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Tag: NNPC Limited

  • NNPC gives reasons for current fuel scarcity

    NNPC gives reasons for current fuel scarcity

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) has attributed the current fuel queues in the FCT and some parts of the country to the disruption of ship-to-ship (STS) transfer of Premium Motor Spirit (PMS), also known as petrol.

    Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., while reacting to the development on Monday said that the ship-to-ship (STS) transfer was between Mother Vessels and Daughter Vessels resulting from recent thunderstorms.

    Soneye also said the adverse weather condition also affected berthing at jetties, truck load-outs and transportation of products to filling stations, causing a disruption in station supply logistics.

    “The NNPC Ltd. states that due to flammability of petroleum products and in compliance with the Nigerian Meteorological Agency (NIMET) regulations, it was impossible to load petrol during rainstorms and lightning.

    “Adherence to these regulations is mandatory as any deviation could pose severe danger to the trucks, filling stations and human lives.

    “Similarly, the development was compounded by consequential flooding of truck routes which has constrained movement of PMS from the coastal corridors to the Federal Capital, Abuja.

    “The NNPC Ltd. is working with relevant stakeholders to resolve the logistics challenges and restore seamless supply of petrol to affected areas.

    “Already, loading has commenced in areas where these challenges have subsided, and we are hoping that the situation will continue to improve in the coming days and full normalcy will restore,” Soneye said.

    Soneye, while urging motorists to avoid panic buying, warned fuel stations not to hoard petroleum products.

    In view of the fresh fuel scarcity, many stations were not dispensing the product, thereby causing hardship to motorists while commuters are stranded.

    Along Kubwa Road many fuel stations were not dispensing the product except Amassco and NIPCO at Kubwa second gate.

    Many fuel stations along Nyanya-Karshi road did not have fuel except NIPCO and AA Rano fuel stations with long queues.

  • NNPC Limited denies plans to hike petrol price

    NNPC Limited denies plans to hike petrol price

    The Nigerian National Petroleum Company (NNPC) Ltd. has assured the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol.

    The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, in a statement on Thursday, urged Nigerians to disregard unfounded rumours.

    Soneye assured the general public that there were no plans for an upward review of the price of PMS.

    “Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” he said.

  • VP Upstream NNPCL: Arewa group says those calling for Eyesan’s removal are sponsored blackmailers

    VP Upstream NNPCL: Arewa group says those calling for Eyesan’s removal are sponsored blackmailers

    The Arewa Youth Alliance for Progress and Development (AYAPD) has said those bent on sponsoring campaign of calumny against the appointment of Mrs Oritsemeyiwa Eyesan as Executive Vice President (Upstream) of the Nigeria National Petroleum Company Limited (NNPCL) have failed.

    This was expressed at a press briefing, with the text, jointly signed by AYAPD   President, Amb Umaru Bala Babayaro and Secretary. Comr. James Ishaku, made available to newsmen in Kaduna on Monday.

    “The so-called idle, groundless and unwarranted gimmicks are sponsored by irreconcilable enemies of the success recorded so far within the petrochemical industry in the country. We make bold to say that their plans failed on arrival,” the group said.

    The group therefore, hailed President Bola Ahmed Tinubu, saying he made the right decision by appointing her.

    According to the text of the briefing, the group said, “The attention of Arewa Youth Alliance for Progress and Development (AYAPD) has been drawn to certain unfounded and spurious calls by invisible groups operating under the aegis of Niger Delta Forum For Truth And Justice, (NDFTJ) calling for the sack of a hardworking alpha woman, the Executive Vice President (Upstream) of the Nigeria National Petroleum Company Limited, (NNPCL), Mrs. Oritsemeyiwa Eyesan.

    “Without much thought it is obvious that these calls are maliciously laced with intentions to defame, the impeccable mettle of this hard working Nigerian who was only recently appointed. They saw no other allegation to drive their inconsequential point, but the Pipeline surveillance contract which we are aware was awarded many months ago before her assumption of office.”

    They described the actions of those they described as “sponsored  blackmailers” as   not only a sham but a claptrap, bogus, cheap blackmail and unsubstantiated allegations.

