Tag: NNPCL

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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NNPCL boosts FG revenue with ₦8.86tr remittance

Aminu Imam
NNPCL boosts FG revenue

The Nigerian National Petroleum Company Limited, (NNPCL), has remitted over ₦8.86 trillion as statutory payment between January and July 2025. The figure was disclosed in the company’s August report,  According to the report, crude oil and condensates production for August stood at 1.65 million barrels per day (mbpd), while natural gas production was 6.949 million standard cubic feet (scf) per day. The company further revealed that it generated ₦4.65 trillion in revenue during the month, with a profit after tax of ₦539 billion. On its strategic efforts, NNPC Ltd said…

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FAAC exposes $42.4bn NNPC under-remittance

Aminu Imam
FAAC exposes

…Queries OAGF over ₦2tr unpaid taxes  The Federation Accounts Allocation Committee (FAAC) has flagged massive shortfalls in oil revenue remittances, accusing the Nigerian National Petroleum Company Limited (NNPC) of failing to pay $42.37 billion allegedly due to the Federation Account. In its September 2025 report, FAAC’s Post-Mortem Sub-Committee (PMSC) also ordered the Office of the Accountant-General of the Federation (OAGF) to explain more than ₦2.03 trillion in unpaid taxes and royalties accrued between June and December 2023. According to the report, the disputed $42.37 billion dates back to NNPC under-remittances…

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“PIA amendments, NNPCL shake-up, naming new concessionaire threaten Nigeria’s sovereignty” – Atiku warns

Aminu Imam
Atiku warns

Former Vice-President, Atiku Abubakar, on Monday, said the plan to amend the Petroleum Industry Act (PIA), risks undermining Nigeria’s sovereignty if not properly managed. Former People’s Democratic Party (PDP), and presidential candidate in the 2023 election, Atiku Abubakar, has said the move could erode public trust, destabilise the sector and compromise our energy security. Atiku, in a statement on his X handle, (formerly twitter), noted that recent developments surrounding the proposed amendments to the Petroleum Industry Act (PIA) and the planned divestment of significant equity in key joint ventures within…

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NNPCL Boss, Ojulari raises alarm over threats

Aminu Imam
Ojulari raises alarm

…‘Nobody wants your job’ – Northern Youths fire back A fresh storm has erupted around the leadership of the Nigerian National Petroleum Company Limited (NNPCL), as its Group Chief Executive Officer, Engr. Bayo Ojulari, yesterday alleged that powerful interests are plotting to unseat him over the reforms he has initiated in the oil and gas sector. Ojulari, who disclosed this while receiving a delegation of the Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), said his life and that of some management staff were under threat because of…

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