Tag: NNPC

NNPC records ?43.57bn trading surplus in April

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC), has announced a trading surplus of ?43.57bn in April 2021, representing a 23.64% increase over the ?35.24bn surplus it recorded in the previous month of March 2021. This is contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report, (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru. Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under…

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NNPC records petroleum product sales of ?234.63bn in March

Aminu Imam

The Nigerian National Petroleum Corporation, (NNPC), has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ?234.63 billion revenue from the sale of white products in March 2021, representing a 24.7% increase from the ?188.15 billion sales recorded in the previous month of February 2021. This is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.  The report indicated that total…

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Refineries incur 13-month N104.3bn loss, refine zero oil – Report

Aminu Imam

A report from the Nigerian National Petroleum Corporation, (NNPC), has shown that a total loss of N104.3bn was recorded by Nigeria’s refineries in 13 months, even as the facilities refined no crude oil throughout the period. An analysis of the updated consolidated refinery financial performance from February 2020 to February 2021 showed that the plants maintained losses monthly. The NNPC manages Nigeria’s refineries, namely: Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company. Figures from the corporation showed that the monthly operating expenditures of…

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‘AKK gas pipeline project will be delivered on schedule, will create prosperity’, Kyari assures

Aminu Imam

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has assured that the ongoing 614kilometres Ajaokuta-Kaduna-Kano (AKK) gas pipeline project would be delivered on schedule, create prosperity through massive job opportunities and guarantee peace for the country. A press statement issued by the NNPC’s Group General Manager Group Public Affairs Division, Dr. Kennie Obateru, disclosed that the GMD stated this yesterday, at Gas Sector Stakeholders’ Forum, which was held in Kano, with the theme: “Optimizing the Economic Development Capacity of Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project”. …

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Audit report: NNPC failed to remit N3.88tr from crude oil sales in 2015 – Senate

Aminu Imam

…Directs oil firm, NPA, BPE, 56 others to refund N300bn The Senate, yesterday, decried the abuse of public office by heads of Ministries, Department and Agencies, (MDAs), particularly the Federal Government revenue generating agencies. It, therefore, directed 59 of the agencies to return over N300 billion allegedly misappropriated into the Federation Account. The Upper Chamber also ordered that the funds spent without authorisation between 2013–2015 be remitted to the Treasury within 60 days.  The Senate resolutions were sequel to the consideration of the report of the Committee on Public Accounts…

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NNPC says no petrol price hike in next 2 months

Aminu Imam

…To acquire 20 percent stake in Dangote Refinery The Nigerian National Petroleum Corporation, (NNPC) has said that the pump price of fuel will not be increased in the next two months as engagement with the Organised Labour has not been concluded. The Managing Director of the Corporation, Mele Kyari, who spoke in a television interview disclosed that while the subsidy regime wasn’t sustainable, President Muhammadu Buhari was not also interested in taking the product out of the reach of Nigerians. He added that the president had directed that current volumes…

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Petrol could reach N256/litre without N140bn monthly subsidy – NNPC

Aminu Imam

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price at N162 per litre, from its actual N256. He stated this during a stakeholders meeting organised by NNPC to discuss how best to stop smuggling. While commenting on the fuel price, he said, “If we are to sell at the market today at the current exchange rate, we will be selling the product at about N256 to a litre. What…

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‘Surging oil prices will create problems for Nigeria’ – Mele Kyari

Aminu Imam

The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Mele Kyari, has stated that rising crude oil prices will cause problems for resource-dependent countries such as Nigeria. Brent Crude, the international benchmark of crude oil on Friday traded above $72 per barrel while US West Texas Intermediate (WTI) crude futures sold above $70 per barrel. In 2021, oil prices have continued to surge, sustained by coronavirus vaccine rollout and supply cuts from the Organisation of Petroleum Exporting Countries (OPEC). Kyari on Thursday at the virtual Citizens Energy Congress,…

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Reps order probe of NNPC, CBN, FIRS, EFCC, others over illicit financial flows

Aminu Imam

The House of Representatives has ordered the probe of various departments and agencies of the Federal Government over illicit financial flows in the country. At the plenary yesterday, the House specifically mandated its Committees on Finance; Anti-Corruption; Financial Crimes; Banking and Currency; and Insurance and Actuarial Matters to “investigate the phenomenon of illicit financial flows and appraise the Federal Governments current policy framework to curb the continuous loss of Nigeria’s revenues to illicit financial flows”. The House also mandated the Committees on Finance; National Planning and Economic Development; Anti-Corruption; Financial…

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FAAC non-remittance: “Don’t blackmail Nigerians to accept deregulation” – Falana tells NNPC

Aminu Imam

Prominent Nigerian lawyer and human rights advocate, Chief Femi Falana, (SAN), has told the Nigerian National Petroleum Corporation, (NNPC), not to blackmail the government to accept deregulation, saying that the statement that there is no money to remit into the federation account next month (May) was tantamount to blackmail. This is as the former Chairman of the Independent National Electoral Commission, (INEC), Prof Attahiru Jega, said that a new Nigeria is possible if the people should come together irrespective of tribe or religion in the interest of unity. The two…

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