    “The aforementioned unreliable, baseless, delusional, unpatriotic, democratic ants, ethnic bigots who fuel this false show of shame, misusing the privilege of “freedom of expression,” have failed. And will continue to labour in vaiThe President Bola Ahmed Tinubu’s government is that of national unity, working hard to use our diversity for our advantage.

    “We won’t regret to tag this show of shame and commercial stage-out, envious move and unpatriotic efforts as undemocratic attempt to deny Nigeria the peace in the oil region and increase in Nigeria crude production, especially the relative peace enjoy by our brothers in the Niger Delta Region, who have experienced oil spill as a result of pipeline deterioration.

    “We as Arewa Youths are happy to say that in just few months in office, we have observed that the competence, intellectual capacity, courage of Mrs. Oritsemeyiwa Eyesan are enormous.

    “Mrs. Oritsemeyiwa has shown enormous propensity to national economy recovery plan with clarity of vision and certainty of purpose.

    “Her actions have shown that she is Pan-Nigerian, a lover of our nascent democracy, and her character is an embodiment of rule of law.

    “We wish to put it on record as it is general knowledge that Pipeline Infrastructure Nigeria Limited, PINL, was awarded a Surveillance contract through a rigorous due process under an ljaw man from the Niger Delta region, who happens to be the immediate past Executive Vice President Upstream NNPCL, Engr. Adokiye Tombomieye, after meeting all criteria set out for the award of the job at the same time other companies like Tantita Security Services Nigeria Limited, were awarded theirs.

    “We have confidence that the Federal Government headed by a born tactician, President Bola Ahmad Tinubu, will not capitulate to this greedy, flunk script, selfish and uncoordinated show of shame. Mrs. Oritsemeyiwa Eyesan appointment as Executive Vice President Upstream is cement with holistic track record and her remarkable trajectory in public service,” they pointed out.

    They stressed that President Bola Ahmed Tinubu made a right choice with appointment of Mrs Oritsemeyiwa Eyesan,adding that one of her distinguished features include being self-confident, productive, optimistic, a go-getter, a fear-tackler, transparency, advocate for due process, unafraid to stand up for what she believes in, proud, unbothered by what others say or think, and undistracted in serving the best interest of Nigeria.

    “We urge those who are masquerading, claiming to stand for Truth and Justice to engage in meaningful business or employ their youthfulness to prepare for rigorous process that led to the award of Surveillance Contract to Pipeline Infrastructure Nigeria Limited since they believe they have what it takes to get the contract, instead of engaging in ethnic-base blackmail.

    “The Bad news for these politically misplaced instruments of anarchy is that we trust that the President of Nigeria will not succumb to their mischief.

    “We call on the Public to disregard the hate speeches and malicious contents that may be circulation as they are sponsored.Arewa Youth have confidence in the integrity of the Executive Vice President (Upstream) of the Nigeria National Petroleum Company Limited, (NNPCL), Mrs. Oritsemeyiwa Eyesan, and we look forward to greater strides”. The group expressed.

  • FG receives $2.25m from Afreximbank in landmark $3.3bn crude oil prepayment facility

    FG receives $2.25m from Afreximbank in landmark $3.3bn crude oil prepayment facility

    The federal government of Nigeria has received an initial disbursement of $2.25 million from Afreximbank in a landmark syndicated $3.3bn crude oil prepayment facility.

    TheNewsGuru.com (TNG) reports the $3.3bn crude oil prepayment facility, secured in August 2023, was sponsored by the Nigerian National Petroleum Company Limited (NNPCL).

    According to information available on Afreximbank’s website, a second tranche of US$1.05 million is expected to be disbursed soon.

    The landmark financing is the largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated transactions in Africa in recent years.

    The facility is expected to support Nigeria’s macroeconomic stability and long-term economic growth, facilitating access to raw materials and trade development.

    TNG reports United Bank for Africa Plc (UBA) acted as the Local Arranger and Onshore Account Bank for the transaction, which is expected to ease the foreign exchange illiquidity and stabilise the Nigerian currency market.

    The transaction is seen as a significant further step in unleashing Nigeria’s economic potential.

    “This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023.

    “The 5-year facility carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR).

