Tag: NNPCL

  • ERIC ISAGBA:Cleaning The Augean Stable: The Herculean Task Before Bayo Bashir Ojular

    ERIC ISAGBA:Cleaning The Augean Stable: The Herculean Task Before Bayo Bashir Ojular

    By Eric Isagba

    It has become so indubitably clear to Nigerians and indeed the entire world that since his assumption of office as the NNPCL helmsman few months ago Bayo Bashir Ojulari has inadvertently assumed the role of Hercules in Greek mythology who was saddled with the responsibility of cleaning the stable of King Augeas of Ellis messed up by over 30, 000 horses and were never cleaned for thirty years.

    The modus operandi adopted by Hercules to achieve this great feat via the opening of two rivers to flow through the stable and thus clearing the entire mess in one fell swoop was considered a miracle that has continued to baffle mankind.

    NNPCL as the numero uno cash cow of the country has continuously and habitually been infested with all manners of sharks or hawks ferociously drawing blood without restrain to the detriment of the Nigerian economy.

    Left to foster for many decades the recent reforms introduced by Bayo Bashir Ojulari and his puritanical team since assumption of office can therefore only be seen by the detractors’ wolves as outrageous for their only source of cutting a large chunk of sleazy cake off Nigeria has been cut off.

    But was Bayo Bashir Ojulari expecting to have a smooth sail? Definitely not. Just in case he has forgotten, he needs some reminding that those he’s dealing with are a formidable force that cuts across all sectors of the economy. The cartel were so mean that even without importing petroleum products into Nigeria they were paid subsidies that ran into millions of dollars not minding whether the economy was bleeding to death or not. And with the alleged active connivance of top shots of NNPCL this large scale corruption went on unabated till the new Sheriff came to town. What with constant low production of crude across the nation and the never ending TAM scandals gulping several billions of dollars in our refineries that continually embarrassed different government until PBAT came into office 29th May 2023?

    Curious as their mission is, the main target of the oil thieves and their collaborators (whether in government or the corporation) is to bring Bayo Bashir Ojulari down by every means possible and pave way for a new helmsman who would reopen the pipelines connecting illicit wealth to their coffers. The coordinated attempt to get down the new NNPCL helmsman at all costs is so intense that one can only ignore it at one’s own risk. From peddling of dangerous rumours, dispensation of utter falsehood by planting spurious stories in the media to crowd rental for phantom protests these wounded lions are unrelenting in their efforts day by day which underscores the fact that if their activities are left unchecked the danger ahead will be monumental.

    The narrative that Bayo Bashir Ojulari as GCEO of NNPCL unilaterally awarded a N5b contract to his cronies on assumption of office is to say the least callous, trite, misguided, puerile, mischievous and intended to cause panic in the volatile oil and gas sector of the economy. Are there no systems in place in the organization with checks and balances? Again with a singular motive in mind the cartel wouldn’t stop in their messy dealings as they have also weighed in on the Kigali trip as one of their flashpoints without diligently verifying if it emanated from an existing contract inherited from the previous Management.

    Authority and responsibility go parri passu which is evident in the way and manner Bayo Bashir Ojulari and his team are running the affairs of NNPCL. With his wealth of experience as a celebrated Petroleum Engineer and manager both of human and capital resources spanning over three decades in the oil and gas sector there’s no doubt that he possesses the appropriate skills to steer the ship to the required destination.

    Regrettably however, one key factor necessary for Bayo Ojulari and his team to actually succeed is lacking. Political will and power which is the exclusive prerogative of Mr. President his employer. President Bola Ahmed Tinubu is the only person empowered in our country to permanently cut off the hands of all those beating the drums of war and distracting those he appointed in NNPCL to carry out his reforms in the oil and gas sector of the economy. After all no one among the cartel is faceless, they are all well known to those in the corridors of power and can as well be made to face the music of economic sabotage so the country can heave a sigh of relief.

    You don’t treat cancer with kid gloves, those perpetrating this evil are well known to the authority and whatever reasons why they are still strolling in the streets of Abuja and Lagos without cooling their various heels asses in prison for acts against the State is indeed worrisome to well meaning Nigerians.

    Bayo Bashir Ojulari should be allowed unfettered hands to steer the ship of the nation’s cash-cow if the country is to reap maximum benefits from nature’s endowment. This witch-hunt must stop.

