Tag: NNPCL

“$1.5bn spent on P’Harcourt refinery with no fuel to show for it” – Atiku blasts NNPCL 

Aminu Imam
Atiku on refineries

Former Vice-President, Atiku Abubakar, has criticised the Nigerian National Petroleum Company Limited (NNPCL) over its reported admission that reopening the Port Harcourt Refinery is no longer economically viable, describing the development as a vindication of his long-held call for the privatisation of Nigeria’s refineries. In a statement shared on his official X handle yesterday, Atiku said the acknowledgement by the national oil company, after spending about $1.5 billion on the refinery, confirms that continued public investment in the country’s moribund refineries is a waste of scarce resources. “At last, the…

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“NNPCL refineries unsustainable, we were wasting public funds” – Ojulari

Aminu Imam
Ojulari on refineries

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has openly admitted that Nigeria’s state-owned refineries were operating at massive losses, prompting his administration to halt their operations to prevent further financial damage to the country. Ojulari made the revelation yesterday in Abuja during a fireside chat, titled: ‘Securing Nigeria’s Energy Future’, at the Nigeria International Energy Summit 2026, where he delivered one of the most candid assessments yet of the nation’s troubled refining sector. According to him, the shutdown was necessary to prevent…

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“Tinubu’s NNPCL debt waiver, breaches Constitution, grounds for impeachment” – ADC

Aminu Imam
ADC on NNPC debt waiver

The African Democratic Congress, (ADC), has condemned President Bola Ahmed Tinubu’s approval of a debt waiver for the Nigerian National Petroleum Company Limited (NNPCL), describing the move as unconstitutional, and a violation of Section 162 of the 1999 Constitution, (as amended). The party’s reaction follows reports that President Tinubu authorised the cancellation of a substantial portion of NNPCL’s legacy debts amounting to about ₦7.6 trillion owed to the Federation Account. The decision has sparked widespread criticism, with civil society organisations and legal experts warning that it undermines transparency, fiscal discipline…

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FG writes-off $1.42bn, N5.57tr NNPCL debt

Aminu Imam
FG writes off NNPCL debt

President Bola Tinubu has approved the cancellation of a substantial portion of the debts owed by the Nigerian National Petroleum Company Limited, (NNPCL) to the Federation Account, wiping off about $1.42billion and N5.57trillion after a reconciliation of records between both parties. This is contained in a document prepared by the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), and presented at the November meeting of the Federation Account Allocation Committee, (FAAC). The report is titled: ‘Report of October 2025 Revenue Collection Presented at the Federation Account Allocation Committee Meeting Held on 18th…

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NNPCL slashes petrol price by ₦80, 48hrs after previous adjustment

Aminu Imam
NNPCL slashes

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, just 48 hours after its previous adjustment. ​A survey of filling stations in Lagos and the Federal Capital Territory (FCT), Abuja, on Thursday revealed that several NNPCL outlets have adjusted their prices downward. In Lagos, petrol now sells at ₦840 per litre, representing a 35% reduction from the previous price of ₦875. In Abuja, the pump price dropped to ₦835 per litre from ₦915, marking a significant decrease of ₦80.…

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Court orders Tinubu, NNPCL boss, EFCC to respond to suit seeking Ojulari’s sack

Aminu Imam
Court orders

A High Court of the Federal Capital Territory (FCT) has issued an order directing President Bola Tinubu and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to respond to a request to compel the President to suspend him from office pending the determination of a suit querying his competence for the job. Justice Mohammed Madugu (sitting in the Bwari division of the court) issued the order in a ruling on an ex-parte motion filed by a group, the Incorporated Trustees of Initiative for…

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Atiku camp accuses Tinubu of “₦17.5tr pipeline security scam”

Aminu Imam
Atiku camp accuses

…Says spending outstrips 12yrs of fuel subsidy The Atiku Media Office has launched a scathing attack on President Bola Ahmed Tinubu’s administration following revelations that the Nigerian National Petroleum Company Limited (NNPCL) allegedly spent a staggering ₦17.5 trillion within one year on “pipeline security and related costs”. In a strongly-worded statement issued yesterday in Abuja, the opposition bloc described the expenditure as “one of the most brazen financial scandals in Nigeria’s history”. The group said the amount reportedly spent on opaque security contracts in just 12 months nearly equals the…

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NNPCL spends ₦17.5tr on pipeline, fuel security in 2024

Aminu Imam
NNPCL spends

The Nigerian National Petroleum Company Limited (NNPCL) paid a total of ₦7.1 trillion as subsidy for premium motor spirit (PMS) in 2024, this sum represents a 47.9% increase from ₦4.8 trillion recorded in 2023. This is despite the government’s announcement of subsidy removal in 2023. The company explained that the amount, which it termed ‘energy security expense’ arises when there is differential between the exchange rate used to freeze the premium motor spirit ex-coastal price and the prevailing rate at the point of import settlement. According to the report, government…

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Senate orders NNPCL to refund unaccounted ₦210tr to Federation Account

Aminu Imam
Senate orders NNPCL

…As Oshiomhole slams Ojulari for covering records of fraud The Senate has ordered the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion in unaccounted funds to the Federation Account after rejecting the company’s explanations over the missing sum. Recall that the Senator representing Edo-North, Adams Oshiomhole, on Thursday slammed the NNPCL Group Managing Director (GMD), Bayo Ojulari, over an alleged attempt to cover up fraud in the state-owned oil company’s financial records. Oshiomhole made the allegation during a session of the Senate Committee on Public Accounts, which rejected…

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SERAP demands NNPCL to account for missing oil revenue

Aminu Imam
SERAP demands NNPCL

…Threatens legal action Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL), Bayo Ojulari, to “account for the alleged missing N22.3 billion, USD$49.7 million, £14.3 million and €5.2 million oil money, as documented in the recently published 2022 annual report by the Auditor-General of the Federation.” SERAP said the annual report was published on 9 September 2025. SERAP urged Ojulari “to identify those responsible for the diverted or misappropriated oil money and hand them over to the Independent…

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