Tag: NNPCL

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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NNPCL again raises petrol price to ₦945; second hike in 4 days

Aminu Imam
NNPCL raises

The Nigerian National Petroleum Company Limited, (NNPCL), has again increased the pump price of Premium Motor Spirit (PMS) across its retail outlets nationwide, marking the second upward adjustment in just four days. According to reports, on Friday, it was revealed that NNPCL stations in Kubwa, Lugbe Expressway, Wuse Zone-4, and Wuse Zone-5 in Abuja now sell petrol at ₦945 per litre. The exact price was recorded in NNPCL outlets in parts of Nasarawa and Kogi states. Confirming the hike, the National Chairman of the Independent Petroleum Marketers Association of Nigeria…

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NNPCL: Presidency denies sack, forceful resignation of GCEO, Ojulari

Aminu Imam
NNPCL Ojulari2

The Presidency has denied a report claiming that President Bola Tinubu has sacked, or directed, Bayo Ojulari to resign as Group Chief Executive officer (GCEO) of the Nigerian National Petroleum Company Limited, (NNPCL).  An online report published yesterday alleged that Ojulari was detained on Friday and coerced into signing a resignation letter by the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Director-General of the Department of State Service (DSS), Adeola Ajayi. According to the earlier report, sources within national security circles described the move…

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NNPCL rules out Port-Harcourt refinery sale

Aminu Imam
NNPCL rules out

‎‎The Nigerian National Petroleum Company Limited, (NNPCL) has officially ruled out the sale of the Port-Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant. Its Group Chief Executive Officer, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPCL Towers in Abuja, ending weeks of speculation over the future of the country’s most prominent state-owned refining asset. ‎A statement by the company management yesterday read: “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port-Harcourt…

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Marketers reduce petrol prices below Ɗangote, NNPCL rates

Aminu Imam
Marketers reduce

Petrol marketers have reduced their pump prices to levels below what is being offered by the Ɗangote Petroleum Refinery and the Nigerian National Petroleum Company Limited, (NNPCL). This move has triggered deel competition in the fuel market, even as Ɗangote continues to urge the Federal Government to ban fuel importation to protect local refining. For instance, SGR station in Ogun offered petrol at ₦847 on Tuesday. Meanwhile, stations associated with Ɗangote, such as MRS and Heyden, sell between ₦865 and ₦875 per litre. Depot prices have also dropped, with some…

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Again, NNPCL reduces petrol price

Aminu Imam
NNPCL on petrol

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of premium motor spirit (PMS), better known as petrol, marking the second downward adjustment within one week. A reduction of ₦5 from the previous price of ₦895 was implemented across several NNPCL retail outlets in Abuja, including locations along the Kubwa Expressway, Gwarimpa, and Wuse Zone-4. According to reports, the new price of a litre of petrol at NNPCL”s retail outlets in Ibadan, Oyo State, has been pegged at ₦875. The latest adjustment comes barely a week after…

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NNPCL rakes in ₦905bn profit, remits ₦6.96tr to FG in 6 months

Aminu Imam
NNPCL rakes in

The Nigerian National Petroleum Company (NNPC) Limited has announced that it made a profit after tax (PAT) of ₦905 billion for the month of June 2025. This impressive figure comes alongside a total statutory remittance of ₦6.96 trillion between January and June. The disclosures were contained in the NNPCL’s recently released report titled: ‘NNPC Limited Monthly Report Summary — June 2025’. The NNPCL said the figure dropped by 13.81% from ₦1.05 trillion in May, adding that it recorded a revenue of ₦4.57 trillion in the same period — down by…

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Senate probes ₦200tr discrepancies in NNPCL’s audit reports 

Aminu Imam
Senate NNPCL probes

…Lawmakers demand GCEO, Ojulari appearance  The  10th Senate is demanding answers over ₦200 trillion in discrepancies found in the Nigerian National Petroleum Company Limited’s (NNPCL) legacy audit reports, insisting that its Group Chief Executive Officer, Bayo Ojulari, must appear in person before its Public Accounts Committee. At stake are 11 audit queries in NNPCL’s financial statements- transactions that predate Ojulari’s appointment. Yet, today, the issue has become a potent symbol of Nigeria’s enduring struggle with transparency and accountability in its petroleum sector. Ojulari, appointed recently, has yet to testify, citing…

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