    _Eric Isagba, an author and management consultant writes from Oleh Delta State._

  • Nigeria nears 100% oil production capacity – NNPCL boss

    Nigeria nears 100% oil production capacity – NNPCL boss

    The Nigerian National Petroleum Company Limited (NNPCL) says it is attaining close to 100 per cent crude oil production capacity following strengthened collaboration with security and intelligence agencies.

    The Group Chief Executive Officer of NNPC Ltd, Mr Bayo Ojulari, made this known at the opening of the maiden African Chiefs of Defence Staff Summit, on Monday in Abuja.

    Ojulari said the turnaround was a product of deliberate and sustained partnership between the oil and gas industry and the Nigerian defence and security institutions.

    “Not too long ago, our crude oil receipts through pipelines and terminals had dropped dangerously low, sometimes to as little as 20 to 30 per cent.

    “That was a period when pipeline vandalism, crude theft, illegal refineries and sabotage became rampant.

    “Today, I can proudly report to you all that our production and receipts are now attaining close to 100 per cent.

    “Thanks to the professionalism, discipline and collaborative spirit of our security and intelligence agencies, particularly in stabilising the Niger Delta,” he said.

    Ojulari explained that the company had directly witnessed the impact of military operations, intelligence-driven interventions and joint patrols in securing critical energy infrastructure.

    “These successes would not have been possible without the immense and intentional efforts of our government, the armed forces and our intelligence community.

    “Their sacrifices have created the enabling environment for oil and gas operations to thrive once again,” he said.

    Ojulari also stressed that threats to energy infrastructure were not confined to local actors.

    According to him, oil theft and its attendant illegal activities are by no means purely localised.

    He added that they involved sophisticated international syndicates that exploit gaps in the national, regional and continental security architecture to conduct illicit operations.

    He therefore called for greater regional and continental cooperation, noting that energy security must be treated as a shared strategic priority.

    “It is therefore imperative that forums such as this summit are encouraged, with a view to strengthen strategic, tactical and operational collaboration within the continent.

    “Together we can safeguard Africa’s resources, reinforce peace, and create an enabling environment for prosperity for our people,” he added.

    Ojulari reaffirmed NNPCL’s commitment to supporting the military and intelligence agencies, stressing that the oil and gas sector in Nigeria would continue to complement continental defence initiatives.

    “At NNPC Limited, we hold this partnership in the highest regard.

    “We stand ready to complement and cooperate with defence and security institutions, not just for Nigeria’s sake, but for Africa’s collective growth and stability,” he said.

    The News Agency of Nigeria (NAN) reports that the summit with the theme, “combating contemporary threats to regional peace and security in Africa: the role of strategic defence collaboration” recorded attendance from 36 countries.

    President Bola Tinubu was represented by Vice President Kashim Shettima, while the Deputy UN Secretary-General, Amina Mohammed, delivered the keynote address.

    Leaders of the African Union and ECOWAS, ministers, lawmakers, as well as formers and serving defence and service chiefs, were also in attendance.

  • Our world-class NNPCL reflects strategies of Petroleum Minister, Tinubu – By Ikeddy Isiguzo

    Our world-class NNPCL reflects strategies of Petroleum Minister, Tinubu – By Ikeddy Isiguzo

    By Ikeddy ISIGUZO

    WHEN we demand that President Bola Tinubu should do better, what do we really mean? Are we asking him to continue excelling in his decision to personalise, and determine standards – for doing government business -which should be the people’s business?

    Do standards matter to Tinubu if they are not his “global standards” that flow from his experience working for global businesses across two continents?

    Tinubu, the strategist thinks nothing of managing the Nigeria National Petroleum Corporation Plc, NNPCL, with monumental unimportance. He has reflected it in his appointments.

    More importantly, he is the Minister of Petroleum. The NNPCL which is still the focus, has no board. Everything is reported to Tinubu.

    The current setting is immensely dangerous. The President has immunity that cannot see him being investigated over his decisions and indecision.

    It is not an entirely new practice. Outside Presidents Umaru Yar’Adua and Goodluck Jonathan, other presidents since 1999, have been their Ministers of Petroleum. The unimaginable abuses entailed are the foundation of today’s abuses that have grown to values in the company.

    NNPCL addresses itself as a global energy business that aspires to be the global energy company of choice. Then it throws in the usual fillers that unclad excellence, integrity, reliability, resilience, and the like.

