Tag: NNPCL

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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International syndicates behind oil theft in Nigeria’ – NNPCL’s Ojulari

Aminu Imam
NNPCL Ojulari

…As defence chiefs meet Crude oil theft in Nigeria is being driven by sophisticated international syndicates exploiting security gaps across the country, the Nigerian National Petroleum Company Limited (NNPCL) has warned. According to the NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, organised oil theft networks that once drained billions of dollars from Nigeria’s economy have been ‘crippled,’ with crude exports now stabilising. Speaking at the five-day African Chiefs of Defence Staff Summit in Abuja on Monday, Ojulari disclosed that intensified collaboration between defence and intelligence agencies has restored confidence…

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Energy Group sues NNPCL Executive over ₦140bn OVH energy deal 

Aminu Imam
Energy Group sues

A non-governmental organisation, the ‘Incorporated Trustees of Legal Defence Against Injustice Initiative’, has sued Nigerian National Petroleum Company Limited (NNPCL) executive, Adedapo Segun, at the Abuja High Court, seeking the refund of ₦140 billion ($325.09 million) allegedly tied to the company’s acquisition of OVH Energy. According to reports, the group wants the Court to compel Segun, who is NNPCL’s Chief Financial Officer and former Executive Vice-President, Downstream, to return the funds to the Federal Government’s treasury. It is also urging the Court to direct the Economic and Financial Crimes Commission…

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EFCC recovers billions in refinery turnaround maintenance fraud

Aminu Imam
EFCC recovers

…Moves to prosecute ex-NNPCL officials The Economic and Financial Crimes Commission (EFCC) has recovered over ₦5 billion and $10 million from contractors and former officials of the Nigerian National Petroleum Company Limited (NNPCL) indicted in the controversial turnaround maintenance of Nigeria’s refineries in Port Harcourt, Kaduna and Warri. Findings revealed that the anti-graft agency is also pursuing the recovery of an additional ₦10 billion and $13 million allegedly siphoned through inflated contracts awarded for the rehabilitation of the refineries in Port Harcourt, Kaduna, and Warri. Sources disclosed that EFCC Chairman,…

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