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Tag: NNPCL

  • Retirees seek forensic audit of cooperative society 

    Retirees seek forensic audit of cooperative society 

    The Nigerian National Petroleum Company (NNPCL) Staff Multipurpose Cooperative Societies has called for a forensic audit of its accounts.

    Addressing reporters in Abuja on Friday, some aggrieved members of the cooperative led by Elder Ante O Ante, said the society will appoint auditors to conduct the forensic audit to ascertain the value of the society.

    The complaint, according to him, were exclusively against the management of the Lagos branch of the NNPC cooperative society.

    He said, “We are going to appoint auditors to conduct forensic audits over the years for us, so that we will be able to understand and know the true value, or the true and fair value of the Lagos society. That is what we want. So when we know the true value of the society.”

    According to him, the press conference has become necessary because the cooperative members have not received their benefits for some years.

    “We are here because over the years, we have not received the benefits that we are supposed to receive as members of the co-creative,” he said.

    He explained that the  essence of the co-creative society is to provide assistance, immediate or emergency solution to financial crisis of members.

    Ante however lamented that for over 10 years the members, among who are retirees, have not received their dividends even as they sustain the monthly contributions to the cooperative.

    His words: “But as we are saying, if not up to 10 years, we have not received the normal dividend from this co-creative. And yet, people have been, we still contribute on monthly basis.”

    He said although congresses of the cooperative should hold twice yearly, there has been no meeting for two years.

    Read Also: NNPCL disclaims fake financial scheme

    Ante recalled that owing to selfish interest crisis broke out among the management team after the last election in December 2022.

    Accusing the management team of the cooperative of reckless spending of the savings, he said, “And the executives, I mean those who run the societies, just use our funds as if it is free money.”

    He further noted that even the retirees among them cannot access the money because it is unavailable.

    The chairman urged the management of the NNPCL to intervene, noting he has tabled the matter before the immediate past Group of Chief Executive Officer, Malam Mele Kyari and the current one, Engr. Bashir Bayo Ojulari.

  • NNPCL disclaims fake financial scheme

    NNPCL disclaims fake financial scheme

    The Nigerian National Petroleum Company Limited (NNPCL) has disowned a fake AI-generated video circulating on social media featuring a cloned voice of the Group CEO, Mr Bayo Ojulari, promoting a fictitious poverty alleviation scheme.

    The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye in a statement on Thursday clarified that the company had no such investment initiative.

    Soneye urged the public to disregard the video, originally shared by an account named Mensageiro de Cristo on Facebook.

    Read Also: NNPCL shuts down Port Harcourt refinery for maintenance

    “NNPC Ltd. has warned the perpetrators to cease their fraudulent actions or face legal consequences,” he said.

    (NAN)

  • NNPCL shuts down Port Harcourt refinery for maintenance

    NNPCL shuts down Port Harcourt refinery for maintenance

    The Port Harcourt Refining Company (PHRC)  is currently undergoing fresh maintenance, necessitating its shutdown, the  National Petroleum Company Limited (NNPC Ltd) announced yesterday.

    The Chief Corporate Communications Officer, NNPC Ltd,  Olufemi O. Soneye, said in a statement that  the corporation was working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure that the maintenance and assessment activities are carried out efficiently and transparently.

    Read Also: New NNPCL board pledges transparency

    “NNPC Ltd remains steadfast in its commitment to delivering sustainable energy security for Nigeria. Further updates will be provided regularly through our official channels, including our website, media platforms, and public statements,” he said.

  • Forum petitions US embassy, seeks visa ban for former NNPCL boss

    Forum petitions US embassy, seeks visa ban for former NNPCL boss

    The Young Professionals Forum of Nigeria has written to the United States Embassy in Abuja, urging a visa ban on the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

    In a letter addressed to U.S. Ambassador Richard M. Mills Jr., the group cited growing concerns over the circumstances surrounding Kyari’s tenure at the helm of NNPCL, calling for his exclusion from entering the United States pending the outcome of ongoing investigations in Nigeria.

    The forum expressed fears that Kyari might seek refuge in the United States to avoid facing legal processes at home.

    It claimed that Kyari is allegedly seeking to take advantage of U.S. immigration privileges, either through humanitarian claims or high-net-worth investor programmes.

