Tag: NNPCL

FAAC exposes $42.4bn NNPC under-remittance

Aminu Imam
FAAC exposes

…Queries OAGF over ₦2tr unpaid taxes  The Federation Accounts Allocation Committee (FAAC) has flagged massive shortfalls in oil revenue remittances, accusing the Nigerian National Petroleum Company Limited (NNPC) of failing to pay $42.37 billion allegedly due to the Federation Account. In its September 2025 report, FAAC’s Post-Mortem Sub-Committee (PMSC) also ordered the Office of the Accountant-General of the Federation (OAGF) to explain more than ₦2.03 trillion in unpaid taxes and royalties accrued between June and December 2023. According to the report, the disputed $42.37 billion dates back to NNPC under-remittances…

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“PIA amendments, NNPCL shake-up, naming new concessionaire threaten Nigeria’s sovereignty” – Atiku warns

Aminu Imam
Atiku warns

Former Vice-President, Atiku Abubakar, on Monday, said the plan to amend the Petroleum Industry Act (PIA), risks undermining Nigeria’s sovereignty if not properly managed. Former People’s Democratic Party (PDP), and presidential candidate in the 2023 election, Atiku Abubakar, has said the move could erode public trust, destabilise the sector and compromise our energy security. Atiku, in a statement on his X handle, (formerly twitter), noted that recent developments surrounding the proposed amendments to the Petroleum Industry Act (PIA) and the planned divestment of significant equity in key joint ventures within…

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NNPCL Boss, Ojulari raises alarm over threats

Aminu Imam
Ojulari raises alarm

…‘Nobody wants your job’ – Northern Youths fire back A fresh storm has erupted around the leadership of the Nigerian National Petroleum Company Limited (NNPCL), as its Group Chief Executive Officer, Engr. Bayo Ojulari, yesterday alleged that powerful interests are plotting to unseat him over the reforms he has initiated in the oil and gas sector. Ojulari, who disclosed this while receiving a delegation of the Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), said his life and that of some management staff were under threat because of…

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International syndicates behind oil theft in Nigeria’ – NNPCL’s Ojulari

Aminu Imam
NNPCL Ojulari

…As defence chiefs meet Crude oil theft in Nigeria is being driven by sophisticated international syndicates exploiting security gaps across the country, the Nigerian National Petroleum Company Limited (NNPCL) has warned. According to the NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, organised oil theft networks that once drained billions of dollars from Nigeria’s economy have been ‘crippled,’ with crude exports now stabilising. Speaking at the five-day African Chiefs of Defence Staff Summit in Abuja on Monday, Ojulari disclosed that intensified collaboration between defence and intelligence agencies has restored confidence…

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Energy Group sues NNPCL Executive over ₦140bn OVH energy deal 

Aminu Imam
Energy Group sues

A non-governmental organisation, the ‘Incorporated Trustees of Legal Defence Against Injustice Initiative’, has sued Nigerian National Petroleum Company Limited (NNPCL) executive, Adedapo Segun, at the Abuja High Court, seeking the refund of ₦140 billion ($325.09 million) allegedly tied to the company’s acquisition of OVH Energy. According to reports, the group wants the Court to compel Segun, who is NNPCL’s Chief Financial Officer and former Executive Vice-President, Downstream, to return the funds to the Federal Government’s treasury. It is also urging the Court to direct the Economic and Financial Crimes Commission…

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EFCC recovers billions in refinery turnaround maintenance fraud

Aminu Imam
EFCC recovers

…Moves to prosecute ex-NNPCL officials The Economic and Financial Crimes Commission (EFCC) has recovered over ₦5 billion and $10 million from contractors and former officials of the Nigerian National Petroleum Company Limited (NNPCL) indicted in the controversial turnaround maintenance of Nigeria’s refineries in Port Harcourt, Kaduna and Warri. Findings revealed that the anti-graft agency is also pursuing the recovery of an additional ₦10 billion and $13 million allegedly siphoned through inflated contracts awarded for the rehabilitation of the refineries in Port Harcourt, Kaduna, and Warri. Sources disclosed that EFCC Chairman,…

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NNPCL again raises petrol price to ₦945; second hike in 4 days

Aminu Imam
NNPCL raises

The Nigerian National Petroleum Company Limited, (NNPCL), has again increased the pump price of Premium Motor Spirit (PMS) across its retail outlets nationwide, marking the second upward adjustment in just four days. According to reports, on Friday, it was revealed that NNPCL stations in Kubwa, Lugbe Expressway, Wuse Zone-4, and Wuse Zone-5 in Abuja now sell petrol at ₦945 per litre. The exact price was recorded in NNPCL outlets in parts of Nasarawa and Kogi states. Confirming the hike, the National Chairman of the Independent Petroleum Marketers Association of Nigeria…

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NNPCL: Presidency denies sack, forceful resignation of GCEO, Ojulari

Aminu Imam
NNPCL Ojulari2

The Presidency has denied a report claiming that President Bola Tinubu has sacked, or directed, Bayo Ojulari to resign as Group Chief Executive officer (GCEO) of the Nigerian National Petroleum Company Limited, (NNPCL).  An online report published yesterday alleged that Ojulari was detained on Friday and coerced into signing a resignation letter by the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Director-General of the Department of State Service (DSS), Adeola Ajayi. According to the earlier report, sources within national security circles described the move…

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NNPCL rules out Port-Harcourt refinery sale

Aminu Imam
NNPCL rules out

‎‎The Nigerian National Petroleum Company Limited, (NNPCL) has officially ruled out the sale of the Port-Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant. Its Group Chief Executive Officer, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPCL Towers in Abuja, ending weeks of speculation over the future of the country’s most prominent state-owned refining asset. ‎A statement by the company management yesterday read: “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port-Harcourt…

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Marketers reduce petrol prices below Ɗangote, NNPCL rates

Aminu Imam
Marketers reduce

Petrol marketers have reduced their pump prices to levels below what is being offered by the Ɗangote Petroleum Refinery and the Nigerian National Petroleum Company Limited, (NNPCL). This move has triggered deel competition in the fuel market, even as Ɗangote continues to urge the Federal Government to ban fuel importation to protect local refining. For instance, SGR station in Ogun offered petrol at ₦847 on Tuesday. Meanwhile, stations associated with Ɗangote, such as MRS and Heyden, sell between ₦865 and ₦875 per litre. Depot prices have also dropped, with some…

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