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Tag: NNPC GMD

  • NNPC GMD, Kyari speaks on increasing fuel queues in Abuja, others

    NNPC GMD, Kyari speaks on increasing fuel queues in Abuja, others

    Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari on Tuesday assured that the long queues experienced at fuel stations in Abuja and other parts of the country would soon disappear.

    Kyari gave the assurance on Tuesday while speaking with State House Correspondents, after a routine briefing with President Muhammadu Buhari at the Aso Rock Presidential Villa, Abuja.

    TheNewsGuru.com, TNG reports that fuel stations all over the Federal Capital Territory (FCT) have started witnessing long queues of motorists struggling to buy the premium motor spirit (PMS), also known as petrol since Saturday.

    The situation worsened on Tuesday.

    However, while fielding questions from State House Correspondents, Kyari, who explained the observed scarcity had been as a result of suspension of operations by tanker drivers, who were protesting some labour issues with their employers, said the worst is over as the strike had been suspended for one week.

    According to him, the tanker drivers, as at Tuesday, had already resumed lifting fuel from depots across the country.

    He added the agreement struck with the aggrieved drivers would enable government to reach a more lasting understanding on the matter.

    “These queues will go away. It’s because there was an industrial action by petroleum tanker drivers against their employers, the National Association of Road Transport Owners around their compensation package and those issues were not resolved up till yesterday, until we intervene to ensure that there’s an amicable settlement between the parties so that they will have peace and then normal loading operations will commence from the depots.

    “As I speak to you at this moment, loading has commenced in all depots in the country, dispatches of trucks are ongoing in all the depots in the country and they have called off the strike for a period of one week to enable us intervene and find a solution. So there’s really nothing fundamental that is happening now,” he assured.

    Asked about government’s plan to end the petrol subsidy regime, the NNPC GMD said government was still in the process of working out the best way out of the current situation, which he assured would be in the best interest of the ordinary citizen.

    “Subsidy is a policy matter, I’m sure you’re aware of this, there are engagements going on within government to get the best framework for having a fully deregulated PMS market.

    ” As this is going on, we are engaging all parties and all stakeholders as government and to make sure that at the end of the day, there’s an exit that is beneficial to the ordinary man.

    “That is why we know we will not be able to complete that in the month of May and and therefore we declared that there will be no increase in fuel price. I have no update in hand now, this is beyond me, but we’re engaging to make sure that we have the right timeline,” he said.

    Asked how recent rising crude oil price at the global market had impacted on the NNPC’s revenue, especially during a season when the country is discussing removal of fuel subsidy, Kyari said: “you know it works both ways. Once prices increase, your revenue also increases.

    “So I don’t have any numbers around it, but I also know that your obligation to price of petroleum increases and your net revenue also increases. There’s a balancing factor, I don’t think there’s anything much to worry about,” he explained.

  • Reps summon NNPC GMD over alleged N3.878tr unremitted revenue

    Reps summon NNPC GMD over alleged N3.878tr unremitted revenue

    The House of Representatives Committee on Public Accounts has summoned the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, to respond to an audit query from the Office of the Auditor-General of the Federation (oAuGF) on the N3.878 trillion under remittance revenue from domestic crude oil sales.

    Kyari is also expected to respond to queries on the non-collection of miscellaneous gas receipt for some months in the 2015 financial year, as well as the refund of N450 billion by NNPC to the Federation Account; refund of N1.8 trillion unpaid gas revenue without details.

    In addition, he is also expected to provide answers to the lawmakers on “payment through Nigeria Gas Limited Funding Account of $30,963,894.01 (N16,099,887,119.77) as well as misapplication of Joint Venture Cash Calls (JVCC s) for other purpose valued at $292,094,405.82 and N2,474,295,000.

    The House Committee, therefore, requested for “full brief on the account and utilisation of fund with retirement details, cash books, mandates with bank statement and payment vouchers for operation on the NGL funding account”.