    Read Also: Tinubu tasks NNPCL board on economic reforms, energy sector turnaround

    According to the forum, barring Kyari’s entry into the U.S. would send a strong signal that the country stands with Nigerians in the fight for transparency, accountability, and justice.

    It argued that allowing him access could potentially undermine ongoing anti-corruption efforts and send the wrong message to the international community.

    The group also noted that the request aligns with broader global efforts to promote integrity in public office, adding that it is imperative to ensure that individuals facing serious scrutiny are not allowed to sidestep accountability by relocating abroad.

    The forum urged the U.S. government to support Nigeria’s institutions in ensuring that investigations are conducted without interference and that justice is served in accordance with the rule of law.

  • Price war by reaction

    Price war by reaction

    So far as the pumphead price of petrol in Nigeria goes, it’s a contest between private-owned Dangote refinery and government-controlled Nigerian National Petroleum Company Limited (NNPCL). Whenever Dangote finds convenience to peel back some margin on the cost at which fuel is made available to the public, NNPCL follows suit in obvious drive to hold down its market share.

    Curiously though, the public company and operator of Nigeria’s oil resource never leads the initiative to lower prices and ease the burden of citizens. It only fights from the back foot after Dangote bells the cat. Bottom line is that Nigerians get gasoline cheaper, lessening the inflationary pressure hobbling the economy and pushing more and more people into poverty. And this is welcome. But you wonder why the government firm isn’t proactively seizing opportunity to loosen the noose on Nigerians and tends to wait on Dangote to force its hand.

    Recently, NNPCL cut the price of premium motor spirit (petrol) to N880 per litre in Lagos from N925, and N935 in Abuja from N950. The price reduction came barely a week after Dangote lowered its ex-depot price from N865 to N835 per litre. The 650,000 barrels per day refinery had instructed its affiliate marketers to sell a litre of petrol at N890, from N920 in Lagos, N900 in the South-west, N910 in the South-south, and N920 in the North-east. Note: the new per-litre price of N880 in Lagos adopted by NNPCL falls 10 naira lower than Dangote’s.

    Read Also: CFUIS opens office in Nigeria, strengthens U.S. immigration support

    The latest price cut was Dangote’s third downward review in about six weeks. Only in March, the private refinery announced a reduction of more than 60 naira in petrol price. That move came against the backdrop of a price slump in the global spot market, which benchmarks international oil pricing, and government’s naira-for-crude deal with local refiners of which Dangote is the biggest beneficiary. Dangote also said it aimed at succouring Nigerians during the Ramadan as a gesture of support for the economic policies of the Bola Tinubu presidency. The price of petrol was lowered by Dangote to  between N850 and N865 in Lagos, which NNPCL responded to by cutting its ex-depot charges to achieve price parity with Dangote.

    The naira-for-crude deal momentarily fell through and Dangote, sometime in April cited a mismatch between its dollarised crude purchase commitments and sales revenue in naira to demand that marketers henceforth off-take its products in the American currency. This translated to immediate spike in the cost of petrol at the pumphead, including petrol sourced from NNPCL. Now that Dangote has found a way around its processes to again lower petrol price, the government firm is back in price reckoning. But isn’t it better to arrowhead the initiative, and not just react?

  • Ijaw stakeholders urge NNPCL to expand PINL contract in Niger Delta

    Ijaw stakeholders urge NNPCL to expand PINL contract in Niger Delta

    Ijaw stakeholders have appealed to the Nigerian National Petroleum Company Limited (NNPCL) to carry out an upward review of the contract awarded to the Pipeline Infrastructure Nigeria Limited (PINL) saying the company’s operational approach is instrumental to the peace in the Niger Delta.

    MOSIEND in a statement  by its National President, Dr Kennedy Tonjo-West said an expanded contract would enable PINL consolidate its gains in the region 

    West observed that the company had been consistent and proactive in engaging Niger Delta stakeholders to give host communities sense of belonging to guarantee pipeline protection in the region.

    He said such approach had helped PINL to address community challenges, enhance operational performance and ensure robust relationship with the grassroots and relevant government agencies. 

    West said PINL was able to Implement social investments based on thorough community needs assessments and achieve near-zero infractions on critical pipeline infrastructures due to their existing healthy relationship with the communities.