    If we discount the size and scope of its business activities, the smallest filling station may be run better than NNPCL. The difference between the filling station and NNPCL extends to the fact that ownership of a small filing station has interests in its profitability and sustenance. Both words mean nothing to how NNPCL is run.

    Events of the past week portray NNPCL as a family business with conflicting orders from family heads, guards, and outsiders of indecernible powers.

    We gloat over NNPCL as our national oil company, first line custodian of our oil and gas assets on which the national economy and the resources that whet the greed of the high and mighty run.

    How can such an important organisation be gutted by news of forced resignation of the Group Chief Executive Officer, GCEO, and the appointing authority is satisfied with tepid statements that imply that things are worse than we imagine?

    Does the news of the GCEO of this global company being removed and restated over allegations that have not be investigated have no meaning in how it conducts its business?

    Why is the government carrying on as if the return of the GCEO is an achievement? Does the President/Minister of Petroleum Resources believe that NNPCL is his company to be run the way that pleases him?

    Should Nigerians not know what happened beyond the limp defence that contracts from NNPCL were being farmed out to an associate of the President’s political opponent? So, being related to an opposition politician disqualifies people from being awarded contracts, even if they otherwise qualify?

    Does that not smell abuse of office?

    The President has many questions to answer. There are too many cloudy activities, still called allegations, in NNPCL. If the Minister of Petroleum, also the President, is uninterested in dealing with them, as part of his own understanding of accountability and integrity, he should at least not add to them.

    Whatever happened in NNPCL, in the past week, has roots in the consequences of operating a global company like a one man business. Anyone can stroll into NNPCL peddle some influence and disrupt the operations of the company.

    Strategists can take us to parts we never knew. There is reluctance to say anything public about how billions of Dollars had been wasted on the refineries, fuel subsidies and the state of NNPCL with its vacuous accounting systems that exclude trillions of Naira.

    Will answering some of these questions, going after the suspects, open new flanks that can hit the President’s chances in 2027, with devastating blows?

    How does the Minister of Petroleum intend to manage NNPCL in the coming months? Can we at least know details of the saga at NNPCL? Who deployed the forces that staged the play at NNPCL?

    If the President cannot punish them, he can publicly praise them for doing a great job. The Minister of Petroleum and President of the Federal Republic of Nigeria cannot be unaware of how a major leg of his office works.

    It would be completely unbelievable that he is also disinterested in the leadership of NNPCL and how it operates.

    Finally…

    JUST imagine in the ValueJet and others versus Alhaji Ayinde Marshal, more popularly known as, K1 De Ultimate, matter, if the owner of the airline and pilot were of different origin, and maybe if the airport was not Abuja. It would have been a clear case of attempted assassination, linked to a well-known presidential candidate, on whose behalf the airline acted, knowing fully well that K1 is an ardent support of the President. May the Almighty keep protecting Nigeria, and Nigerians from chaos in any form it tries to present itself.

    CONGRATULATIONS D’Tigress for your fifth straight win of the African women’s basketball title. I am more included to call you Super D’Tigress. The President did not fall into the temptation of not rewarding you as he did with the football team. Let us see who will tell the President not to reward other teams in the same terms as the Super Falcons. Our money will not “finish” – we can always borrow.

    IF you are in any political coalition these days, the standard code is to be in at least three different groups. The different factions – or fractions – are fusing and diffusing at a pace that primes confusion, especially as many keep talking about 2027 as if they have abolished next year, 2026.

    MOTHER of the nation, as many now call the President’s wife, Mrs Remi Tinubu, is growing by the day in her welfare and philanthropic activities. Does anyone know Mrs Tinubu’s net worth? What is the source of the billions of Naira she donates? How much tax does she pay annually? We should not stand by while all manners of insinuations are made about her wealth. Or shouldn’t she speak up for herself?

    PETER Obi got some roasting on X for speaking out against the arrest of another presidential candidate, Omoyele Sowore, whose supporters said Obi was chasing relevance. “Did he twit about the plane crash in Ghana (he did) or the tarmac incident involving K1 De Ultimate?,” they asked. They advised Obi to learn how to bear grudges because he would need it heading to 2027.

    DR. Mumini Alao, a long-term sports journalist, launches his biography, MUMINI ALAO, today 10 August at the University of Lagos. Mr. Babatunde Fashola, former Governor of Lagos, former Minister of Works, has confirmed that he will deliver the keynote address.

