‘NNPCL stake in our refinery now 7.2%’ – Aliko Ɗangote

Dangote NNPCL

Africa’s richest person, Aliko Ɗangote, has said the Nigerian National Petroleum Company Limited, (NNPCL), no longer owns 20% stake in Dangote Petroleum Refinery. Speaking during a press briefing at the refinery yesterday, Ɗangote said NNPC now owns 7.2% of the refinery over failure to pay the balance of their share, which was due in June. “NNPC no longer owns 20% stake in the Dangote Refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the…

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‘Presidency concerned over NNPC’s non-completion of P/H refinery, OB-3 gas pipeline project’ – Source

P'H refinery, gas pipeline project

The Presidency is concerned over the failure of the Nigerian National Petroleum Company (NNPC) Limited to fulfill milestones critical to the goals of President Bola Tinubu’s administration. According to insiders, Special Adviser to Tinubu on policy and coordination and Head of the Central Results Delivery Coordination Unit (CRDCU), Hadiza Bala Usman, expressed these concerns during a review of the quarterly performance assessment of the ministry of petroleum resources (Oil). A source revealed that Usman said the Government is worried about key uncompleted projects by NNPCL. Specifically, the Government official said…

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Petrol scarcity looms, as NNPC incurs $6bn payment backlogs

Fuel queues

Long queues have returned to petrol stations across Nigeria, raising concerns about fuel shortages as the Nigerian National Petroleum Company Ltd, (NNPCL), grapples with a $6 billion petrol payment backlog. According to reports, NNPCL owes approximately $6 billion to international traders for imported petrol. Traders have stated that NNPCL is taking more days to make payments, exceeding the usual 90-day period. Reuters indicated that NNPCL’s mounting debt includes overdue payments of $4 billion to $5 billion for January imports, causing several international petrol suppliers to cease participating in recent tenders.…

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NNPCL declares ‘state of emergency’ on crude oil production

NNPCL declares

In a move towards increasing Nigeria’s crude oil production and growing its reserves, the Nigeria National Petroleum Corporation, (NNPC  has declared a state of emergency on production in Nigeria’s oil and gas industry. Its Group Chief Executive Officer, (GCEO) Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja, yesterday. He said, “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil…

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‘Nigeria  under-declaring crude oil figures’ – Investigation

Crude oil figures

…As OPEC, oil traders dispute NNPCL’s figures Nigeria’s actual crude oil production figures are far above the official figures declared monthly by the supervising ministry and the two agencies saddled with the task of overseeing the nation’s upstream oil and gas sector, Business Hallmark findings have revealed. Month after month, the trio of Ministry of Petroleum Resources, Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have officially supplied Nigeria’s daily and monthly crude oil production figures to the Organisation of Petroleum Exporting Countries (OPEC)…

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Nigeria loses N636bn oil revenue, as production dips

Oil rig

The repeated slump in Nigeria’s monthly oil outputs since January 2024 has resulted in a revenue loss of about N636.3bn, findings have revealed. Oil production data obtained from a Federal Government agency indicated that Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January this year, but this nosedived to 1.25mbpd in May. Figures obtained from the Nigerian Upstream Petroleum Regulatory Commission showed that while the total volume of crude produced in January was 44.22 million barrels, it dropped to 38.8 million barrels in May. This represents a…

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FG begins N2.7tr subsidy debt probe; enlists Auditor-General

FG subsidy probe

The Federal Government has begun the proposed audit of the N2.7trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited, (NNPCL). It was gathered that an audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn. However, in the new audit, the government said it had approved the engagement of the Office of the Auditor-General of the Federation to verify the claims made by the Corporation regarding the amount the Federal Government owes the oil firm. This process was confirmed by the Director, Home…

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‘I spent N4,100 instead of N28,000 on fuel’ — Nigerians excited, as NNPCL’s CNG station begins operation

NNPCL’s CNG station

Nigerians are excited about the cost-effectiveness of Compress Natural Gas (CNG) as the Nigerian National Petroleum Company Gas Marketing Ltd begins dispensing autogas in Lagos. “We are pleased to announce that Compressed Natural Gas (CNG) is now available for purchase at our location, catering to both cars and trucks,” the company’s Chief Corporate Communications Officer, Femi Soneye, said, while announcing the opening of the CNG filling station on Thursday. Since the removal of fuel subsidies by President Bola Ahmed Tinubu in May 2023, NNPC Limited has been spearheading the nation’s…

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NNPC to start oil exploration in Ogun – Govt.

Ogun Govt

Ogun State Government has disclosed  that the Nigerian National Petroleum Company Limited (NNPCL) is set to begin oil and gas exploration in the State. In an issued statement on Friday, the State government said the development would make its quest to become an oil-producing State materialise soon. The statement noted that stakeholders in the oil and gas industry were received at the office of  Ogun State Governor, Dapo Abiodun, and his Deputy, Noimot Salako-Oyedele, to discuss the prospect. Speaking at the meeting, Minister of State for Petroleum Resources (Oil),  Heineken…

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FG to conduct fresh audit of NNPCL’s N2.8tr fuel subsidy claim

NNPCL

The Federal Government says it plans to commence a fresh audit of the N2.8 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited, (NNPCL). This plan was disclosed during the Federal Account Allocation Committee (FAAC) meeting held in March 2024, a copy recently released to newsmen revealed. The development comes after an audit firm, KPMG, conducted an initial audit which slashed the claims from N6 trillion to N2.7 trillion. To achieve this, the Government is considering either engaging an external audit firm or directing the Office of the…

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