The House of Representatives has a sharp division driven down its ranks over calls for the removal of NNPCL CEO All is not well in the House of Representatives as two groups have emerged over calls for the removal of the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Ltd (NNPCL), Mele Kyari, and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed. A group...
NNPCL has assured that the economy would be recovered from the woods in no time. The Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have disclosed that the ailing economy is getting revitalised based on emerging indicators. This was revealed on Monday at an interactive session of the national assembly joint committee on finance chaired by Senator Sani Musa (APC, Niger East). Critical stakeholders including the ministers of finance, Wale...
What exactly is responsible for the recurrent fuel queues? Nigerians are Tired. Why hasn’t a lasting solution been found, 68 years later? Despite technological advancements and periodic promises of solutions by the government, the sight of long lines at petrol stations remains a regular occurrence, leaving many to wonder why this problem still plagues the nation. Nigeria National Petroleum Corporation Limited (NNPCL), the country’s profit-inclined state oil company, assures the public that it has rectified...
Ever wondered how the Nigerian National Petroleum Corporation Limited (NNPCL) earns and utilizes money and on whose behalf? This piece explores how the state-owned company generates income and makes profits as empowered by the Petroleum Industry Act (PIA) 2021 and how such revenues contribute to Nigeria’s economy. Until the enactment of the Petroleum Industry Act (PIA), 2021, the Nigeria National Petroleum Corporation (NNPC) was a state-owned behemoth that played both regulatory and commercial roles in...
In discussions surrounding the transitioning of the Nigerian National Petroleum Corporation Limited (NNPC) to Nigerian National Petroleum Corporation Limited (NNPCL), misunderstandings persist about its ownership and mode of operations.  One of the major misconceptions is whether or not the NNPC is a commercial or private company. Confused about what these terms mean? There is a story about the Akara for 4 the People Company that can help us understand what is important here. In case...
NNPC, Now NNPCL, Nigeria’s national oil company has undergone some rapid and significant metamorphosis in the last three years. Here’s why and these are the structural changes you need to know. Despite the numerous motions to diversify Nigeria’s economy, there has not been a very significant movement away from petroleum as the mainstay. And given that the Nigerian state has been putting its mouth where its money is, the Nigeria National Petroleum Corporation (NNPC) has...
The representatives fear the escalating conflict between the navy and pipeline security firms contracted by the NNPCL could defeat the move to check oil theft in the delta The House of Representatives has resolved to wade into the increasing confrontation between the Nigerian Navy and private security firms contracted for pipeline security services in the Niger delta. The House accordingly mandates its special committee on oil theft in the the Niger Delta to investigate the...
The House has directed its committees on finance and petroleum resources (upstream) to conduct a comprehensive investigation on all NNPCL joint venture operations over alleged $60 billion revenue loss The House of Representatives is set to probe the Nigerian National Petroleum Company Limited (NNPCL) for the alleged loss of $60 billion to inflated cash call payments on Joint Ventures (JVs) over the years. This resolution followed a motion which highlighted the “need to investigate the...
The chief executive also assured that Nigeria would see better times in the oil and gas industry as recent policy reforms are realised through the NNPCL The Nigerian National Petroleum Company Limited (NNPCL) has declared that it remitted N4.5 trillion generated revenue as at October this year into the federation’ account. The state oil company further asserted that prosperity is imminent for the country because itself and other significant players in the oil industry are...
The state oil company reveals massive scale of oil theft through multiple illegal connections across the country but maintains that production projections are realistic The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that there are 4,800 illegal connections on some 5,000 kilometers of oil pipelines across the country. This was disclosed by the Chief Executive Officer of NNPCL, Mele Kyari, during an interface with the members of the senate committee on Appropriations held on...