    “The transaction structure has an embedded price balance mechanism where 90% of all excess cash from the sale of the committed barrels (after debt service) will be released to the borrower, while the balance of 10% will be used to prepay the facility, effectively shortening the final maturity of the facility and freeing cash flow from future pledged cargoes for use by Nigeria,” a statement on Afreximbank reads.

    The initial participating lenders are Afreximbank, Africa’s multilateral trade finance institution, Gunvor International BV, a Geneva-based multinational energy and commodities trading company and Sahara Energy Resources Limited, an African-owned, leading international energy and infrastructure conglomerate.

    Afreximbank’s extensive structuring and technical experience in arranging similar complex oil & gas financing facilities in Angola, Republic of Congo, South Sudan, Chad Egypt, Côte d’Ivoire. Ghana, etc. was brought to bear in the successful closure of the facility, notwithstanding a very challenging market environment.

    The Bank acted as Sole Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent.

    Lauding the successful financial close, Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, explained that “this facility further demonstrates the Bank’s commitment to supporting African economies, when such assistance is most needed.

    “Afreximbank stands by its member countries in good and in difficult times. The disbursement of the initial US$ 2.25 billion under the facility will support Nigeria’s long-term economic stability, ease access to import financing for raw materials and essential goods, support industrialization and trade development efforts.

    “We are pleased that despite the typical year-end pressures, our partners and investors committed the funds required in record time.  We thank them for their support”.

    The NNPCL Group Chief Executive Officer, Mr. Mele Kolo Kyari, commented on the landmark transaction, noting that “the proceeds of the facility have been made available to the Federal Republic of Nigeria as one of the strategies to improving macro-economic stability.

    “The participation of global, international and regional syndication firms is a further testament to the lending market’s appetite for financing sponsored by NNPCL and signifies solid market confidence in Nigeria.”

    The Group Managing Director/CEO, United Bank for Africa (UBA), Oliver Alawuba said that “UBA is delighted to participate in this transaction, which demonstrates once again UBA’s commitment to providing necessary interventions and solutions towards addressing economic issues in Nigeria and across Africa.

    “UBA has a track record of structuring and participating in significant resource-based transactions, leveraging its global network and dollar balance sheet.  Similar transactions include the DRC deal, Kenyan deal, Senegal SAR Orion deal with Afreximbank.”

  • NNPC Limited records highest profit since inception in 1977

    NNPC Limited records highest profit since inception in 1977

    The Nigerian National Petroleum Company (NNPC) Limited says it has recorded its highest profit since its inception in 1977.

    TheNewsGuru.com (TNG) reports NNPC Limited says it recorded a profit of N2.548 trillion in 2022 in its Financial Performance Report for the year posted online.

    NNPC disclosed in the financial report that it recorded a loss of N803 billion in 2018 and N1.7 billion loss in 2019.

    According to the report, 2020 recorded N287 billion profit which it tagged ‘’Turning Point’’ while in 2021, the company’s profit continued to grow to N674.1 billion tagged ‘’Assurance’’.

    The report stated that the profit which continued to rise up to N2.548 trillion in 2022.

    The NNPC Ltd had between Dec. 30, 2023 and Jan. 5, 2024 recorded 157 incidents of crude oil theft from seven incident sources and arrested 17 suspects.

    The sources included the Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Ltd, Maton Engineering Ltd, Tantita Security Service Ltd, Shell Petroleum Development Company (SPDC), NNPC Command and Control centre and Government Security Agencies.

    Its report stated that in the past week, 52 illegal refineries were discovered and destroyed in Abia, Imo, Rivers and Bayelsa states while 32 illegal connections were uncovered in several parts of the Niger Delta.

    They were removed and repaired along central corridor in the Niger Delta while seven illegal storage sites were uncovered in AkwaIbom state and buried crude drums unearthed in bushes in Bayelsa and Warri, Delta.

    The company said there was no backing down on the menace until it was eradicated.

  • NNPC denies awarding pipeline contracts to select Northern oil cabal

    NNPC denies awarding pipeline contracts to select Northern oil cabal

    The Nigerian National Petroleum Company Limited (NNPCL) has denied awarding pipeline contracts to a select group of “Northern oil cabal.”