    The NNPC Group Managing Director, who is being expected by the lawmakers on February 11, 2021, is expected to appear alongside those who benefited from the Nigeria Gas Limited Funding Account.

    The beneficiaries are Century Energy Service Limited; United Refining Rachmann; Union Petroleum Service; Ocean Bed Trading Limited; Ice Energy & Petroleum; Mangrove Pet. Supplies & Logistic and Unicorp Trading Limited.

    The lawmakers are also asking the NNPC chief to provide the approval memo authorising movement and payment of the fund from JVCC JP Morgan Chase Account to Bank of International Settlement.

    He is also to furnish the House Committee “the presidential approval memo, authorising NNPC to disburse the JVCCs amounting to $292,094,405.82 and N2,474,295,000 for other purposes with all relevant documents to support the expenditure.

    In a two-page letter, Ref. HR/PAC/SCO5/9NASS/FA/2015/1 dated February 1, 2021, Chairman, House Committee on Public Accounts, Hon. Oluwole Oke (PDP, Osun) asked the NNPC Group Managing Director to appear before the Committee with the management of NAPIMS.

    Other issues being investigated by the Constitutional committee include: non-availability of Joint Venture Bank Statement and Reconciliation Statement as well as the Bank Statement of the Joint Venture Account.

    Others are: non-declaration of projects from NNPC JVs; audited account for 2014 and 2015 financial years; full breakdown of production figures by the JVs (PSC, SC, etc, for proper reconciliation), comprehensive records of transactions relating to the unpaid gas revenue worth $198,919,212.27 (N39,189,084,819.19).

    No fewer than 26 companies/Entities that benefitted from the fund are to appear alongside the NNPC Group Managing Director.

    The committee letter read in part: “Pursuant to the Committee’s constitutional mandate over matters relating to public finance management, audit and expenditure as provided in sections 80, 85, 88 and 89 of the 1999 Constitution (as amended) and Order XVIII – Rule 6 of the House of Representatives Standing Orders, the Public Accounts Committee has commenced investigative hearing on the Auditor-General’s reports on the Federation Accounts for 2015.

    “During a hearing session with the Accountant General Office on Friday, 29th January, 2021, the Committee resolved that you cause appearance to respond to the issues raised”.

    In another letter with Ref. HR/PAC/SCO5/9NASS/FS/2016 dated January 2, 2021 addressed to the NNPC Group Managing Director, the committee expressed grave concern over the “poor disclosure of receipts from the Nigerian National Petroleum Corporation,” of the financial statements for the 2016 fiscal year.

  • Nigeria losing foreign investors’ confidence – NNPC GMD

    Nigeria losing foreign investors’ confidence – NNPC GMD

    The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said there is a need for Nigeria to act fast and address the loss of foreign investors’ confidence in the country’s oil and gas industry.

    Kyari said the absence of a stable fiscal environment was inhibiting the growth of the industry, especially the upstream sector.

    He spoke while playing host to members of the House of Representatives Committee on Petroleum Resources (Upstream), who were on an oversight visit to the corporation recently, according to a statement on Tuesday.

    He said “international investors were losing confidence in the nation’s oil and gas industry” and urged the lawmakers to act fast and arrest the situation.

    “We need to act quickly to move from this unstable situation to a very stable one and the only way is for us to get the Petroleum Industry Bill to work so that countries and investors can work with us,” the NNPC boss said.

    According to him, foreign capital is needed in the upstream sector and the only way to attract it is to have stable laws and a friendly business environment that can guarantee cost recovery and a decent return on investment for investors.

    Kyari noted that the uncertainty in the sector created by the long delay in the passage of the PIB had led to a number of divestments from the country in the recent past.

    He said the drive by the management of the NNPC to entrench the culture of transparency in the corporation had improved its business fortunes and creditworthiness “as lenders are now willing to grant credit to it.”

  • JUST IN: Ex-NNPC GMD, Joseph Dawha is dead

    JUST IN: Ex-NNPC GMD, Joseph Dawha is dead

    The Nigerian National Petroleum Corporation (NNPC) on Monday evening announced the demise of its former Group Managing Director (GMD), Dr. Joseph Thlama Dawha.

