Saturday, May 15

Tag: nnpc

We Are Not Broke, Says NNPC
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We Are Not Broke, Says NNPC

PRESS RELEASE Revenue Projection in Letter to AGF Not Reflection of Corporation’s Financial Standing, @NNPCgroup Clarifies …Pledges to Optimize Cost, Boost Remittance to #FAAC 1. The Nigerian National Petroleum Corporation (#NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation. 2. A press release by the Corporation’s spokesman, Dr. Kennie Obateru, stated that the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits. 3. #NNPC maintains that it is conscious of its rol...
There will be no Increase in ex-depot Price of Petrol in May – NNPC
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There will be no Increase in ex-depot Price of Petrol in May – NNPC

The Nigerian National Petroleum Corporation (NNPC) has said there will be no increase in the ex-depot price (price marketers buy products from depot owners; it determines the pump price at filling stations) of Premium Motor spirit also known as petrol in May. Group Managing Director of NNPC, Malam Mele Kyari gave the assurance at the end of a closed door meeting with Petroleum Transport Drivers (PTD), National Association of Road Transporters Owners (NARTO) and oil marketers in Abuja on Monday April 19. Mele said; “We want to inform oil marketing companies that NNPC will not increase the pump price of PMS in May. “I am giving the assurance and I ask Nigerians to go about their normal businesses; we have over 20 billion litres of petrol in our custody. “Many of you are awar...
NNPC Records 37.21% Drop In Oil Pipeline Vandalism In January
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NNPC Records 37.21% Drop In Oil Pipeline Vandalism In January

The Nigerian National Petroleum Corporation (NNPC) has announced a 37.21 % decrease in cases of pipeline vandalism across the country in the month of January 2021. This is contained in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru. The report indicates that a total of 27 pipeline points were vandalized in January 2021 down from the 43 points recorded in December 2020. The Mosimi Area accounted for 74% of the vandalized points while Kaduna Area and Port Harcourt accounted for the remaining 22% and 4% respectively. However, NNPC is continuously working in collaboration with the local communities and other stakehold...
NNPC To Construct Africa’s Largest Gas-Powered Plant In Maiduguri – Mele Kyari
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NNPC To Construct Africa’s Largest Gas-Powered Plant In Maiduguri – Mele Kyari

The Nigerian National Petroleum Corporation (NNPC) has said it will build a gas-powered plant in Maiduguri, Borno State to address challenges in electricity supply to the area caused by incessant Boko Haram attacks NNPC Group Managing Director (GMD), Mr. Mele Kyari disclosed this on Friday during a courtesy visit to the Borno governor at the Maiduguri Government House. Mele who led other officials of the corporation, said such project was in line with the president’s cardinal principle to deepen gas consumption in the country. “Mr. President has declared this year a decade of gas. This means for the next 10 years, there will be significant gas entry into the north..So as a result of the challenges of power supply, in the state we saw the opportunity of supporting Borno State,”...
NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery
Politics

NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery

The drive by the Management of the Nigerian National Petroleum Corporation (NNPC) to boost in-country refining capacity was bolstered on Tuesday with the signing of the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract for the rehabilitation of the 210,000 barrels per day capacity Port Harcourt Refinery in Alesa-Eleme, Rivers State. The rehabilitation project which has a completion timeline of between 18 and 44 months under a three-phase arrangement was awarded to Milan based Tecnimont SpA at a lump sum contract price of US$1.5 billion, inclusive of VAT and other statutory payments. An elated Group Managing Director of the NNPC, Mallam Mele Kyari, described the PHRC rehabilitation project as a dream come true, noting that the project was in l...
The Auditor General Lacks Power To Audit NNPC, CBN, Others – Adolphus Aghughu
Politics

The Auditor General Lacks Power To Audit NNPC, CBN, Others – Adolphus Aghughu

Nigeria's Auditor General has no constitutional power to audit NNPC, Central Bank of Nigeria, Nigeria Ports Authority and other big federal agencies. The Acting Auditor General for the Federation , Adolphus Aghughu, said on Thursday that his office lacked the constitutional power to audit the Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Nigerian Ports Authority, and other big federal agencies. Aghughu said this when the Senate Public Account Committee screened him ahead of his appointment’s confirmation by the Senate. Responding to a question by the panel on why the AuGF had not been auditing the accounts of the topmost federal agencies, Aghughu said, “It is the constitution that has issue.” He said, “ By virtue of the 1999 Constitution , we wil...
Petrol Price Hike Only After Negotiation With Labour — NNPC
Politics

