Nigeria records N16tr oil sales, as NNPC remits nothing to CBN

Several weeks after the Central Bank of Nigeria, CBN said the state-oil company, NNPCL, has yet to make remittance to it, records from newly released government data have shown that Nigeria recorded N16 trillion from crude oil sales between January and September this year. Recall that the CBN Governor, Godwin Emefiele, last month said foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily, from above $3 billion monthly in 2014 to $0 today. According to data gathered from the National Bureau of Statistics (NBS),…

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Oil in North: Transparency issues becloud ‘one billion barrels’ discovery claim

With about seven months to the end of Muhammadu Buhari’s administration as President and Minister of Petroleum Resources, concerns are seriously rising over Nigeria’s exploration activities in the northern part of the country as well as a purported one billion barrels crude oil discovery made in the region. Stakeholders, yesterday, expressed worry over the secrecy in the development amidst transparency issues even as the details of a one billion barrels of crude oil discovered in the Gongola basin, located between Bauchi and Gombe remained only in the news two years…

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Calls to scrap NNPCL intensifies over fuel subsidy crisis

Strident calls for the scrapping of the national oil company, the Nigeria National Petroleum Company Limited (NNPCL), have continued to rent the air following indication that it no longer remits funds to the Federation Account, which is distributed to the various tiers of government. Despite being commercialised a couple of months ago to run as a profit-making venture, the national oil company has continued to be in the news for the wrong reasons. Although the oil firm declared profit for 2021, it claims to spend all its revenue on subsidies,…

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Academics take stand on NNPC, says company now liability to Nigeria

Apparently worried about the increasing expenditure of Nigerian National Petroleum Company (NNPC) Limited, group of lecturers under aegis of Academics for Accountable Governance Group, (AAGG), has declared as unacceptable the situation where whopping amount of N788bn was allegedly spent on salaries; Forex, entertainment, and other expenses. It also challenged the NNPC  to explain to Nigerians how it made a net profit of N674bn and spent N788.7 billion on salary, entertainment and other costs. According to the group, there is no place in the world where a major oil and gas…

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NNPC spends over N13bn for entertainment, N20bn for phone calls in 2 yrs

The Nigerian National Petroleum Company Ltd. (NNPCL) has revealed that it incurred N788.7bilion administrative expenses in 2021. This is an increase from N648.6 billion reported in 2020, bringing its total expenses to over N1.4 trillion in two years. NNPC stated this in its financial statement for 2021, published on its website. A breakdown of NNPC administrative expenses showed that N13.46 billion went into entertainment for its staff and over N20 billion for telephone calls and Postage within the two-year period. Entertainment expenses in 2021 gulped the sum of N11.83 billion,…

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Crude oil theft: NNPCL, Shell to face lawsuit over new illegal pipeline discovered in Delta

A civil Society organisation (CSO), the Oil Spill Victims Initiative, (OSPIVV), has threatened to sue the Nigerian National Petroleum Company Limited, (NNPCL), and Shell Petroleum Development Company, (SPDC), over the illegal pipeline connections used to siphon the country’s crude oil. The CSO revealed that the illegal pipeline connected to the trunk line through an abandoned pipeline by the Nigerians Agip Oil Company Limited (NAOCL), and linked to a location in the high sea, where they load crude oil into vessels and sell overseas. A new illegal pipeline has been discovered…

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Comatose refineries: NNPC should be disbanded – Sanusi

…Says company now ‘money pit’ instead of ‘cash cow’  Former Emir of Kano, Muhammad Sanusi II, has joined the legion of prominent Nigerians calling for the disbandment of Nigerian National Petroleum Company Limited (NNPCL). The Emir was speaking as the guest speaker during the 7th Kaduna Investment Summit, which was held at the Murtala Mohammed Square yesterday. Recall, the State governor, Nasir el-Rufa’i called for the sale of the nation’s refinery a few days ago in view of its poor performance. According to Sanusi, who was a former CBN Governor,…

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Oil theft: NNPC, PTI plan installation of anti-theft monitoring systems on pipelines

The Nigerian National Petroleum Company Limited and the Petroleum Training Institute (PTI) are to install anti-theft integrated monitoring systems on pipelines, to monitor the facilities against crude oil theft, Mele Kyari, the Group Chief Executive Officer (CEO) of the Nigeria National Petroleum Company (NNPC) Limited has disclosed. Kyari gave the hint while speaking during the Petroleum Training Institute’s 50th Anniversary in Abuja, yesterday. Nigeria has been losing billions of dollars for several years due to the activities of pipeline vandals who steal the country’s crude massively. Kyari said both organisations…

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Crude oil theft: NNPC uncovers 4km illegal oil pipeline to loading seaport operated for over 9 yrs

The Chief Executive of Nigeria National Petroleum Company Limited, (NNPC), Mele Kyari, on Tuesday revealed that the Company has uncovered an illegal 4km pipeline from Forcados, in Delta State to the sea, and a loading port that has operated in the last nine years. Mele Kyari made the revelation when he appeared before a joint Senate Committee on Upstream, Downstream and Gas, lamenting that though oil theft in Nigeria has been going on for over 22 years, the rate it has assumed in recent times is unprecedented. He revealed that…

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Senate panel summons NNPC boss over oil theft, subsidy, dilapidated refineries under his watch 

The Senate Committee on Petroleum (Downstream) yesterday summoned the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, (NNPCL), Mele Kyari, over oil theft, subsidy, and dilapidated refineries under his watch.  The committee’s chairman, Senator Mohammad Sabo Nakudu, said this in Abuja, at an interactive session on oil theft, state of refineries, and subsidy, among others. Nakudu said Kyari must appear on Tuesday to brief the committee on efforts being made to address crude oil theft, dwindling revenue, and the poor state of refineries. NNPCL General Manager, Public…

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