    A COALITION of Nigeria’s aviation unions has declared an indefinite strike from Monday, 11 August. The unions blame the Federal Government’s failure to implement a long-promised salary structure for airspace management personnel of the Nigerian Airspace Management Agency, NAMA, for the strike that is expected to disrupt flight operations nationwide.

    WEST African Examination Council, WAEC has joined in mangling the future of the youth. The matter will as usual be treated as of it does not matter. When JAMB released its results earlier in the year, protests attended it. Parents and their wards complained. JAMB finally admitted something was wrong. WAEC has followed the same steps in the 2025 examinations. Will there be any consequences for those toying with our future? Not when neither the present nor the past had counted in how the authorities manage Nigeria.

    ISIGUZO is a major commentator on minor issues

  • FG requires N3trn to complete NNPCL-funded road projects – Umahi

    FG requires N3trn to complete NNPCL-funded road projects – Umahi

    The Federal Government requires ₦3 trillion to complete road projects awarded under the Nigeria National Petroleum Company Limited (NNPCL) tax credit scheme.

    Works Minister David Umahi in Abuja while briefing newsmen.

    He said that following the NNPCL’s decision to halt funding from Aug. 1, President Bola Tinubu directed the ministry to explore alternative sources of financing to ensure no project is abandoned.

    “Our President is a man with a large heart. Despite the funding stoppage by NNPCL, Mr President, as Chairman of the Federal Executive Council (FEC), directed that alternative funding mechanisms be put in place to ensure completion of all projects,” Umahi said.

    He noted that the ministry has compiled a list of all affected projects and will present them to the President for consideration under Public-Private Partnership (PPP) where applicable, especially for contractors with capacity and funding.

    “We are going to prepare a memo to the President on that,” he said.

    Umahi also said that work has began on the Benin-Warri, Benin-Asaba road to the first Niger Bridge, the Lagos-Ota-Abeokuta road and the Bayelsa and Delta axis have been

    He added that in the North Central,the Koton Karfe and the Keffi bridges,the Katsina-Ala road project through Benue has also been approved for execution.

    Umahi said the Kabba-Ekiti road was also ongoing as well as the Benin by pass road in the South-South.

    He said that there were a lot of emergency projects in the Northeast,in Gombe, Bauchi to Azare area and the long stretch of Kano to Maiduguri.

    Other ongoing projects, he said, are the Bauchi to Jigawa,Akwanga-Jos-Bauchi,Gombe-Bauchi,Kwara-Jebba,Mokwa roads.

    The Minister of State for Works, Malam Bello Goronyo, commended president Tinubu for his unwavering commitment to road infrastructure .

    Goronyo said,”This is a president that has shown an uncommon commitment to fixing our roads that were neglected hitherto for more than 45 to 47 years ago.

    “I want to say that we can never have it better than this time when the roads are being maintained and reconstructed and this is something that each and every one of us can feel,see, and touch.”

    Goronyo commended the media for showcasing the work of the minsitey and urged them to always verify information before going to press to avoid fallacy.

    Also speaking, the Permanent Secretary, Ministry of Works, Mr Olufunsho Adebiyi,said the claim of marginalisation in road projects was not true as there were many factors that determines the cost of fixing a one kilometre road.

    “So what you need to fix a one kilometre road in Bayelsa, may do up to 10 in Katsina why? Because of the terrain , the water table, nearness to the materials required and so many things required.

    “Please recognise this,”he said

    Adebiyi said the knowledge would help Nigerians understand the dynamics of road projects.

  • GCEO Ojulari “disappears”, NNPC mum as resignation rumours spread

    GCEO Ojulari “disappears”, NNPC mum as resignation rumours spread

    There is currently confusion over the whereabouts of Mr Bayo Ojulari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited.

    Several outlets claimed Mr Ojulari was “abducted” by operatives of the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS), and coerced into signing a resignation letter.

    Some reports linked the purported resignation to internal power struggles and alleged involvement in a $21 million pipeline contract kickback scandal.

    Amid the swirling rumours, NNPC Limited has so far maintained absolute silence, fuelling further questions about the fate of its top executive. Ojulari, himself, has maintained absolute silence as well.

    Appointed GCEO by President Bola Tinubu in April, after a notable career as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Ojulari has not been seen at public functions or corporate events for several weeks.