Petrol Price Hike Only After Negotiation With Labour — NNPC

The Nigerian National Petroleum Corporation on Friday said it would maintain its current ex-depot price of Premium Motor Spirit otherwise called petrol until the conclusion of ongoing engagement with the organised labour and other stakeholders. NNPC had maintained an ex-depot price of N148/litre since February despite the hike in the actual cost of the commodity, hence incurring subsidy of about N120bn monthly. The corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, told journalists in Abuja that at the moment, NNPC was bearing the burden of importing refined petroleum products. This, he said, was because the oil firm was the supplier of last resort with the task of guaranteeing energy security for the nation. Shedding more light on the recen...
Outrage As FG Admits Paying Fuel Subsidy After Removal
Politics

Outrage As FG Admits Paying Fuel Subsidy After Removal

Outrage on Thursday greeted fresh revelations on how the Fed­eral Government has been secretly running a subsidy regime re­garding petroleum products when the Group Managing Director of Nigerian Na­tional Petroleum Corpora­tion (NNPC), Mele Kyari, disclosed that the adminis­tration currently subsidises the cost of premium motor spirit (PMS), also known as fuel, with about N120 billion ($263,248 million) monthly. Kyari stated this during the weekly media briefing organised by the Presiden­tial Communication Team at the State House, Abuja. It would be recalled that Minister of Finance, Bud­get and National Planning, Zainab Ahmed, had on Jan­uary 12 during a virtual public presentation of the breakdown and highlights of 2021 Appropriation Act in Abuja said, “We are not bringing back...
Nigeria Spent  N120b  on Petrol Subsidy Monthly – NNPC GMD, Mele Kyari
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Nigeria Spent N120b on Petrol Subsidy Monthly – NNPC GMD, Mele Kyari

General Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has hinted on Premium Motor Spirit also known as Petrol selling between N211 and N234 per litre. Kyari who spoke at the ministerial briefing at the Presidential Villa in Abuja on Thursday March 25, said the NNPC can no longer bear the burden of underpriced sales of premium motor spirit (PMS). The NNPC GMD also disclosed that the federal government is working to deepen the auto-gas programme which will serve as alternative to petrol. He said; “The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost. “As we speak today,...
New Refinery Will Cost About $12 Billion – NNPC
Politics

New Refinery Will Cost About $12 Billion – NNPC

The Nigerian National Petroleum Corporation (NNPC) yesterday vigorously defended the approval of a whopping $1.5 billion for the rehabilitation of the Port Harcourt refinery, maintaining that apart from following due process, building a new refinery in the class of the one in Rivers will cost the federal government between $7 billion and $12 billion. Group Managing Director of the corporation, Mallam Mele Kyari, who spoke in Abuja, stated that the decision to revamp the old facility was further taken because constructing a new refinery will take a period of four years, during which Nigeria must continue to import products. The NNPC helmsman argued that there was no basis for comparison between the Port Harcourt refinery and the one sold by Shell in America for $1.2 billion in terms o...
PH Refinery: We’re Doing Rehabilitation, Not Turnaround Maintenance – NNPC
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PH Refinery: We’re Doing Rehabilitation, Not Turnaround Maintenance – NNPC

The Nigerian National Petroleum Corporation (NNPC) said on Monday that the $1.5 billion approved for the Port Harcourt refinery was for complete rehabilitation and not turnaround maintenance. The Group Managing Director (GMD), NNPC, Mele Kyari, said this in Abuja on Monday, while reacting to controversies and unverified claims by some Nigerians on the funds meant for the project. Kyari said that the refinery would work in optimal capacity at the completion of rehabilitation programme. “We are not doing turnaround maintenance, we are doing rehabilitation of the refinery, and it is very different; it means that we are replacing certain major components.
PPPRA Puts new petrol Pump Price at N212.61 Per Litre
News

PPPRA Puts new petrol Pump Price at N212.61 Per Litre

Eleven days after the Nigerian National Petroleum Corporation (NNPC) released a statement saying that there will be no increase in petrol pump price in March, the Petroleum Products Pricing Regulatory Agency, PPPRA, has fixed the pump price of Premium Motor Spirit, PMS, also known as petrol, at N212.61 per litre, for the month of March. According to the PPPRA’s PMS guiding price released to stakeholders, the N212.61 price is supposed to commence from March 1st and run till March 31st, 2021. However, indications in the oil sector suggest that the Federal government through the NNPC has resumed subsidizing the product as it is still been sold at an average of N170 in petrol stations across the country   NNPC is said to be spending an average of N42 to subsidise a litre o...
No Increase in Petrol Price in March – NNPC
News

