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Tag: NNPC subsidiary

  • Court orders firms to refund $1.6b to NNPC subsidiary

    AN Arbitration Tribunal sitting in Lagos has directed Atlantic Energy Drilling Concept and Brass Energy Development to refund $1.6 billion to the Nigerian Petroleum Development Company (NPDC).

    NPDC is a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

    NNPC Group Managing Director (GMD) Dr. Maikanti Baru said the Corporation had been able to settle out of court with IPCO (Nig) Ltd for a payment of about $37.7 million instead of the $400 million that the firm was demanding from it.

    He described the achievement as part of the gains of NNPC’s anti-corruption measures.

    The NNPC chief spoke after the Chartered Institute of Forensic and Investigative Professionals of Nigeria (CIFIPN) conferred its honorary fellowship award on him in Abuja.

    Baru told reporters: “Recently, we got an award for them to refund $1.6 billion to NPDC following the arbitration process. So, this is just one.

    “We have also been able to stem some high profile court cases that were sort of proven to defraud NNPC. So, these are activities are related to fighting corruption. If you see the amount of money involved. If you don’t have people who are standing for anti-corruption your chances are compromised.

    Read also: Reps indict NNPC, others on extra-budgetary spending, TSA violations

    “We have had cases, for example, NNPC versus Ipco, where they are demanding over $400 million. But because of the activities we are able to settle out of court with them for $37.7 million, which is saving of over several percentages, certainly less than 10% of the demand.

    Baru said that the NNPC has made a lot of progress in terms of fraud prevention, protection and control, adding that while serving as part of the anti-corruption committee, they were able to ensure that all the corporation’s employees know the correct processes, components of corruption and the punishment.

    Conferring the award on him, the institute’s interim President, Dr. Victoria Emape, said  the NNPC boss has been adopted as the the institute’s patron.

    Baru described the award as a laudable gesture that would spur him to give the necessary support to institute and domesticate it in the NNPC.

    He vowed to help present the bill for the establishment of the institute to the 8th National Assembly and also work hard to realise its passage into law before the end of the current legislative circle.

    Enape said: “Our institute has watched you (Baru) with keen interest since your assumption of office. We are here to sincerely appreciate you for being a champion of anti-corruption in NNPC, especially being a former chairman of anti-corruption committee and now the chief executive of NNPC.”

  • NNPC subsidiary generates N72.7b from gas

    •Corporation records N6.11b profit after tax

    A SUBSIDIARY of the Nigerian National Petroleum Corporation (NNPC), Gas Processing and Transportation Company (NGPTC), has announced that it generated N72.7 billion from gas in 2017.

    A statement by NNPC’S Group General Manager, Group Public Affairs Division Mr. Ndu Ughamadu yesterday said the volume of the gas translated  to 292.91 billion standard cubic feet as against the planned 429.92bscf.

    Ughamadu said this resulted in achieving the firm’s  68 .13 per cent of its target.

    Profit before tax was N6.7 5 billion and profit after tax came to N6.11 billion within the period.

    The statement noted that NNPC Group Managing Director (GMD), Dr. Maikanti Baru, who also functioned as the chairman of the firm’s 2017 Annual General Meeting, said the corporation was relying on the NGPTC’s competence to deliver the 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.

    The corporation described the firm as an entity that is primed and well attuned to deliver its vision to be the natural gas processing and transportation company of choice in Nigeria.

    The landmark initiative, which has been dubbed as the single biggest gas pipeline undertaking in the country, is to be constructed through third party contractor financing and construction model with almost $3 billion of foreign direct investment coming into  the country.

    He said apart from the AKK project, the company was also busy putting together new pipelines like the OB3 projected to come into operation later in the year alongside other significant gas pipeline projects across the length and breadth of the country designed as an integral part of the bigger trans-Nigerian gas pipeline system.

    The NNPC GMD hailed the management and staff of the company for recording a profit after tax of N6.11 billion in its first year of operation under the new structure, which has seen the company refocused solely on gas transportation.

    He said the NNPC management was looking forward to a bright future for NGTPC as it continued to show great promise and positive performance despite operating in an environment laden with incessant pipeline vandalism and condensate evacuation challenges.

     

  • NNPC subsidiary generates N72.7b from gas

    •Corporation records N6.11b profit after tax

    A SUBSIDIARY of the Nigerian National Petroleum Corporation (NNPC), Gas Processing and Transportation Company (NGPTC), has announced that it generated N72.7 billion from gas in 2017.

    A statement by NNPC’S Group General Manager, Group Public Affairs Division Mr. Ndu Ughamadu yesterday said the volume of the gas translated  to 292.91 billion standard cubic feet as against the planned 429.92bscf.

    Ughamadu said this resulted in achieving the firm’s  68 .13 per cent of its target.

    Profit before tax was N6.7 5 billion and profit after tax came to N6.11 billion within the period.

    The statement noted that NNPC Group Managing Director (GMD), Dr. Maikanti Baru, who also functioned as the chairman of the firm’s 2017 Annual General Meeting, said the corporation was relying on the NGPTC’s competence to deliver the 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.

    The corporation described the firm as an entity that is primed and well attuned to deliver its vision to be the natural gas processing and transportation company of choice in Nigeria.

    The landmark initiative, which has been dubbed as the single biggest gas pipeline undertaking in the country, is to be constructed through third party contractor financing and construction model with almost $3 billion of foreign direct investment coming into  the country.

    He said apart from the AKK project, the company was also busy putting together new pipelines like the OB3 projected to come into operation later in the year alongside other significant gas pipeline projects across the length and breadth of the country designed as an integral part of the bigger trans-Nigerian gas pipeline system.

    The NNPC GMD hailed the management and staff of the company for recording a profit after tax of N6.11 billion in its first year of operation under the new structure, which has seen the company refocused solely on gas transportation.

    He said the NNPC management was looking forward to a bright future for NGTPC as it continued to show great promise and positive performance despite operating in an environment laden with incessant pipeline vandalism and condensate evacuation challenges.

     

  • NNPC subsidiary donates bus to dept

    The Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has donated a brand new Toyota Hiace bus to the Department of Petroleum Engineering, Faculty of Engineering, University of Benin (UNIBEN).

    The gesture, according to NPDC’s Executive Director (Services) Mr Ishaya Timothy, was in line with the form’s corporate social responsibility (CSR).

    Timothy, said the gesture was geared towards strengthening the mutual relationship existing between the oil company and the department. He praised the efforts of the head of the Petroleum Engineering department, and the Dean of the faculty of Engineering to reposition the faculty to produce employable graduates.

    Receiving the vehicle, Dean of Engineering faculty, Prof Sunday Onohaebi, appreciated the firm for remembering the university and choosing it for “such a kind gesture”. He expressed satisfaction at the level of progress made by the department, commending the Vice Chancellor of the institution, Prof Osayuki Oshodin, for his developmental stride in the institution.

    The head of the department, Dr O. A. Olafuyi, expressed appreciation to the management of NPDC for treating the department’s request for the vehicle. He promised the vehicle would be sensibly maintained.