Tag: NNPC
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Petrol could reach N256/litre without N140bn monthly subsidy– NNPC
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price at N162 per litre, from its actual N256. He stated this during a stakeholders meeting organised by NNPC to discuss how best to stop smuggling. While…
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JUST IN: Court awards N82bn damages against NNPC, Mobil in oil spillage case
The Federal High Court in Abuja has awarded the sum of N82 billion as general damages against the Nigerian National Petroleum Corporation (NNPC) and Mobil Producing Nigeria Unlimited over oil spillage, in Ibeno Community within Ibeno LGA, Akwa Ibom State. Delivering judgment, Justice Taiwo Taiwo, ordered the oil corporations, to pay the sum in 14…
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Again, presidency comes for PDP governors: They want NNPC to ‘break the bank’ for their political gains
The Presidency has said that the latest Peoples Democratic Party (PDP) Governors’ Forum communiqué is a spectacular demonstration to Nigerians as to why the opposition party and its representatives should not be entrusted with the national leadership of the country at any time soon. This comment is in reaction to the PDP governors’ take on…
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Senate Commends NNPC Anti-Corruption Efforts, Drive Towards Profitability
The Nigerian Senate has commended the Nigerian National Petroleum Corporation (NNPC) for its efforts towards entrenching transparency and stamping out corruption from its system. The commendation was given by the Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, Senator Suleiman Abdu Kwari, at a hearing which held at the National Assembly Complex, Abuja,…
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54 oil pipelines vandalised in February – NNPC
The Nigerian National Petroleum Corporation (NNPC) says that 54 petroleum pipeline points were vandalised in February 2021. The Corporation disclosed this on its Monthly Financial and Operations Report (MFOR) for the month of February released in Abuja, on Thursday. It said the number represented 50 per cent increase from 27 points recorded in January this…
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NNPC records 314% increase in trading surplus in February
The Nigerian National Petroleum Corporation (NNPC) has announced a ₦39.85billion trading surplus for the month of February 2021 representing a massive 314.24% leap from the ₦9.62billion surplus it recorded in January 2021. This is contained in the February 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by…
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OML 118: NNPC, SNEPCo, others sign multibillion Dollar deep-water agreement
The Nigerian National Petroleum Corporation (NNPC) and its Production Sharing Contract (PSC) partners – Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) – have executed agreements to renew Oil Mining Lease (OML) 118 for another 20 years.…
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Petrol price negotiation still ongoing – NNPC
The Nigerian National Petroleum Corporation (NNPC) yesterday said state governors do not run the affairs of the corporation, stressing that negotiation to determine a new pump price of petrol was still ongoing between the organised labour and the Federal Government. It added that there was no official announcement of any price hike for the product.…
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JUST IN: NNPC confirms zero FAAC remittance projection for May, disagrees corporation is broke
Nigerian National Petroleum Corporation (NNPC) said the zero revenue remittance projection in its letter to the Accountant General of the Federation(AGF) pertains only to the revenue stream it manages for the country. It said the letter was not a reflection of the overall financial performance of the Corporation. Dr. Kennie Obateru, the Corporation’s spokesman, said…
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Economic crisis: Recovering N94tn unremitted fund is the way to go – Falana
Human rights lawyer, Femi Falana, has asked the Federal Government to compel the Nigerian National Corporation to return unremitted funds between 2010 and 2014 and another N94tn held by oil operators. Falana noted that the announcement by the NNPC that there was no money to remit into the federation account next month amounted to blackmailing…