No Increase in Petrol Price in March – NNPC

The Nigerian National Petroleum Corporation (NNPC) has dismissed reports that there will be an increment in the ex-depot price of petrol in March, 2021. A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship. Obateru in the statement cautioned petroleum products marketers not to engage in an arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians. The Corporation further stated that it has enough st...
Defence chief approves military cover for oil assets as Nigeria loses 200k barrels daily
News

Defence chief approves military cover for oil assets as Nigeria loses 200k barrels daily

The Chief of Defence Staff, Major General Lucky Irabor, has promised that the military will provide maximum security for Nigeria’s oil and gas assets. Irabor gave the commitment on Wednesday at a meeting with the Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, at the Defence Headquarters in Abuja. “I am delighted that you made this effort, and I tell you that the Armed Forces of Nigeria will collaborate with you to protect NNPC’s assets”, Irabor told Kyari and his management team. Highlighting the significant role of the sector to the economy, the CDS said there was a need for collaboration between the NNPC and the Armed Forces. “Our existence, economically, rests almost solely on the NNPC, and to that extent, we must do everything possible ...
Nigeria Loses ₦151.78 Billion In Crude Oil Monthly – NNPC
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Nigeria Loses ₦151.78 Billion In Crude Oil Monthly – NNPC

Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation stated on Wednesday. Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379/$. From the above figures, it showed that the country was losing about N151.79bn in 30 days, going by the 200,000 barrels of crude oil being lost daily, as revealed by NNPC. Group Managing Director, NNPC, Mele Kyari, disclosed the volume of crude oil lost daily in Nigeria while speaking at a meeting with the Chief of Defence Staff, Major General Lucky Irabor. The NNPC boss was quoted in a statement issued in Abuja by the corporation’s spokesperson, Kennie Obateru, as saying, “We have ...
No plan to increase fuel price in February – NNPC
News

No plan to increase fuel price in February – NNPC

The Nigerian National Petroleum Corporation (NNPC) has denied plans of increasing fuel price from February. NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru who reacted to speculation of petrol selling above the official N162 per litre, told The Nation that there was no imminent upward review.  Obateru also allayed fears of scarcity of the product by saying that NNPC has a stock of petrol that can last over 40 days. He further urged the Department of Petroleum Resources (DPR) to clampdown on the marketers hoarding petrol. He said;  “NNPC has not increased its ex-depot price. I am certain that NNPC is not likely to increase its ex-depot price in February.“We have sufficiency for almost forty something days. If people are hoarding or increasing their...
New Petrol Price Imminent As Landing Cost Hits ₦180 Per Litre
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New Petrol Price Imminent As Landing Cost Hits ₦180 Per Litre

THERE were indications, Monday, that stakeholders would soon emerge with a new price of petrol as the landing cost of the product rose from N151 to N180 per litre, due mainly to rising price of crude oil in the international market. The rise of crude oil price from $58 to more than $63 per barrel, yesterday, culminated in refiners incurring additional cost in the process of procuring, refining and supplying petrol to consumers, thus causing marketers to also incur additional cost, especially as a bulk of the product is currently imported into the nation. Nevertheless, it was gathered that the pump price could rise from N162 to about N190 per litre when the marketers’ margins and other considerations are added. However, the Nigerian National Petroleum Corporation, NNPC has summon...
NNPC Records N13.43 Billion In Trading Surplus
Business

NNPC Records N13.43 Billion In Trading Surplus

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54% when compared to the ₦8.71billion surplus recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru. The trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November 2020, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02% or ₦0.09billion to stand at ₦423.08 billion. Similarly, expenditure f...
Petrol Price May Hit N190
News

Petrol Price May Hit N190

There are speculations of petrol price hitting N190 amid concerns over the non-implementation of the full deregulation of the downstream petroleum sector. Top officials of two major marketers’ associations who spoke to Punch, said the continued increase in oil prices had brought back petrol subsidy as the pump price of petrol should be between N185 and N200 per litre to reflect the further rise in crude oil prices. Executive Secretary/Chief Executive Officer, Major Oil Marketers Association of Nigeria, Mr Clement Isong who faulted the continous sale of fuel at N160 and N165 per litre in many filling stations in Lagos, said it meant somebody is bearing the cost of subsidy which the country cannot afford at this time. Isong said; “Members of my association are operating in Nige...
Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014
Politics

Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014

The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014 Chairman of the House Committee on Public Accounts, Wole Oke, issued the summons based on audit queries issued by the Office of the Auditor General of the Federation for the period. The committee had penultimate week accused the NNPC GMD of refusing to respond to an audit query issued against the corporation over alleged illegal withdrawals from the Nigerian Liquefied Natural Gas Limited’s Dividends Account, totalling of $20.3bn. Kyari, who has yet to appear before the lawmaker...
FG Cuts N2 From New Pump Price, Petrol To Sell At N170.17
News

FG Cuts N2 From New Pump Price, Petrol To Sell At N170.17

The Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price of petrol earlier announced on Friday. With this new price, a litre of petrol will now sell at between N166.17 and N170.17 across the country. The state oil company announced the reduction in a statement on Friday night. “NNPC is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market forces of demand and supply, the correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal ...
NNPC Raises Petrol Depot Price, Marketers To Sell At ₦168 – ₦170 Per Litre
News

NNPC Raises Petrol Depot Price, Marketers To Sell At ₦168 – ₦170 Per Litre

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali. The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday. The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots. In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October. It said the estimated minimum pump price of the pro...
Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari
Politics

Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has alleged that members of a cabal were enriching themselves with susbidy payments before it was removed by the federal government.   Kyari who said this in an Hausa programme on Liberty FM, Kaduna, insisted that fuel subsidy was not beneficial to the masses and was removed because it was characterised by fraudulent activities.   The NNPC GMD also disclosed that the money from subsidy payment will now be channeled into projects that will have a direct impact on the masses.   Kyari said;   “The crude oil is a global commodity and its price is not hidden, everyone can calculate and know how much is the cost of every final product from the crude at the inter...
78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC
News

78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC

The Nigerian National Petroleum Corporation on Sunday announced that 78 companies submitted virtual bids to rehabilitate its downstream pipelines, associated depots and terminal infrastructure through the finance, build, operate and transfer model. NNPC’s Group Managing Director, Mele Kyari, said the exercise was in fulfilment of the corporation’s commitment to transparency and accountability as an Extractive Industries Transparency Initiative partner company. Kyari disclosed this in a statement issued in Abuja by the spokesperson of the oil firm, Kennie Obateru. He said the finance, build, operate and transfer model became imperative in the corporation’s journey to rehabilitate its downstream infrastructure which over time had become vulnerable, lost value and integrity due t...
Petrol Price Now N151.56 Per Litre ― PPMC
News

Petrol Price Now N151.56 Per Litre ― PPMC

THE price of petrol has been increased to N151.56 per litre, according to Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC. In a statement obtained by Vanguard, D.O Abalaka of the PPMC, stated: “Please be informed that a new product price adjustment has been effected on our payment platform. “To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.” He added: “This takes effect from September 2, 2020.”
Nigeria Exported $4.47bn Crude, FAAC Got N1.83tn —NNPC
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Nigeria Exported $4.47bn Crude, FAAC Got N1.83tn —NNPC

It wasn’t that long ago when much of the global elite had conclusively decided that climate change was our world’s top priority. Then came a massive sideswiping by a global pandemic, of which we have only seen the first wave, along with an equally massive global recession. It serves as a timely reminder that an alarmism that cultivates one fear over others serves society poorly. In the “BC” era – Before Coronavirus – the World Health Organisation famously called climate change the “greatest threat to global health in the 21st Century.” Even as coronavirus tentacles were already spreading, the glitterati gathered in Davos this January and declared that climate accounted for all the long-term biggest risks to the world. The media happily recounted a steady stream of catastrophic c...
Seven oil Workers Killed in an Explosion at the Benin River Basin
News

Seven oil Workers Killed in an Explosion at the Benin River Basin

The Nigerian National Petroleum Corporation (NNPC) has confirmed the death of seven oil workers killed in an explosion that occurred at Gbetiokun, OML 40, operated by the Nigerian Petroleum Development Company (NPDC), on behalf of the NPDC/Elcrest Joint Venture. A statement from the corporation said the incident occurred on Wednesday, July 8 during the installation of a ladder on a platform (Benin River Valve Station) for access during discharging of Gbetiokun production. The statement said that a detailed investigation into the cause of the explosion has commenced. ''The bodies of casualties have been deposited in a morgue in Sapele, while families of the personnel involved are being contacted by their employers: Weld Affairs and Flow Impact, which are consultants to NPDC.'' ...
Details of Buhari’s Meeting with Lawan on Sunday Revealed
News