    The Company clarified that the contracts for pipeline rehabilitation were awarded based on evaluation criteria and in accordance with industry standards.

    The management of the NNPC Limited made this known in a statement on Sunday while reacting to reports in some section of the media alleging underhand dealings in the contract award.

    It said the contracts, which were advertised, were awarded based on rigorous evaluation criteria and in line with industry norms.

    “The attention of the NNPC Ltd has been drawn to reports in an isolated section of the media alleging underhand dealings in the award of contracts for the rehabilitation of pipelines across the country.

    “It is crucial to provide accurate information to address any misconceptions and ensure transparency in our operations.

    “We would like to state categorically that these reports are fallacious and designed to bring the good name of the Company into disrepute.

    “NNPC Limited is deeply committed to adhering to the highest standards of transparency and global best practices in all our activities, and this includes our contracting process,” it said.

    The NNPC Limited, while re-emphasising its commitment to transparency, said it subjected the selection process to a competitive tender guided by Bureau of Public Procurement standards, Infrastructure Concession Regulatory Commission expertise, and the active involvement of a Transaction Advisor.

    It said it also had representations from NEITI and the Ministry of Justice in the project development team and the evaluation exercise.

    It listed the composition of Consortium members per lot spread across Nigeria.

    “LOT 1: Oilserve Ltd, Chu Kong Steel Pipe Group Company Ltd, Saudi Crown Oilserve.

    “LOT 2: MacReady Oil and Gas Services, COBRA Instalicios S.A, Control Y Montajes Industriales and International De Pipelines, Iron Products Industries Ltd, Batelitwin Global Services Ltd, Bauen Empresa Constructora SAU, Sanderton Energy Ltd, The Spanish National Association of Manufacturers.

    “LOT 3: A A Rano, Zakhem Construction Nigeria, Bablinks Resources Ltd, VAE Controls S.R.O and LOT 4: MRS Oil and Gas, CPPE Nigeria Ltd

    “It is imperative to emphasise that these contracts are Build, Operate and Transfer agreements, and selected partners are to finance the rehabilitation and do not entail the transfer of control of these assets to any particular company,” it said.

    It said its objective was to enhance the integrity and functionality of the pipelines to facilitate the efficient transportation of crude oil to refineries and the distribution of its products across the country.

    According to the NNPC management, the ownership of these strategic national assets remains with NNPC Limited, and are fully committed to ensuring their continued operation in the interest of over 200 million Nigerians.

    It would be recalled that some sections of the media recently alleged that NNPC Ltd has awarded juicy rehabilitation contracts of the nation’s pipelines to four oil companies, including two downstream retailers.

  • NNPC Limited reacts as petrol scarcity follows Tinubu’s pronouncement on fuel subsidy

    NNPC Limited reacts as petrol scarcity follows Tinubu’s pronouncement on fuel subsidy

    The Nigerian National Petroleum Corporation Limited (NNPCL) has reacted to the pronouncement of President Bola Tinubu on the payment of fuel subsidy.

    Recall that Tinubu was sworn in as President on Monday and during his inaugural speech, he announced the federal government will no more make payments for fuel subsidy.

    Reacting, the Group Chief Executive Officer (GCEO) of NNPCL, Mallam Mele Kyari noted that the payment of fuel subsidy had been a burden on the corporation’s cash flow.

    Addressing the press, Kyari stressed the removal of subsidy will free up funds to enable optimal operations within the company.

    “NNPC Limited welcomes the decision by the Federal Government to remove subsidies on PMS.

    “The removal of the subsidy, which has been a burden on NNPC Limited’s cash flow, will free up funds to enable optimal operations within the company,” he said.

    Reacting to the scarcity already being experienced, he assured Nigerians of a sufficient supply of the product.

    “NNPC Limited is also monitoring all its distribution networks to ensure compliance,” Kyari added.

  • Crude oil heist: What is NPPC Limited not telling Nigerians?

    Crude oil heist: What is NPPC Limited not telling Nigerians?

    Recently, the Group Chief Executive Officer of NNPC Limited, Mele Kyari announced the discovery of an illegal oil pipeline that is routed into the sea and used to steal crude oil from Nigeria.