    He has repeatedly shunned several invitations by the Senate Committee on Public Accounts to respond to the audit query raised against the company. The query against NNPC Limited was in connection with audit reports of 2017 to 2023, alleging unaccountability of N210 trillion.

    TheNewsGuru.com (TNG) reports the Senate committee, chaired by Sen. Aliyu Wadada, first summoned Ojulari to appear on July 10, following an investigative session with management of NNPC Limited on June 26.

    Ojulari’s appearance, the Nigerian Senate said, was to enable him to account for the N210 trillion and also provide answers to other queries raised against NNPC Limited in the audit report.

    Several media inquiries directed at NNPC’s Corporate Communications Department have gone unanswered, and internal sources within the company have either declined to comment or claimed ignorance about the situation. This has only intensified public interest and concern over the state of leadership at the national oil company.

    The silence further pushed the narrative that Ojulari “may have quietly tendered his resignation weeks ago, citing personal reasons and frustrations with systemic bottlenecks,” but this remains unconfirmed.

    Despite serious-sounding allegations in some media about Ojulari being forced to resign, both the Presidency and the EFCC have issued firm denials.

    Multiple media outlets have published statements from presidential and EFCC sources dismissing the rumours as false. A Presidency source labelled the resignation report “rubbish and false,” affirming that Ojulari remains in office; EFCC sources described the abduction allegations as “ridiculous and mischievous”.

    “He is still the GCEO of NNPC Limited and there’s no official communication indicating otherwise,” a senior presidency official told Vanguard on condition of anonymity.

    Adding clarity, Special Adviser to the President on Information and Strategy, Bayo Onanuga, also confirmed that Ojulari remains in charge at the national oil company. “The reports are completely unfounded,” he said.

    However, industry observers have warned that the uncertainty could send wrong signals to investors and stakeholders, especially at a time when Nigeria is looking to ramp up oil production, attract foreign direct investment into its energy sector, and navigate the complexities of the global energy transition.

    Stakeholders, including industry unions, civil society groups, and foreign partners, are now calling on the NNPC and relevant government authorities to provide clarity and reassure the public about continuity in leadership.

    Despite the media frenzy, as of Sunday, August 3, 2025, there is no official record of Ojulari’s resignation, dismissal, or suspension from office. NNPC has yet to issue a public statement, but internal sources confirm that operations are continuing under Ojulari’s leadership.

  • NNPCL boss, Ojulari under Senate’s heavy hammer over N210trn financial infractions

    NNPCL boss, Ojulari under Senate’s heavy hammer over N210trn financial infractions

    The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, came under heavy hammer from the Senate over ₦210 trillion in unsubstantiated financial entries spanning 2017 to 2023.

    The Senate committee had previously warned that failure to provide detailed explanations could lead to serious constitutional consequences.

    During a tense hearing on Tuesday, Ojulari appeared unprepared and unfamiliar with the audit discrepancies.

    He claimed he had only recently received details regarding the committee’s invitation and requested more time to examine the financial irregularities, citing his focus on reversing Nigeria’s declining oil production.

    “I think your commentary today brings a clearer perspective to what I actually thought the issue was,” Ojulari admitted.

    “There’s quite a bit of further digging I have to do myself. I want to plead with the Chairman to kindly give me some time to better understand the issues you’ve raised. I had not gotten that perspective before now. Your explanation has completely changed how I view the matter.”

    Senator Adams Oshiomhole (Edo South) blasted Ojulari for his lack of preparedness and for previously sending representatives who were equally uninformed.

    “I don’t know how easily you accept apologies,” Oshiomhole said sharply. “Is the MD now telling us that all the people he sent—once, twice, or even three times—were not in a position to brief him on the matters before this committee? So how can he now claim ignorance? That means he sent people with no authority or knowledge. Apologies are not enough. If you delegate, you delegate someone who is capable of representing your position and defending the facts. Sending people who can’t even report back to you is completely unacceptable.”

    Ojulari further irritated the lawmakers by requesting the formation of a joint technical committee to investigate the ₦210 trillion in question.

    “I also make a plea, Mr. Chairman,” he said, “for the technical nature of these details. If you could permit me to form a small crack team—about three to four people—specifically to dig into these questions… If we could work jointly with any group you deem appropriate, at least we’d be able to reconcile the data properly. I’d be grateful for that privilege.”

    After a heated back-and-forth, the Senate committee—chaired by Senator Aliyu Wadada, who had previously summoned Ojulari after repeated absences—granted a 21-day deadline for the NNPCL boss to return with a comprehensive and satisfactory explanation.