    Dr. Dawha, died after a brief illness, NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru stated in a release on Monday.

    The release said NNPC Group Managing Director, Mallam Mele Kyari, expressed shock over the sudden death of Dr. Dawha who was the 16th Group Managing Director of the corporation.

    Mallam Kyari said that NNPC family gravely mourned the death of the former GMD, who he noted, provided astute leadership and made immense contributions to the progress of corporation.

    He described Dr. Dawha’s death as a great loss to not only NNPC but also Nigeria as a whole.

    Dr. Dawha was GMD of NNPC between August, 2014 to August, 2015.

    He was the GMD of the state-owned behemoth between 2014 and 2015. He succeeded Andrew Yakubu, who was sacked by President Goodluck Jonathan.

    Kyari while announcing Dawha’s death on his his verified Twitter account said: “The NNPC family regrets to announce the passing away of Dr Joseph Thlama Dawha, GMD NNPC 2014- 2015 after a brief illness. We remember his astute leadership and immense contributions to the progress of the Corporation. It’s a great loss to us, the nation and the family,” he said.

    Kyari did not state the cause of death.

    TheNewsGuru.com reports that Dawha’s death comes weeks after another ex-GMD of the Corporation Maikanti Baru died.

    Dawha, from Biu in Borno state joined the NNPC in 1988 and retired in 2015.

    He had Bachelor of Science degree in Chemical engineering from the Ahmadu Bello University, Zaria in 1977 and a Master’s of Science in the same discipline in 1985.

    He also had a doctorate in chemical engineering in 1988.

  • Nigeria has ‘over-complied’ with OPEC+ quota – NNPC GMD

    Nigeria has ‘over-complied’ with OPEC+ quota – NNPC GMD

    With its current daily oil production, Nigeria has over-complied with its OPEC+ quota, Mele Kyari, the group managing director of NNPC said.

    Kyari spoke during a Zoom call organised by the Atlantic Council.

    He said if all countries that are part of the OPEC+ deal complied, there would be no need to extend the agreement into August.

    Nigeria had not complied completely with its promised cuts in past months, Kyari admitted.

    But he said the country’s current reductions would ensure that it had made up for that by July.

    “Our actual daily production indicates we’re in an over-conforming situation,” he said.

    Kyari said NNPC is also working to ensure that Nigeria can stop importing fuels within three years.

    The government is aiming to make a final investment decision on building a condensate splitter, a simple refinery that can process extra-light crude, by July.

    It will have a capacity of 50,000 barrels per day (bpd) initially, rising to 200,000 bpd.

    He also said that Nigeria is taking a new approach to fixing the nation’s ailing refineries.

    This would involve seeking partnerships with private companies to finance, fix and run them.

    Kyari added that Nigeria is in conversations with U.S. companies including Bechtel and KBR regarding potential projects including oil refineries, pipelines and gas projects.

    Efforts to revamp the refineries have failed for years.

    NNPC shut them down entirely in April.

    But Kyari said he was confident they could get them up and running again.

    “We have a new framework,” he said of the refinery projects.

    “This will enable others to help us,” he added.

  • BREAKING: Immediate past NNPC GMD, Maikanti Baru is dead

    BREAKING: Immediate past NNPC GMD, Maikanti Baru is dead

    The immediate past Group Manager Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Engr. Maikanti Baru is dead.

    According to his successor, Mele Kyari who confirmed the death via a twitter post, the late former GMD died on Friday night.

    More details later…

  • $9.6bn Judgement: Senate summons AGF Malami, Emefiele, NNPC GMD others

    The Senate has summoned the Attorney General of the Federation and Minister of Justice, Abubakar Malami and other relevant government agencies to brief it on the details of the Gas contract to the Process and Industrial Development (P&ID) Limited and the $9.6billion penalty awarded against Nigeria.

    Details shortly…