Details of Buhari’s Meeting with Lawan on Sunday Revealed

Senate President, Ahmad Lawan, has shared details of his meeting with President Muhammadu Buhari. Both men met behind closed doors on Sunday at the State House in Abuja. Buhari and Lawan discussed the current state of security in the country, the crisis currently engulfing the ruling All Progressives Congress (APC) and other topics. Speaking to reporters after the meeting, Lawan said “You know that the country is facing many serious and deep security challenges and I have come to meet with Mr President to discuss with him what we have discussed in the senate previously that we should do whatever it will take to improve the security situation in the country. The Senate President also called for more resources to be provided for the Army, Navy, Air F...
NNPC Begins Crude Oil Exploration In 11 LGAs In Niger, Kwara, Kogi
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NNPC Begins Crude Oil Exploration In 11 LGAs In Niger, Kwara, Kogi

The Nigeria National Petroleum Corporation (NNPC) on Wednesday said it has commenced crude oil exploration along the Bida Basin spreading across eight local government councils of Niger state, two in Kwara state and one in Kogi state. Group managing Director (GMD) of the NNPC, Mallam Mele Kolo Kyari, who disclosed this when he paid courtesy call on Governor Abubakar Sani Bello of Niger on Wednesday said the Corporation is to unveil the 2D seismic data acquisition in the Bida Sokoto basin. Progress is being recorded in the ongoing exploration of inland basins by the Corporation is capable of growing Nigeria’s reserve to 40 billion barrels by the year 2023, the GMD who spoke through Group General Manager Frontier Exploration Services, Abdullahi Bomai said. Mere Kyari said, “In d...
NNPC Is Constructing N21bn Infectious Disease Hospital In Katsina – GMD
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NNPC Is Constructing N21bn Infectious Disease Hospital In Katsina – GMD

The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, yesterday laid the foundation for the construction of a 200-bed Emergency and Infectious Disease Hospital in Kaita, Katsina State. The hospital, being built at the cost of N21 billion, would provide services to patients in the OM North West zone. It is one of the 12 hospitals being constructed by the NNPC across the six geo-political zones of the country. Kyari explained that the project being executed by the NNPC, Total and other oil and Gas companies operating in the country would be completed in 18 months. The GMD explained that the N21 billon to be expended on the project would be for construction of the hospital, provision of medical facilities, logistics and support to pati...
Oshiomhole Kicked Against Removal of Fuel Subsidy – Atiku
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Oshiomhole Kicked Against Removal of Fuel Subsidy – Atiku

Former Vice President Atiku Abubakar has accused the National Chairman of the All Progressives Congress (APC), Adams Oshiomhole, of frustrating plans to remove fuel subsidy during President Olusegun Obasanjo’s administration Atiku recalled that he headed the negotiations with the Nigerian Labour Congress (NLC) with Oshiomhole as the Chairman. According to the former Vice President, the APC Chairman stood strongly against the removal of petrol subsidy. The Waziri of Adamawa was backing an earlier tweet by his Spokesman, Paul Ibe, which reads, “For the avoidance of doubt, the Obasanjo administration embarked on a regime of subsidy removal. “But the former NLC Chairman frustrated the efforts. Even at that, the Obasanjo government achieved some measures of subsidy removal befor...
Oil Production: $4 Per Barrel In Saudi Arabia, $3 In Russia, $21.2 In Nigeria
Politics

Oil Production: $4 Per Barrel In Saudi Arabia, $3 In Russia, $21.2 In Nigeria

The leadership of the Nigerian National Petroleum Corporation (NNPC), yesterday, came under fire in Senate, over high cost of oil production, resulting in a marginal profit of just $3 per barrel for the country. This is coming amidst protests from senators against the $3 marginal profit being made on a barrel by the Corporation, rhey called on the Federal Government to get the nation’s economy diversified as quickly as possible. Information on the high cost of oil production which is $21.2 per barrel , almost equaling $25 per barrel oil price benchmark fixed for the N10.509 trillion 2020 revised budget , came to the fore when officials of the Corporation appeared before the Senate Committee on Finance. Trouble started when its Chief Operating Officer (Upstream), Yemi Adetunji ...
N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns
Politics