    Explaining the nitty gritty of the queries to the NNPCL GCEO, Senator Wadada said the unaccounted N210trillion are broadly in two components of N103trillion liabilities and N107trillion assets which according to him must be accounted for .

    “There are none out of the 18 or 19 questions we have on NNPCL from us as a committee, neither did it come from the executive or judiciary,  they are questions extracted from the audited financial statement of the NNPCL by the auditor -general covering 2017 to 2023 .

    “Also this committee had not at any time, said the N210trillion in question as far as the queries are concerned, was stolen or missing. What the committee is doing, is required investigation on queries raised in the report in line with its constitutional mandate.

    ” Therefore, the committee is giving NNPCL three weeks to forward written responses to it on all the 19 queries after which the GCEO will be invited along with with other management staff for physical appearance and defence”, he said.

    Earlier before the ruling of the Chairman, virtually all members of the committee spoke on seriousness of the issues at stake and the need for the NNPCL Boss to see it as such .

  • JUST IN: Again, NNPCL slashes petrol price

    JUST IN: Again, NNPCL slashes petrol price

    The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS), commonly known as fuel or petrol, to ₦890 per litre. This marks the second reduction in less than a week.

    The new price was observed at various NNPCL retail outlets in Abuja on Wednesday, July 23.

    TheNewsGuru reports that the price slash reflects a ₦5 per litre drop from the previous ₦895 pump price.

    Daily Post claimed to have observed filling stations along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and other major parts of the Federal Capital Territory adjusted their pump meters on Wednesday morning to reflect the new pricing.

    The move comes barely a week after the state-owned oil company first introduced a retail price reduction for petrol, an indication that the company may be responding to recent developments in the local supply and distribution value chain.

    While NNPCL stations now sell at ₦890 per litre, major retailers linked to the Dangote Petroleum Refinery, including AP Ardova, Optima, MRS, and Bovas, were seen dispensing fuel at a slightly cheaper rate of ₦885 per litre.

    Industry observers say the pricing gap may be linked to supply source advantages and efficiency in distribution from the newly operational Dangote Refinery.

    Reacting to the recurring changes in fuel prices, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said the fluctuations are a direct outcome of the deregulated downstream oil sector.

    “Fuel prices will continue to fluctuate because the market has been deregulated,” Maigandi told Daily Post.

    “The pricing depends on global crude oil prices, exchange rates, logistics, and local market conditions.”

    He urged Nigerians to brace for a dynamic fuel pricing regime as marketers now operate in a liberalised environment where supply and demand forces determine pump rates.

  • SERAP drags NNPCL to court over N500bn unremitted oil revenue

    SERAP drags NNPCL to court over N500bn unremitted oil revenue

    The Socio-Economic Rights and Accountability Project (SERAP) have filed a suit against the Nigerian National Petroleum Company Limited (NNPCL) over its failure to account for N500 billion shortfall in remittances to the Federation Account between October and December 2024.

    The lawsuit follows a World Bank report which revealed that, out of the N1.1 trillion earned by the NNPCL from crude oil sales and other sources during the period, only N600 billion was remitted, leaving a deficit of N500 billion unaccounted for.

    The NNPCL, through its legal representatives, Afe Babalola and Co, in response to a Freedom of Information (FoI) request from SERAP,  claimed that the FoI Act does not apply to the company.

    However, in suit number FHC/L/MSC/553/2025 filed at the Federal High Court in Lagos last Friday, May 30, SERAP is seeking a mandamus order compelling the NNPCL to provide a full account of the missing N500 billion and to disclose its whereabouts.

    Additionally, SERAP is urging the court to direct the NNPCL to involve relevant anti-corruption agencies in investigating the matter, recovering the alleged missing funds, and remitting them to the Federation Account.

    The organization also demands that those responsible be identified, surcharged for the full amount, and handed over to anti-corruption authorities for prosecution.

    “The NNPCL has a responsibility to comply with the Nigerian Constitution 1999 [as amended], the Freedom of Information Act, and the country’s international human rights and anticorruption obligations in the exercise of its statutory functions,” SERAP said.

    The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government and the country’s crippling debt crisis.”

