Tag: NNPCL

Auditor-General’s report implicates NNPCL in ₦2.68tr, $9.77m funds diversion

Aminu Imam
Report on NNPCL illegally deduction2

…Evades probe A report by the Auditor-General of the Federation (OAuGF) has implicated the Nigerian National Petroleum Company Limited (NNPCL), of fund misappropriation, revenue diversion of ₦2.68tr and $9.77m over four years. According to audit reports submitted to the 10th National Assembly, the findings also reveal widespread financial irregularities and disregard for transparency. Key infractions highlighted include: unauthorised deductions of ₦1.33 trillion in 2017, ₦681 billion in 2019, ₦151 billion in 2020, and ₦514 billion in 2021. Violations of the Constitution and Financial Regulations were noted, with NNPCL failing to…

Read More

NNPCL debt burden to persist until 2029, amid rising crude demand

Aminu Imam
NNPC debt burden

The Nigerian National Petroleum Company Limited, (NNPCL), is projected to service crude-for-loan obligations until 2029, driven by increasing demand from domestic refineries. The debt, tied to several crude-for-loan deals amounting to $8.86 billion, involves pledging 272,500 barrels of crude oil daily to repay loans. This equates to about 8.17 million barrels per month, as revealed by the Nigeria Extractive Industries Transparency Initiative (NEITI) and NNPCL’s financial reports. Rising local demand is fueled by the operational Port Harcourt and Warri refineries, along with the $20 billion Ɗangote Refinery. These facilities will…

Read More

‘NNPCL illegally deducted ₦426bn under Buhari’s watch as Petroleum minister’ – Report

Aminu Imam
Report on NNPCL illegally deduction

The Nigerian National Petroleum Corporation Limited, (NNPCL), allegedly made unauthorised deductions amounting to ₦426 billion from the federation’s revenue in a single year under former President Muhammadu Buhari, who at that time also served as Minister of Petroleum Resources. This revelation comes from a report by the Foundation for Investigative Journalism (FIJ), which cited a 2021 audit conducted by the Office of the Auditor-General of the Federation (AuGF), published in November 2024, that reviewed NNPCL’s operations between 2020 and 2021. The audit identified significant financial irregularities, with the NNPCL reportedly…

Read More

Marketers demand sale of 2 refineries, as NNPCL slashes prices again 

Aminu Imam
Oil marketers demand

…Begin fuel loading from Warri refinery   The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the Federal Government to privatise government-run refineries, allow competition, and boost transparency, accountability and investment in infrastructure, in order to enhance operations in the downstream sector.  The marketers, who made the demand in its ‘2024 Retrospective and Outlook’ document, released at the weekend,  urged the Federal Government to privatise Warri and Kaduna refineries. They also asked the Government to enforce local content development, boost the effectiveness of compressed natural gas (CNG) in…

Read More

“Account for missing ₦825bn, $2.5bn for refinery repairs” – SERAP urges NNPCL

Aminu Imam
SERAP urges NNPCL

…Calls for EFCC, ICPC involvement The Socio-Economic Rights and Accountability Project, (SERAP), has urged the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to “account for and explain the whereabouts of the alleged missing ₦825bn and $2.5bn meant for ‘refinery rehabilitation’ and other oil revenues, as documented in the 2021 annual report by the Auditor-General of the Federation”. According to SERAP, the annual report was published on Thursday 27th November, 2024. SERAP urged Kyari “to identify those suspected to be responsible for the…

Read More

Obasanjo slams NNPCL over invitation to inspect refineries

Aminu Imam
Obasanjo slams NNPCL

…Says ‘it’s disrespectful’ Former President of Nigeria, Chief Olusegun Obasanjo, has berated the Nigerian National Petroleum Company Ltd., (NNPCL), over an invitation extended to him to inspect refineries, noting that it is disrespectful. The state oil company had through its spokesperson, Olufemi Soneye, invited the former president for a tour of the Port-Harcourt and Warri refineries. The corporation’s invitation followed an interview on a television programme on Thursday, during which Obasanjo recounted failed efforts to privatise oil plants in the country. The former president expressed frustration over the mismanagement of…

Read More

‘Warri Refinery produces only diesel and kerosene, not petrol’ – Staff

Aminu Imam
Warri Refinery

The Warri Refining and Petrochemicals Company (WRPC) in Delta State has resumed limited operations, producing only Automotive Gas Oil (diesel) and Dual Purpose Kerosene, according to workers at the facility.  Despite the plant’s 125,000 barrels-per-day (bpd) capacity, it was gathered that two of its three processing units remain non-functional, hindering the production of Premium Motor Spirit (a.ka petrol), the most in-demand fuel. NNPCL Group CEO Mele Kyari, during a recent visit to the refinery, claimed progress, though staff disclosed ongoing challenges. The tour had also included the Chief Executive Officer…

Read More

NNPCL, ?angote slashes petrol price

Aminu Imam
NNPCL, ?angote slashes

…?angote commends Tinubus naira-for-crude swap deal Days after the Dangote Refinery slashed its own price to ?899.50, the Nigerian National Petroleum Company Limited (NNPCL) has also reduced price of petrol to to ?899 per litre. The  Petroleum Products Retail Outlets Owners Association of Nigeria’s National Public Relations Officer, Dr. Joseph Obele, who confirmed the development in an statement yesterday, said: The NNPCL has taken a significant step in response to the competitive impact of deregulation in the downstream sector. The company recently reduced the ex-depot price of Premium Motor Spirit…

Read More

$1bn investment: ?angote Refinery refutes NNPCLs liquidity crisis claim

Aminu Imam
?angote Refinery refutes

The ?angote Group has refuted the recent claim by the Nigerian National Petroleum Company Limited (NNPCL) that its $1 billion investment aided the ?angote Refinery pull through its liquidity challenges. Chief Branding and Communications officer of the ?angote Group, Anthony Chiejina, made this clarification in an issued statement to newsmen yesterday. NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, had stated that the company secured a $1 billion loan, backed by crude oil, to support the ?angote Refinery during liquidity challenges. Soneye, who addressed energy relations stakeholder engagement in Abuja on…

Read More

P’Harcourt Refinery: CSO challenges NNPCL over alleged sale of blended fuel

Aminu Imam
CSO challenges NNPCL

A civil society organisation, CSO, Concerned Citizens of Nigeria, yesterday raised concerns over the announcement by the Nigerian National Petroleum Company Limited (NNPCL) that the Port-Harcourt Refinery has commenced operations. Recall that the NNPCL had on Tuesday announced that the refinery has commenced operations at 70% capacity. President Bola Tinubu, who congratulated the NNPCL on the achievement, also directed the company to revive the Warri and Kaduna refineries. However, at a press briefing in Abuja yesterday, the CSO voiced concerns over allegations that the refinery has been converted into a…

Read More