Tag: NNPCL

After gulping ‘$18bn in repairs, NNPCL may sell P’Harcourt, Kaduna, Warri refineries – GCEO

Aminu Imam
NNPCL on refineries

Citing complications in revamping the Port-Harcourt, Warri and Kaduna refineries, the Nigerian National Petroleum Company Limited (NNPCL) has revealed that the facilities could be sold off. The decision came after the moribund refineries had allegedly gulped about $18 billion in turnaround maintenance. The NNPCL Group Chief Executive Officer (CEO), Bayo Ojulari, disclosed the possible sale of the refineries on the sidelines of the Organisation of Petroleum Exporting Countries (OPEC) International Seminar in Vienna, Austria on Thursday. Ojulari, who spoke with Bloomberg, said the NNPCL was reassessing its refinery strategies and…

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Outrage, as NNPCL fails to account for ₦210tr

Aminu Imam
NNPCL fails

…Transparency Int’l demands probe Public outrage has erupted over the alleged disappearance of ₦210 trillion from NNPCL’s 2017–2023 audited financials, revealed during a Senate hearing. The Senate Committee on Public Accounts issued a one-week ultimatum for NNPCL to explain. Recall that on Wednesday last week, at a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada, the Nigerian public was exposed to the missing ₦210 trillion on NNPCL’s audited statement. Wadada did not mince words when he and his committee issued a one-week ultimatum to NNPCL to…

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NNPCL hikes petrol price to ₦945 in Abuja, ₦915 in Lagos, amid global oil tensions

Aminu Imam
NNPCL hikes petrol price

The Nigerian National Petroleum Company Limited, (NNPCL) has quietly increased the pump price of Premium Motor Spirit (PMS), better known as petrol, to ₦915 per litre in Lagos and ₦945 per litre in Abuja, amid growing global oil market volatility triggered by escalating tensions between Iran and Israel. This marks a ₦45 increase in Lagos from the previous ₦870 and a ₦35 rise in Abuja from the prior ₦910 per litre, as confirmed by checks at various NNPCL retail outlets across both cities yesterday. The increase follows Ɗangote Refinery’s hike…

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SERAP sues NNPCL over ‘missing’ N500bn oil funds 

Aminu Imam
SERAP sues NNPCL

The Socio-Economic Rights and Accountability Project, (SERAP), has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over an alleged missing N500bn. The rights group said the NNPCL was unable to account for and explain the whereabouts of the money which it failed to remit to the Federation Account between October 2024 and December 2024. The suit followed the recent allegations by the World Bank that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of…

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NNPCL shuts down Port-Harcourt Refinery

Aminu Imam
NNPC on P'H refinery

The Nigerian National Petroleum Company Limited (NNPCL) has officially announced the shutdown of the Port-Harcourt Refining Company. In an issued statement yesterday, the NNPCL said that the facility will be shut down for a month for maintenance activities. According to the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, the shutdown will commence yesterday. “NNPC Ltd wishes to inform the general public that the Port Harcourt Refining Company will undergo a planned maintenance shutdown. This scheduled maintenance and sustainability assessment will commence on May 24, 2025”, he said. Soneye added that…

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NNPCL: SERAP urges Ojulari to invite EFCC, ICPC to probe missing ₦500bn

Aminu Imam
SERAP urges probe

Socio-Economic Rights and Accountability Project (SERAP) has urged the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited, (NNPCL), Bayo Ojulari,  “to account for and explain the whereabouts of the missing ₦500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank”. SERAP urged Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC)…

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Alleged flagrant disregard of federal character: Senate probes NNPCL, NUPRC, NPA others 

Aminu Imam
Senate probes NNPCL

The 10th Senate has opened  investigative hearings into the alleged abuse and ineffective implementation of the federal character principle by key government agencies, marking a renewed push for equity in public recruitment and infrastructure distribution. The hearings, which is taking place at the Equal Opportunities Hearing Room 211 in the Senate Building at the National Assembly Complex, Abuja, are being led by the Senate Committee on Federal Character and Inter-Governmental Affairs, chaired by Senator Allwell Heacho Onyesoh (Rivers-East). This move follows a Motion raised in March by Senator Osita Ngwu…

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‘NNPCL fails to remit ₦13.7tr to Federation Account’

Aminu Imam
NNPCL fails to remit

The Nigerian National Petroleum Company Limited (NNPCL) has failed to remit ₦13.763 trillion in revenue to the Federation Account, according to a document obtained from the Federal Accounts Allocation Committee, (FAAC), after its January 2025 meeting. The document reveals that between 2012 and 2024, NNPCL was expected to remit ₦27.28 trillion from domestic crude sales but deposited only ₦13.524 trillion, leaving a shortfall of ₦13.763 trillion. This comes amid recent allegations by the Auditor-General of the Federation, (AGF), who accused NNPCL of diverting ₦2.68 trillion and $9.77 trillion in the…

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Tinubu set to appoint new NNPCL GCEO, Board chairman

Aminu Imam
Tinubu on new NNPCL

President Bola Ahmed Tinubu is reportedly making significant changes at the helm of the Nigerian National Petroleum Company Limited (NNPCL).  According to reports, plans are underway to replace the current Group Chief Executive Officer, (GCEO), Mele Kyari, with Bayo Ojulari, a former Managing Director of Shell Nigeria Exploration and Production Company, (SNEPCo). In addition to this change, Ahmadu Musa Kida, a seasoned oil and gas professional and former Deputy Managing Director of Total Oil, is set to take over as the new Chairman of the NNPCL Board. This move will…

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Petrol: ‘Marketers ditch NNPCL, as price war with Ɗangote Refinery intensifies’ – IPMAN

Aminu Imam
Marketers ditch NNPCL

The Independent Petroleum Marketers Association, (IPMAN), has disclosed that its members are already severing ties with the Nigerian National Petroleum Company Limited, (NNPCL) franchise for cheaper deals. IPMAN’s spokesperson, Chinedu Ukadike, made this known on Tuesday. The development is not unconnected to the marketer’s search for deals that offer better return on investment amid the ongoing price war between the State-owned oil firm and the Ɗangote Refinery. It is gathered that filling stations in Lagos, specifically located around Wawa on the Lagos-Ibadan Expressway, as well as at Ibafo, still along…

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