  • Can the new NNPCL Board tackle industry’s critical problems? – By Etim Etim

    Can the new NNPCL Board tackle industry’s critical problems? – By Etim Etim

    The new directors of NNPCL appointed by President Bola Tinubu last week havd been widely welcomed by Nigeria’s oil industry chieftains and analysts for their cognate experience and impressive private sector background, but they are taking over a corporation buffeted by chronic political problems and unethical business practices. These directors are from the other side of the table, as they had been dealing with NNPCL while they were in the leadership of some of the subsidiaries of the IOCs in Nigeria. The new board chairman, Ahmadu Musa Kida, rose in the industry to become Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015. Last year, he became the an independent non executive director at Pan Ocean-Newcross Group. Bayo Ojulari, the new Group CEO, was until his appointment Executive Vice President and COO of Renaissance Africa Energy Company. The Renaissance Group recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Nigeria worth $2.4 billion. I wrote an article on this transaction in January titled ‘’The exit of Shell’’. Ojulari himself is a Shell veteran, just as all other board members have worked at senior levels at other IOCs.

    They are therefore well informed about the deficiencies of NNPCL and are well equipped technically to turn it around into another IOC, or a semblance of it. They can bring the best practices in the IOCs to bear on NNPCL. But they will have to overcome political interferences; opaque organizational culture; chronic industry problems and huge corruption, among many other typically Nigerian challenges. Here are a few of the problems they will face. Here are a few of them:
    1) The Upstream sector

    a) Oil theft is a major problem and the new board will face many obstacles as it tries to fight it. Every barrel of crude oil must end up in one refinery somewhere in the world. The crude oil stolen from Nigeria is not refined in Nigeria. The refineries that buy them must know where the crude came from. Therefore, the syndicates stealing the Nigerian crude oil must be known within the Nigerian and global intelligence community. The new NNPCL Board members have worked with Shell (HQ in London), ExxonMobil (HQ in USA) and Total (France). The home country intelligence networks of these IOCs do know how these thefts have been perpetuated over the years in the Niger Delta and the offshore oilfields. Since these new Board members have worked at the highest level in the Nigerian subsidiary of these IOCs, they can seek help from their HQs on how to identify, name and shame the thieves thereby undermining their network. Of course, the Board has to have the support of the Presidency for this move.

    b) Professionalize the Exploration and production arm of NNPCL, called NNPC E&P Limited (NEPL), formerly NPDC: For a long time now, NEPL (formerly NPDC) has been outsourcing the funding and development of its freely assigned oilfields to third parties, thus denying itself the opportunities to develop and retain corporate competencies and professionalism in-house. NPDC (NEPL) was meant to be the National Oil Company (NOC) of Nigeria, like Statoil of Norway (now called Equinor); Petronas of Malaysia; Petrobras of Brazil; Pemex of Mexico and others of Dubai, Abu Dhabi, Oman, Brunei, etc. It is not late for the new Board to position NEPL to fund, develop and operate their Nigerian oilfields competently as there are many Nigerians in-country and in Diaspora who could be brought in to run the organization efficiently and professionally. The new Board members were at the leadership of successfully operated IOC subsidiaries in Nigeria. Therefore, they have the operational template they can deploy in NEPL. If Equinor of Norway can succeed, with many Nigerians working there, then NEPL can as well.

    c) Transparency of crude oil and natural gas sales: The current opaqueness in the crude oil sales should be stopped. The opacity is at almost every facet of the business. Even Finance Commissioners of the Niger Delta States do not understand how their states’ share of the 13% derivation is calculated. They do not even have the data on which the payments are calculated and paid. Therefore, the new Board should ensure that the federation’s share of the revenue is accessible to the federating units without them depending on the Freedom of Information request.

    d) Simply meet the funding obligations NNPCL has with their JV operators: Nigeria (NNPCL) has been a laughingstock in the global Oil Industry for not paying their 55% to 60% share for funding JV operations, yet would be the first to take their share of the JV production. The Board should simply do the right thing. Pay up NNPCL’s share of funds and then earn its share of the produced crude oil and gas.

    e) Expedite the Contracting processes: Currently it takes about two years to go through the contract award process for major projects that require NNPCL’s approval. The new Board knows how major contracts are awarded in the home country of the IOCs. They should implement such best practice in NNPCL, with recognition of local peculiarities.

    f) Merit-based hiring at NNPCL: During the eight years of President Buhari as the Minister of Petroleum, the ‘northernization’ of NNPCL in many aspects was brazen. Going forward, an annual performance review of the employees should be done and the bottom 5% let go and replaced, if necessary. New recruitments should be transparent and merit-based.

