Tag: NNPCL

?Fuel hits N1,000/litre, as scarcity bites harder in Lagos, Abuja, Kaduna

Aminu Imam
Fuel scarcity

…’Cause of tightness resolved’ – NNPC Fuel scarcity is biting hard on Lagos Abuja Kaduna residents, as motorists are forced to buy the product for as high as N1, 100 per liter from black marketers. According to reports, many passengers going to work and their business premises were stranded following the scarcity of fuel across the State and very few commercial operators were providing services. Most filling stations were not dispensing fuel, and the few which had the product hiked the pump price to between N750 and N810 per litre.…

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NNPCL, partner begin oil production at OML 85

Aminu Imam
NNPCL

…Target 20,000bpd The Nigerian National Petroleum Company Limited (NNPCL) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Ltd, have commenced oil production from the asset, also known as Madu Field. This was contained in a statement by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, yesterday. Production from the field, which is located in shallow waters offshore Bayelsa State and operated by First E&P, is expected to be at an average of 20,000 barrels per day, (bpd). Speaking on the development, the NNPCL Group…

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Senate probes NNPCL, NIMASA, 772 others

Aminu Imam
Senate probes

The 10th Senate is probing the financial records of 774 federal agencies including the Nigerian National Petroleum Corporation Limited, and the Nigerian Maritime Administration and Safety Agency, (NIMASA) based on the queries raised against them in the 2019 report of the Auditor-General for the Federation. The Chairman, Senate Public Account Committee, Aliyu Wadada, disclosed this on Friday in Nasarawa State, while speaking with newsmen. He said, “We are currently looking into the books of 774 Ministries, Department and Agencies, (MDAs), to see what was appropriated to them and check whether…

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Kolmani River oil drilling: ”Account for funds spent on campaign” - IPMAN tells NNPC

Aminu Imam

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stressed the need for the Nigerian National Petroleum Company Limited (NNPC) to explain to Nigerians how funds deployed for the drilling of oil at the Kolmani River between Bauchi and Gombe States were expended. Principal Consultant to IPMAN, Maurice Ibe, who made the call  during a television programme on Wednesday, also joined other enthusiastic Nigerians in welcoming the eventual supplying of diesel and jet-fuel to the local market, but cautioned that the impact of the supplies would not be felt by…

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Crude Oil theft: Nigeria lost N2.3tr in 2023, despite paying Tompolo’s company N48bn annually for security – NNPCL

Aminu Imam

?…Says it can’t handle situation Despite contracting a private security firm for N48 billion per year, the Nigerian National Petroleum Company Ltd. has stated that it still cannot deal with the scale of oil theft in the country. Group Chief Executive Officer of the NNPCL, Mele Kyari, who revealed this on Wednesday during an oversight visit by the House of Representatives special committee, Nigeria has been struggling to meet its production target because of the scale of oil theft on its pipelines across the country. In 2023 alone, Nigeria lost…

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Alleged $2.4bn bribe: Top NNPC official charged by FBI in U.S. on Addax Petroleum case

Aminu Imam

A senior Nigerian National Petroleum Corporation (NNPC) has been slammed with bribery and tax-related charges in the United States, according to court filings. A jury recently returned a three-count indictment against Paulinus Iheanacho Okoronkwo after the Federal Bureau of Investigation found that he used his position as a general manager in NNPC’s upstream department to obtain at least $2.1 million in bribes. The alleged bribe was to assist Addax Petroleum escape its $2.4 billion liability to Nigeria as part of an oil-lifting contract that began in 2001, the January 10,…

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“NNPCL should’ve sold Port-Harcourt refinery, not hand over to private firm”– Atiku

Aminu Imam

The Peoples Democratic Party (PDP) presidential candidate in the 2023 Elections, Atiku Abubakar, has said the Nigerian National Petroleum Company Limited, (NNPCL), should have sold the Port-Harcourt refinery to avoid debt. Atiku, who was reacting to the decision of NNPCL to hand over the Port-Harcourt refinery to a private firm to operate and maintain, noted that the country’s oil firm must explain to Nigerians what they stand to gain by handing over the refinery to a private firm. Posting on X, the former Vice President lamented that all his suggestions…

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Dispute with Marketers: NNPCL denies petrol price increment to N1, 200

Aminu Imam

… Says subsidy ‘entirely removed’  The Nigerian National Petroleum Company (NNPC) Limited has debunked reports that it plans to increase the price of petrol to N1, 200 per litre. Reports emerged yesterday that NNPC will announce a new increase in the price of fuel across the country.  However, reacting to the report which has generated mixed reactions, NNPC said there are no plans to hike the price of fuel. The statement, which was signed by the NNPC’s Group Communications, Officer, Olufemi Soneye, read: “NNPC Ltd emphasises that it has not…

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‘NNPCL not transparent on subsidy, dollar revenues’ – W’Bank

Aminu Imam

The World Bank has said the Nigeria National Petroleum Corporation Limited (NNPCL) is not transparent about the financial gains from fuel subsidy removal, disclosed. The Washington-based made this call in its Nigeria Development Update, December 2023 edition, titled, ‘Turning the Corner (from reforms and renewed hope, to results)”. This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. Recall that the Minister of Finance and Coordinating Minister of Economy, Wale Edun, recently revealed that the Government was ready…

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‘Disclose Nigeria’s daily oil production, export details’, SERAP urges NNPCL

Aminu Imam

Socio-Economic Rights and Accountability Project (SERAP) has called on the Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, to “promptly publish details of barrels of oil Nigeria produces and exports every day. In the letter dated December 9, 2023 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation urged him “to disclose how much of the revenues generated from oil have been remitted to the public treasury since the removal of subsidy on petrol”. The group also called on him to disclose the total amounts…

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