the World Bank, have warned that the huge burden Nigeria is incurring in the cause of taking care of the controversial petrol subsidy may hamper the ability of the three-tiers of government to pay salaries in 2022. According to a statement from the NNPC, its Group Managing Director, Mele Kyari, during a panel session at the launch of World Bank’s Nigeria Development Update (NDU) bi-annual report, said, “The NNPC may have to start invoicing the federation to be able to maintain subsidy”. Kyari…

Read More

NNPC unable to account for over N2tr worth of crude oil lifted – Report

Aminu Imam

The Auditor-General of the Federation has raised an alarm on domestic crude oil lifted by the Nigerian National Petroleum Corporation (NNPC) and not accounted for in 2019. Recall that the Federal Government’s 2019 Budget of N8.83 trillion was largely financed by debts, which currently stands at N35.5 trillion as of June 30. According to a report conducted by an organisation, “Dataphyte’, using NNPC-NAPIMS audited annual report and the latest audit report, the Nigerian National Petroleum Corporation, (NNPC), reportedly failed to account for 104.48 million barrels of domestic crude oil it…

Read More

Fuel scarcity looms as private depots hike price by N9/litre

Aminu Imam

There are indications that petrol shortage might emerge as the Private Depots have increased the price of Premium Motor Spirit, (PMS), or petrol price to N157 per litre, from N148/litre in different parts of the nation. The increase has discouraged the Independent Petroleum Marketers Association of Nigeria, (IPMAN), members from buying or lifting the products from private depots. According to the IPMAN’s National vice-president, Abubakar Maigandi, the N9/litre difference, which is about a 6.08% increase, has culminated in gradual withdrawal of sales. He explained that the marketers are reluctant to…

Read More

NNPC allays fear over fuel scarcity

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC) has allayed fears of any hitch in petroleum products supply following reports of resurgence of queues in some parts of the country. The NNPC Group Managing Director, Mele Kyari, gave the assurance while speaking at the Association of Energy Correspondents of Nigeria, (NAEC)’s ‘2021 Strategic International Conference’, yesterday, in Lagos. The conference had as its theme: ‘Petroleum Industry Act: Energy Transition and the Future of Nigeria’s Oil and Gas’. Kyari said NNPC’s objective was to provide energy security for Nigeria and ensure availability of…

Read More

NNPC pleads with Petroleum Tanker Drivers not to embark on planned strike

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC), on Sunday called on Petroleum Tanker Drivers to, in the interest and welfare of the Nigerian people, call off its planned strike action. According to a press statement issued by the Corporation and signed by its Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, noted that the strike is about the condition of roads in various parts of Nigeria which are used for the distribution of goods and services including petroleum products. The statement further stated that even though it is not…

Read More

Just In: NNPC GMD, Borno Governor, flag-off Maiduguri Emergency Power Project

Aminu Imam

Hassan Umar Farouk The Group Managing Director of the Nigerian National Petroleum Corporation,(NNPC), Mallam Mele Kyari has joined the Governor of Borno State, Prof. Babagana Umara Zulum, to perform the Groundbreaking Ceremony of the Maiduguri & Environs Emergency Power Project, (MEPP). The ceremony will officially mark the commencement of the construction of a 50-megawatt gas turbine power plant expected to generate electricity to the city of Maiduguri, Borno State, and environs. The MEPP is a Federal Government intervention strategy in tackling the perpetual power outage in Maiduguri, caused mostly as…

Read More