N4.5tr Budget Deficit May Trigger Fresh Recession – Finance Minister, Zainab Ahmed Warns

With the deficit financing of the revised N10.509 trillion 2020 budget rising from N1.847 trillion to N4.563 trillion, the economy might be heading for another recession, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has warned. She expressed the fear yesterday in Abuja during a session with the Senate Committee on Finance where heads of revenue-generating agencies made presentations on the revised 2020-2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP). The minister noted that projected revenues from the agencies had been drastically slashed. According to her, 77 per cent of the new financial expectations from sources like the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the...
NNPC: Northern Nigeria Petroleum Company By Bayo Oluwasanmi
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NNPC: Northern Nigeria Petroleum Company By Bayo Oluwasanmi

Nepotism results in bias, unfair treatment, and exclusion of others. Nepotism has been the practice of presidents of Northern extraction. The current President Almajiri has carried nepotism to the level of insanity. Nigeria is the corruption capital of the world and is making no progress at ending the practice. Corruption is rampant in Nigeria, so is nepotism. Corruption is the abuse of power for personal gain. Nepotism is the abuse of power extended to support a specific group’s interest, usually based on personal greed. The death of Maikanti Baru, former Group Managing Director of Nigeria National Petroleum Corporation, makes it necessary to review the top 20 positions in the corporation. A review of the top 20 executive positions in the corporation reads like a Northern Nigeri...
Nigerians Condemn Appointments Of ‘Only Northerners’, NNPC Reacts
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Nigerians Condemn Appointments Of ‘Only Northerners’, NNPC Reacts

The Nigerian National Petroleum Corporation (NNPC) says its appointments always adhere to the principle of transparency and accountability. Kennie Obateru, NNPC said this in a statement Sunday. The corporation in March disengaged some of its staff and appointed new top management officials. This triggered criticisms from Nigerians, Niger Delta leaders and groups. But the corporation is insisting that federal character was also a factor in the progression of the newly appointees. It said many top management officers of the corporation were moved to new positions, while some were promoted based on their verifiable track records of performance. Obateru said some “Chief Operating Officers, Group General Managers and Managing Directors of subsidiaries were affected in what...
CBN, NNPC to Take Care of Accommodation and Feeding of Returnees – FG
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CBN, NNPC to Take Care of Accommodation and Feeding of Returnees – FG

The Minister of foreign affairs Geoffrey Onyeama on Monday May 18, announced that the Central Bank of Nigeria (CBN) and Nigerian National Petroleum Corporation (NNPC) will take care of the hotel accommodation and feeding bills of Nigerians who were recently evacuated from countries they were stranded in. It was reported earlier that the evacuees were directed by the federal government to pay N297,000 for their 14-day mandatory isolation. However following the criticism the directive sparked off, Onyeama said he approached the Governor of the Central Bank of Nigeria and Group Managing Director of NNPC who both agreed to pick the bill. He further revealed that the initial decision was taken due to paucity of funds even though they were not happy with it. Onyeama said; &nbs...
₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed
Politics

₦5.548 Trillion Available To Fund 2020 Budget – Zainab Ahmed

While briefing the leadership of the National Assembly on Thursday, the Minister of Finance, Zainab Ahmed, reveal that the amount available for funding the 2020 Budget is now estimated at N5.548 trillion. The minister also spoke on the plan by the federal government to amend the N10.59 trillion 2020 budget passed by the National Assembly in December last year. She said the budget is down from N8.419 trillion, a revised revenue estimate which is 34 percent (N2.87 trillion) lower than what was initially approved, adding that the crude oil benchmark price is reduced from US$57 per barrel to US$25 per barrel. The Minister said; The federal government also adjusted the budget exchange rate to N360/US$1; and reduced the upfront fiscal deductions by the Nigerian National Petroleum C...
Petrol To Sell At 117 Per Litre As PPMC Slashes Ex-Depot Prices
News

