NNPCL Archives - Page 2 of 2 - Parliament Reports

INSIGHT: NNPCL, public revenues and the profit motive

Efe IseghohimeMarch 11, 20245 min

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...

Nuggets & Learning RemTrack

INSIGHT: NNPC and the Akara Company Story

Efe IseghohimeFebruary 22, 20245 min

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...

Nuggets & Learning RemTrack

EXPLAINER: The 20 Subsidiaries of NNPC Limited

Efe IseghohimeFebruary 11, 202411 min

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...

House of Representatives

Oil Theft: Reps wade into naval tussle with pipeline security firms

Elizabeth AtimeDecember 22, 20233 min

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...

House of Representatives

Reps to probe $60 billion joint ventures by NNPCL

Beloved JohnDecember 20, 20233 min

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...

Senate

NNPCL has remitted N4.5 trillion revenue in 10 months – Kyari

Sharon EboesomiDecember 14, 20233 min

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...

Senate

Oil Theft: NNPCL uncovers 4,800 illegal connections in 5,000 pieplines

Sharon EboesomiDecember 8, 20233 min

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...

House of Representatives Senate

CORRUPTION: Sanusi blames NASS, blasts NNPC

Beloved JohnDecember 8, 20234 min

Sanusi, a former CBN governor, renowned for his blunt forthrightness, said the national assembly shares huge blame for the opacity and alleged corruption of the NNPCL, the state oil company Former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has said the failure of the National Assembly to adequately carry out its oversight functions on the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation Limited (NNPCL), and other relevant departments in...

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