Tag: NNPCL

SERAP sues NNPCL over alleged ₦5.9bn rebranding cost

Aminu Imam
SERAP sues NNPCL

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for about ₦5.9 billion reportedly spent on the incorporation, transition and rebranding of NNPC into NNPCL. The suit, marked FHC/ABJ/CS/1248/2026, was filed last week at the Federal High Court in Abuja. SERAP is seeking an order of mandamus to compel the NNPCL to account for the funds allegedly spent on the rebranding exercise. According to SERAP, the NNPC reportedly paid ₦2.9 billion for incorporation expenses…

Read More

₦210tr Audit Queries: Senate issues arrest warrant on ex-NNPCL GCEO, Mele Kyari

Aminu Imam
Senate summon Kyari

The Senate Committee on Public Accounts has issued a warrant of arrest on former Group Chief Executive Officer, GCEO, of Nigerian National Petroleum Company Limited, (NNPCL), Mele Kyari, over his alleged repeated refusal to honour the committee’s summons. The committee had invited leadership of NNPCL to appear before it to respond to audit queries involving a cumulative sum of ₦210 trillion spanning 2017 to 2023. According to reports, the audit queries emanated from the audit report of the Office of the Auditor-General for the Federation on expenditures of Ministries, Department…

Read More

“Too much corruption, they’ll never work again’ – Obasanjo slams NNPCL refineries, amid fresh revival plans

Aminu Imam
Obasanjo slams NNPCL refineries

Former President Olusegun Obasanjo has reignited debate over Nigeria’s troubled refining sector, declaring that the country’s state-owned refineries may never function effectively again due to deep-rooted corruption, poor maintenance, and structural inefficiencies. Obasanjo made the remarks during a televised interview aired at the weekend, as the Nigerian National Petroleum Company Limited (NNPCL) continues efforts to secure technical partners for the Port-Harcourt, Warri, and Kaduna refineries, with a target to conclude the process by June 2026. Drawing from his experience in office, the former president argued that government-run enterprises in Nigeria…

Read More

Alleged missing NNPCL ₦210tr: “Publish names implicated or face legal action” – SERAP to Akpabio

Aminu Imam
SERAP to Akpabio

The Socio-Economic Rights and Accountability Project (SERAP), has urged the Senate President, Godswill Akpabio, to direct the Senate’s Public Accounts Committee to publish the names and designations of all officials implicated in the alleged ₦200 trillion missing or unaccounted for from the Nigerian National Petroleum Company Limited, (NNPCL), regardless of their social or political status. SERAP urged him to direct the Committee to widely disclose details of the ongoing investigation, including audit reports, financial records, and official communications relied upon by the Committee, as well as the timelines for when…

Read More

Revenue remittances: FG orders forensic audit of NNPCL, NUPRC 

Aminu Imam
FG orders audit

The Federal Government has launched a comprehensive forensic audit of past revenue collections by key agencies in the oil and gas sector, including the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The investigation, which will also cover the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and other operators, is designed to recover any outstanding sums due to the Federation following President Bola Tinubu’s recent Executive Order mandating the direct remittance of all oil and gas revenues into the Federation Account. According to…

Read More

Tinubu orders NNPCL to remit oil taxes, royalties directly

Aminu Imam
Tinubu orders NNPCL

President Bola Tinubu has suspended the collection of management and frontier exploration fees by the Nigerian National Petroleum Company Limited (NNPCL) as part of a sweeping Executive Order aimed at safeguarding oil and gas revenues due to the Federation. The directive, announced in a statement yesterday by the Assistant Director of Information and Public Relations at the Federal Ministry of Finance, Uloma Amadi, also orders the direct remittance of taxes, royalties, and profit oil under Production Sharing Contracts to the appropriate fiscal authorities, effectively blocking deductions at source. According to…

Read More

“$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…

Read More

“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…

Read More

“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…

Read More

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…

Read More