    Read Also: NNPCL team formidable, strong, says Dangote

    He said the continual engagement enabled the company to foster peaceful and business-friendly environment; ensure prompt payment of contractors and vendors and facilitate sustainable conflict resolution mechanisms.

    West said: “We consider their approach as one that breeds healthy cohesion and as key  stakeholders, we reaffirm our vote of confidence in PINL’s friendly disposition and commitment to positive stakeholder engagement strategies. 

    “In light of prevailing economic realities and the need to attain laid down targets such as increase in oil production, we strongly urge the Nigerian National Petroleum Company (NNPC) to consider an upward review of PINL’s contract reach and value to sustain and enhance these gains.

    “We applaud the Executive Director of PINL and his dedicated team for their outstanding performance and unwavering commitment to peace and progress in the Niger Delta.”

  • Ex-NNPCL boss Kyari denies EFCC arrest claims

    Ex-NNPCL boss Kyari denies EFCC arrest claims

    Former Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer (GCEO), Mele Kyari, has refuted reports alleging his arrest by the Economic and Financial Crimes Commission (EFCC).

    In a rejoinder shared on his X handle, Kyari dismissed the claims as baseless, stating that he is currently enjoying a well-deserved rest following the dissolution of NNPCL’s management and board.

    Kyari described the report as “clear mischief,” asserting that it was a calculated attempt to misrepresent facts, while reaffirming his dedication to serving both his country and God.

    “At present, I am taking a well-deserved rest after the dissolution of the management and board of the NNPCL, of which I was the Group Chief Executive. It should be stated that having served the NNPC and the NNPCL for 34 years, and 17 of those in management roles and especially the last 5 years and 9 months, I had little time for leave of even two weeks.

    Read Also: Anti-corruption coalition disowns Matazu over U-turn on Kyari allegations

    “So, I am thankful for the opportunity to serve under their Excellencies, Presidents Muhammadu Buhari and Bola Ahmed Tinubu. I must emphasise that I served with the fear of God, knowing fully well as a Muslim that if I do not account before man, I will account before Allah, and that I am better off accounting to the institutions of man. Therefore, having served in public capacity, I am willing and happy to account for my stewardship in this world.

    “However, it is important to state that the resort to disinformation does not serve anyone’s purpose, the NNPCL or the country in General, as it has the potential to send the wrong signals to investors and the international community.

    “It is in this regard that I urge the media to be circumspect and avoid being stampeded into misleading the public on unverified stories or matters that are subject to further validation by relevant organisations. I sincerely thank my family and friends who have reached out to me or tried to do so, and assure them that I am available to respond to all lawful queries.”

  • Lokpobiri: NNPCL, Caverton, Stenabulk JV will ensure revenue retention in Nigeria

    Lokpobiri: NNPCL, Caverton, Stenabulk JV will ensure revenue retention in Nigeria

    The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said that the joint venture between the Nigerian National Petroleum Corporation (NNPC), Caverton Offshore Support Group, and Stenabulk will ensure revenue retention within Nigeria.

    He expressed satisfaction with Caverton, an indigenous firm, in the partnership.

    Lokpobiri said, “I am pleased to see a Nigerian company at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation – something that strongly aligns with our Local Content policy. This initiative will boost the economy by ensuring revenue retention within our borders.”

    He described the JVC as a bold step toward enhancing shipping operations, strengthening local content, and driving economic growth through strategic industry alignment.

    The minister spoke during a strategic engagement with the JV partners, according to his Special Adviser on Media and Communication, Nneamaka Okafor in press statement yesterday.

    Read Also: Lokpobiri urges more Nigerians to acquire IOC assets

    Lokpobiri emphasised the importance of cross-sector collaboration in achieving national profitability goals.

    “For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another,” said the minister.

     He noted that the JV represents a practical example of the government’s local content aspirations becoming reality.

    He commended NNPCL for their role in driving progress in the sector, and President Bola Ahmed Tinubu’s foresight and leadership, noting that such reforms and partnerships are already yielding measurable progress.

    The minister said, “This joint venture is a testament to the President’s vision. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position.”

    Meanwhile, Caverton Offshore Support Group, Chief Operating Officer, Mr. Olabode Makanjuola, affirmed the company’s readiness to deliver on the objectives of the joint venture.