Petrol To Sell At 117 Per Litre As PPMC Slashes Ex-Depot Prices

THE Petroleum Products Marketing Company (PPMC), Wednesday, slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N108 per litre, a move reflecting the drop in crude oil prices. It is also expected to result in a lower pump price at petrol stations by end of this week. In a memo to oil marketers and other stakeholders in the petroleum marketing business, dated May 5, 2020, with the subject: ‘Re: PPMC Petroleum Products Prices for May 2020,’ the PPMC also slashed the ex-depot price of Automotive Gasoline Oil, also known as diesel, to N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others. The indicated that the new prices would take effect from May 5, 2020. The ex-depot price is the price at wh...
NNPC new staff to assume virtual duty May 4 – Obateru
News

NNPC new staff to assume virtual duty May 4 – Obateru

No fewer than 1,000 graduate trainees recently recruited by the Nigerian National Petroleum Corporation (NNPC) are to assume virtual duty Monday, May 4, the corporation says in a statement. The statement released in Abuja on Thursday was signed by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru. “The trainees are to assume duty first, virtually, while the corporation monitors the COVID -19 situation and the Federal Government’s directives to determine a date of physical assumption of duty,” he said. He explained that the option of virtual assumption of duty was necessitated by the need to comply with extant protocol on social distancing and reduced number of people in workplace. The NNPC spokesman said the trainees had completed online documentation,...
Nigeria May Stop Oil Production If Price Crash Persists – NNPC
News

Nigeria May Stop Oil Production If Price Crash Persists – NNPC

The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently. Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the global market that is causing storage to fill up quickly. Kennie Obateru, the Group General Manager, Group Public Affairs Department, NNPC said Wednesday that even though Nigeria had not stopped oil production, there was a possibility it could. “If the situation persists, it is something that is bound to happen definitely. “We can’t keep producing if there is no market to sell to. And it is not something that is peculiar to Nigeria. It is a globa...
NNPC To Stop Running Refineries – Mele. Kyari
Politics

NNPC To Stop Running Refineries – Mele. Kyari

The Nigerian National Petroleum Corporation (NNPC) will no longer be involved in the management of the nation’s refineries after their rehabilitation. Its Group Managing Director (GMD ) Mallam Mele Kyari, disclosed this in an interview on Arise TV breakfast programme, The Morning Show on Wednesday. He said that upon completion of the ongoing rehabilitation exercise, the services of a company world be procured to manage the plants on an Operations and Maintenance (O&M) basis. Kyari revealed: “We are going to get an O&M contract, NNPC won’t run it. We are going to get a firm that will guarantee that this plant would run for some time. “We want to try a different model of getting this refinery to run. And we are going to apply this process for the running of the other two re...
International Demand for Nigeria’s oil drops by 6.8m barrels- NNPC reveals
News

International Demand for Nigeria’s oil drops by 6.8m barrels- NNPC reveals

The Nigerian National Petroleum Corporation has revealed that international demand for the country's crude oil dropped by 6.8m barrels in March due to the ongoing Coronavirus pandemic. Coronavirus has impacted global oil demand with global oil prices dropping while the International Monetary Fund and the World Bank have predicted a recession worse than the 2009 recession. Mele Kyari, Group Managing director of the NNPC has stated that even though oil prices have dropped, the markets will stabilize as the year runs. Speaking on Channels Television’s Sunrise Daily programme on Wednesday, Kyari said; “Well, it (Nigeria'sOil demand in International market) is doing badly but it is improving. ''Last week, it went down to close to $15 per barrel but as I speak this morning, we are at $32....
Politics

No More Payment Of Oil Subsidy Going Forward – NNPC

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, Monday, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government has eliminated subsidy and under recovery in the industry. Speaking in an interview monitored on a television programme in Abuja, Kyari said, “There is no subsidy and it is zero forever. Going forward there would be no resort to either subsidy or under recovery of any nature. NNPC will play in the marketplace, it will just be another marketer in the space. But we will be there for the country to sustain security of supply at market price.” Kyari further disclosed that Nigeria’s crude oil and condensates output has risen to 2.3 million barrels per day. He...
NNPC Confirms COVID-19 Case In Its Abuja Estate, Dismisses Claims Of Mass Outbreak
Health

NNPC Confirms COVID-19 Case In Its Abuja Estate, Dismisses Claims Of Mass Outbreak

The Nigerian National Petroleum Corporation (NNPC) has confirmed a case of COVID-19 that was recorded in an apartment at the Corporation’s estate in the Garki Area of Abuja, the Federal Capital Territory (FCT). In a statement released April 4, the corporation dismissed insinuation of mass outbreak of Coronavirus infection in the facility. The corporation explained that the said case, involving a non-member of staff of the corporation, had to do with an individual who had just returned from the United Kingdom and developed symptoms of the decease. ”His case was said to have been confirmed positive by the NCDC after undergoing a laboratory test and in line with NCDC approved protocol, all residents of the affected apartment were moved out and placed in Isolation, while officials of...
Allow Tanker Drivers Operate During Lockdown, NNPC Tells Security Agencies
News