    TheNewsGuru.com (TNG) reports that the discovery has been touted as the biggest crude oil heist in the country.

    Narrating how the illegal oil pipeline is routed to steal crude oil from the country, Kyari said “Oil theft in the country has been going on for over 22 years but the dimension and rate it assumed in recent times is unprecedented”.

    He added: “In the course of the clampdown within the last six weeks, 395 illegal refineries have been deactivated, 274 reservoirs destroyed, 1,561 metal tanks destroyed, 49 trucks seized.

    “The most striking of all, is the four-kilometre illegal oil connection line from Forcados Terminal into the sea which had been in operation undetected for nine solid years”.

    Kyari also said that while thieves often tap land-based pipelines to siphon oil undetected, an illegal line in the ocean is highly unusual and suggests a more sophisticated theft operation.

    However, checks by TheNewsGuru.com (TNG) indicate that a case of an illegal pipeline routed into the ocean has been reported as far back as 2017.

    The checks follow a documentary released by Channels TV, which unearthed Afremo A Platform, owned by the Shell Petroleum Development Company (SPDC), a local subsidiary of Shell, as the point from which crude oil is stolen from the country.

    TNG reports that the Afremo A Platform is located in the Forcados (Estuary and Afremo) Offshore Oil Field. Forcados Offshore Oil Field is operated by the SPDC. The Forcados export terminal typically exports around 250,000 barrels of crude oil per day.

    Afremo A Platform
    Afremo A Platform || Photo: Strides

    In 2017, ten (10) suspected oil thieves on board MT TECNE Vessel were arrested by the Nigerian Navy while they were siphoning crude oil into the vessel from the Afremo A platform. The suspects were one Nigerian, two Pakistanis, three Ghanians, one Indonesian, one Beninois and two Ukrainians. TNG gathers that the suspects were eventually handed over to the Economic and Financial Crimes Commission (EFCC) for prosecution.

    On their modus operandi, findings reveal that the vessel used in siphoning crude oil from the Afremo A Platform goes into the high sea during the day, and come late in the night to connect to the jacket to siphon crude oil.

    That same year, the suspects were arraigned in court and remanded in a prison in Port Harcourt, Rivers State by a Federal High Court Presided over by Justice J. K. Omotosho. Some suspects arrested and arraigned in court for siphoning crude oil from the Afremo A Platform were eventually jailed for 7 years.

    The foreigners are two Pakistanis: Mohammed Ejaz, Nasser Khan; two Ukranians: Oleksandr Nazarenko, Oleksandr Kashernvi; one Ghanaian: Romeo Annang, and one Indonesian: Fredrik Fatin Omenu. Their Nigerian counterpart: David Otuohi bagged same jail term with them.

    However, shockingly, they were given the option of N2 million fine. Meanwhile, the company involved in the crime: Asztral Shipping Corporation SA was wound up by the court while the vessel carrying the offensive crude oil: MT TECNE, a.k.a MT STAR (Vessel) was forfeited to the Federal Government.

    The questions Nigerians are asking are: “how come the NNPC is just announcing the discovery”, “why is the NNPC announcing the discovery as though it was made yesterday”, “who are the thieves”, “what happened to the suspects arrested”, “what about the option of fine”, “who are their sponsors”, “is the Afremo A Platform being used to siphon crude oil again in recent times”.

  • NNPC discovers illegal pipeline routed into the sea for crude oil theft

    NNPC discovers illegal pipeline routed into the sea for crude oil theft

    The Nigerian National Petroleum Company (NNPC) Limited has revealed the discovery of an illegal oil pipeline that is routed into the sea and used in stealing crude oil.

    TheNewsGuru.com (TNG) reports that the Group Chief Executive Officer of NNPC Limited, Mele Kyari made the disclosure at a meeting with Senate ad hoc committee on oil theft in Nigeria on Tuesday.

    Kyari said the discovery was made with the help of its private security partners, further disclosing that the illegal oil pipeline had probably operated for the last nine years.

    According to him, the illegal oil pipeline is about four kilometres long, stressing that the route did not get to its terminal.