    He said, “We are proud to be a part of this collaboration. Caverton brings a strong understanding of local operations and a firm commitment to demonstrating that indigenous capacity can deliver world-class results.”

    Echoing the enthusiasm, Stenabulk, General Manager, Mr. Fredrik Eriksson, described the partnership as “a unique opportunity to merge international shipping expertise with local operational strength. We are excited to collaborate with Caverton and NNPC to bring innovation and efficiency to the sector.”

  • JUST IN: NNPC sacks top officials in major shake-up

    JUST IN: NNPC sacks top officials in major shake-up

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed the Managing Directors of its three key refineries as part of a major shake-up by the new management.

    Those affected include the heads of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company.

    Read Also: Lawyers, CSOs storm NNPCL with FOI request on Kyari’s tenure

    In addition to the refinery chiefs, several senior officials of the national oil firm were relieved of their duties. 

    Among them is Bala Wunti, former Chief of the National Petroleum Investment Management Services (NAPIMS), a subsidiary of NNPC Ltd.

    The company also directed staff members with less than a year to retirement to proceed on exit.

    Although the company is yet to issue an official statement, multiple reliable sources within NNPC confirmed the development.

    Details shortly…

  • Lawyers, CSOs storm NNPCL with FOI request on Kyari’s tenure

    Lawyers, CSOs storm NNPCL with FOI request on Kyari’s tenure

    A coalition of lawyers and civil society organizations (CSOs) on Tuesday submitted a Freedom of Information (FOI) request to the Nigerian National Petroleum Corporation Limited (NNPCL), seeking full disclosure on the status of refineries refurbished during the tenure of Mele Kyari, the former Group Chief Executive Officer.

    The Concerned Citizens Against Corruption, leading the coalition, demanded transparency and accountability on the reported expenditure of $4 billion on refineries repairs. 

    Led by Comrade Ogwuche Emmanuel,  the group alleged inflation of refineries rehabilitation contracts, fraudulent allocation of crude oil proceeds, misappropriation of funds and other questionable practices during Kyari’s tenure from July 2019 to April 2025.

    The FOI request seeks specific details on payments to consultants and contractors, crude oil allocations, budgetary provisions for the AKK Pipeline Project, documentation on gasoline imports, and information on crude-backed loans and oil exploration activities.

    The group emphasised the need for accountability and restoring public trust in NNPCL’s operations. 

    They urged the NNPCL to provide the requested information within the stipulated timeframe under the Freedom of Information Act.

    “We are concerned about the growing reports of monumental Inflation of the Refineries Rehabilitation Contracts with allegations that the costs of refurbishing the refineries were significantly inflated, Fraudulent Allocation and Mismanagement of Crude Oil Proceeds, Misappropriation of Funds in the AKK Gas Pipeline Project, Fuel Subsidy Fraud, Value Review for NNPCL’s Crude-Backed Loans,  and Fraudulent Oil Exploration Activities that have yielded no benefits to the nation,” the letter signed by Comrade Ogwuche Emmanuel said. 

    Read Also: Protesting lawyers demand probe of Kyari’s tenure at NNPCL

    “Our findings, supported by reliable intelligence, suggest a pattern of institutionalising of these questionable practices during Mallam Kyari’s tenure. As an organisation of law-abiding Nigerians, who are affected by these identified issues, we require information to seek judicial intervention. 

    “Consequently, we require the following information from July 1, 2019 to April 29, 2025: Specific details of payments to consultants and contractors, work scopes, and the justification for payments for the Port Harcourt, Warri and Kaduna Refineries. 

    “Information regarding crude oil allocations and financial transactions under the guise of pipeline security payments. Details of the budgetary provisions, foreign financing arrangements, and physical progress of the AKK Pipeline Project. 

    “Documentation including ship records, bills of lading, and discharge certificates for gasoline imports during the stated period. Information regarding the structure, terms, and purposes of crude-backed loans taken from 2019 to date. 

    “Documentation and feasibility outcomes of oil exploration activities in Gombe, Bauchi, Ogun, and Nasarawa states. Given the gravity of the allegations that necessitated this request, it is imperative that the NNPCL provides full transparency on the expenditures and activities undertaken during Mallam Kyari’s tenure”.