Allow Tanker Drivers Operate During Lockdown, NNPC Tells Security Agencies

The Nigerian National Petroleum Corporation (NNPC) has appealed to law enforcement agencies across the country to allow free movement of petroleum products by tanker drivers during the lockdown ordered by President Muhammadu Buhari in Lagos, Ogun and the Federal Capital Territory, Abuja. The group in a statement signed on Tuesday said the exemption granted by President Buhari to certain categories of essential workers covers the operations of petroleum products tanker drivers. “The Federal Government counts on the support of the law enforcement agencies across the country to ensure smooth distribution of petroleum products across the nook and cranny of the country during the period of the restriction,” Kennie Obateru, NNPC Group General Manager, Public Affairs Division said in the st...
Singer, 2baba’s N10 Million Donation Grabs Buhari’s Attention
Celebs

Singer, 2baba’s N10 Million Donation Grabs Buhari’s Attention

Veteran musician, Innoncent Idibia has drawn the attention of President Buhari with his generous donation of N10 million naira to government to help combat the highly infectious COVID 19 virus. President Buhari singled out the singer for commendation in the entertainment industry. The unprecedented donation makes the singer the current biggest donor from the creative industry in the fight to contain the infectious COVID !9. As of Monday, Nigeria announced its 131 case which according to experts signifies a tipping point as fear heightens of a community transmission among Nigerians following the closure of both land and air border into the country. Few days ago, 2baba announced donation of the some of N10 million in collaboration with alcohol brand, Trophy Extra Special Stout t...
FG Proposes Review Of Oil Benchmark To $30pb
News

FG Proposes Review Of Oil Benchmark To $30pb

In a meeting with the leadership of the National Assembly on Wednesday, Minister of Finance, Zainab Ahmed, explained that prior to the COVID-19 and oil price decline, the Nigerian economy was already fragile and vulnerable. She added that the impact of the pandemic put increasing pressure on the Naira and foreign reserves as the crude oil sales receipts declined and the country’s micro-economic outlook worsened. Ahmed disclosed that the Federal Government has undertaken cuts to revenue-related expenditures for the Nigerian National Petroleum Corporation (NNPC) for several projects included in the 2020 Appropriation Act passed by the National Assembly in December, 2019. “Prior to COVID-19 and Oil price decline, the Nigerian economy was already fragile and vulnerable.” She also t...
Court Convicts Ex-NNPC Official Over N6bn Fraud In Kaduna
News

Court Convicts Ex-NNPC Official Over N6bn Fraud In Kaduna

The Kaduna Zonal Office of the Economic and Financial Crimes Commission (EFCC), has secured the conviction of a former Sales Assistant of the Nigerian National Petroleum Corporation (NNPC), Abdulkadir Mohammed Salihu. According to the EFCC, he was convicted before Justice Z. B Abubakar of the Federal High Court in Kaduna State, over fraudulent activities that summed up to the tune of N6 billion. The anti-graft agency revealed this in a tweet saying: The EFCC, Kaduna Zonal Office has secured the conviction of one Abdulkadir Mohammed Salihu, a former Sales Assistant of the Nigerian National Petroleum Corporation, NNPC, Kaduna Depot.He was arraigned on three count charge bordering on fraud to the tune of N6 billion, before Justice Z. B Abubakar of the Federal High Court in Kaduna Sta...
FG Reduces Petrol Pump Price to N125/litre
News

FG Reduces Petrol Pump Price to N125/litre

The Nigerian National Petroleum Corporation (NNPC) has announced that beginning from Thursday March 19th, the fuel pumps at its retail stations will be adjusted to N125 per litre. NNPC group managing director, Mele Kyary who announced this today, said the adjustment is in compliance with the directive given by Timipre Sylva, the minister of state for petroleum resources. “In compliance with the directives of the honourable minister of state for petroleum resources on PMS pricing, the corporation has reviewed its ex-coastal, ex-depot and NNPC retail pump prices accordingly,” the statement read. “Effective March 19, 2020, NNPC ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price is reduced from N133.28/litre to N113.28/l...

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