    Speaking during the meeting, Kyari also disclosed that the company has deactivated 395 illegal refineries in its efforts to curb oil theft in the country.

    The NNPC GCEO, who raised an alarm over the scale of oil theft, and vandalism of assets in recent times described the crime as calamitous.

    “We have deactivated 395 illegal refineries, we have taken down 273 wooden boats, we have destroyed 374 illegal reservoirs, we destroyed 1,561 metal tanks.

    “We have sized over 49 trucks and burnt them down, we have discovered illegal oil pits of 898 so far, and 1,219 cooking sites have been taken down,” he said.

    He said crude theft by vandals has brought down Nigeria’s oil production to around 1.2 million barrels per day from 1.8 million.

    He said that It was not true that the difference between 1.2 million barrels and its potential budget level of 1.8 million barrels was been stolen.

    “To be very precise, we have never seen this level of escalations in our operations. The scale of oil theft, and vandals that we are seeing today is unprecedented, prices of crude oil is so high in the market today, for oil thieves to operate.

    ”But we have put a structure of security hovering around our partners, all the government security agencies, we have set up security private contractors.

    “Because the Brass, Forcados and the Bonny terminals,  all of them are practically doing zero production today, the combined effect is that you have lost 600,000 barrels per day, when you do a reality test.

    “But we hope to restore production to the Forcados terminal, this is as a result of the security intervention that is ongoing,” he said.

    The Chairman of the joint committee, Sen. Mohammed Nakudu (APC-Jigawa) urged the NNPC Group general manager to install trackers on trucks lifting crude from terminals, saying that there was technology to monitor ships laden with crude as done in other countries.

    He also urged him to be prepared for oversight in Port Harcourt and Warri Refineries, given the submission of NNPC that the refineries have been rehabilitated.

  • Why NNPC Ltd failed to achieve better performance in 2021 – Kyari

    Why NNPC Ltd failed to achieve better performance in 2021 – Kyari

    Malam Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd) has said the company could have achieved better performance in the year 2021.

    TheNewsGuru.com (TNG) reports that Kyari disclosed this at a news conference on Tuesday in Abuja while announcing a profit after tax of N674 billion declared by NNPC Limited for the financial year ended December 31, 2021.

    The profit represented a growth of 134.84 per cent when compared with N287 billion profit in 2020 which was recorded under the old Nigerian National Petroleum Corporation (NNPC).

    “NNPC progressed to a new performance level, from N287 billion profit in 2020 to a N674 billion profit after tax in 2021 climbing higher by 134.8 per cent year on year profit growth,’’ he said.

    Kyari also said that it recorded an increase in total assets from N15.86 trillion in 2020 to N16.27 trillion in 2021.

    Speaking on the Group’s financial position, Kyari said the corporation’s total liabilities decreased by 8.3 per cent to N13.46 trillion during the review period from N14.68 trillion in 2020.

    The GCEO said its shareholders funds position rose N2.81 trillion representing 144 per cent year-on-year.

    “The performance would have been greater if the operations in the year under review were free from incessant vandalism, crude oil and products theft, among others.

    “Details of the performance of NNPC and the respective subsidiaries as well as that of National Petroleum Investment Management Services (NAPIMS) will be published on our website www.nnpcgroup.com for stakeholder’s perusal.

    “We look forward to achieving greater performance to support our growth aspirations and to create more value for our stakeholders as we drive full commercial operations under NNPC Ltd.,’’ he said.

    He recalled that in Sept. 2021, President Muhammadu Buhari approved the publication of the 2020 NNPC Group Audited Financial Statement, in which NNPC declared a profit after tax of N287 billion for the first time in 44 years.

    Kyari said that in spite of the challenging operating environment, it strongly believed that the corporation had the potential to sustainably deliver better value to it esteemed shareholders.

    He said it sought to become a dynamic global energy company of choice to its customers, partners and over 200 million shareholders comprising of all Nigerians.

    Kyari noted that the corporation in 2019 rolled out deliberate policies and initiatives aimed at reducing costs and eliminating losses while adopting technology to entrench transparency, accountability and performance excellence (TAPE) across its various functions.

    He said the NNPC had recorded significant improvement over the past three years, turning up the curve from losses to profits.