    g) Endless search for hydrocarbon in Northern Nigeria

    Since the 1970s, NNPCL has been exploring for oil and gas in the northern part of Nigeria. There is no IOC that will continuously spend its money for more than 50 years on exploration in a particular area and despite no commercial find, continue investing more money on such fruitless search. Since the new Directors are from IOCs, let them be bold enough to stop throwing good money into these fruitless explorations. If for political reasons the searches must continue in the northern oilfields, NUPRC can award those oil blocks to private companies on a Production Sharing Contract (PSC) basis. The private companies can then take the risk and share the production with the Federation, upon success. The money saved can be used to buy shares in oilfields outside Nigeria, as done by successful NOCs in Nigerian oil fields.

    To buttress the point, let’s recall that during Mele Kyari’s tenure, there was a huge song and dance about the discovery of one billion barrels of crude oil and 500 billion cubic feet of gas in Kolmani oilfield in Alkaleri, Bauchi State. Even President Buhari, in November 2022, had to perform an official inauguration of the Kolmani Development Project where an oil refinery of 120,000 bpd, a gas processing site of 500 million cubic feet per day and a 300 MW power plant were all to be built with the US$3 Billion fund already sourced. About three years after, where are the projects? It is an open secret that doubts exist within the subsurface community of the Nigerian Oil Industry about such quantity of hydrocarbon being discovered since there has been no public declaration of the length of the pay sand encountered and at what depth, as is the standard industry publication when new discoveries are made. That same Kolmani Oil field was abandoned by Shell in the late 1990s when it could not make any commercial find. So, NNPCL should cut the losses by stopping frontier exploration up north.

    2) Midstream Sector

    a) Pipelines to Refineries: Pipelines carrying crude oil to refineries have been vandalized for many years now. No matter how deep a replacement pipeline would be buried, when there is a will to puncture it, it will be punctured. Therefore, the new Board should adequately and appropriately motivate every community a pipeline passes through to protect it against vandalism. The Board members have been dealing with communities their entire career, so they are now in a position to delight the oil communities in a way their IOCs or NNPCL did not allow them to.

    b) Pipelines from Refineries to Depots: Back in the 70s, there was a functioning pipeline network carrying various petroleum products from the various refineries to oil product depots situated at various cities across the country. With the depots not being in use for many years, the Board should should prioritize the reactivation of these pipelines and, again, motivate the communities to protect them all across the country.

    c) The challenge of crude oil supply to Kaduna Refinery: The Kaduna refinery’s only source of crude oil is one single oil pipeline that runs from NNPC Terminal at the Atlantic Ocean located beside Chevron’s Escravos Terminal, all the way to Kaduna. With that pipeline not in use for many years, there is a high possibility that it has been harvested just like other unused pipelines in the country. Therefore, even if Kaduna refinery is refurbished, replacement of that single source pipeline to feed the refinery with its raw material will be a financial challenge. We note that the AKK pipeline is yet to be completed. How more difficult will it be to lay a new pipeline through the Niger Delta swamp and the dry land to Kaduna. The Board should have a critical look at how to revamp the Escravos-Kaduna pipeline, if possible.

    3) Downstream

    a) Government-owned refineries: The four government-owned refineries are not functioning; not operable and more importantly, without secured pipelines to feed them with their raw material – crude oil. NNPCL has tried to bring those refineries back to life to no avail, despite having a full retinue of staff on the payroll for each of the four refineries. Furthermore, these refineries are at least 45 years old. Without the appropriate maintenance and repairs over these years, they have come to the end of their technical life. No amount of money thrown into bringing an idle 45-year old refinery back into production will achieve the purpose. The Board should simply sell off all the existing refineries and allow private companies to seize the business opportunity of keeping the country wet.

    b) Petrol Stations: NNPCL should not spend its money building and operating petrol stations for one simple reason: The petrol station attendants will expect to be paid the full NNPCL salaries and allowances. Rather, NNPCL should dispose of all its petrol stations to third parties who will continue to operate the stations under the NNPCL brand without the NNPCL carrying the operational cost on its balance sheet.

  • NNPCL welcomes new boss, board after Kyari sack

    NNPCL welcomes new boss, board after Kyari sack

    The Management of the Nigeria National Petroleum Company Limited (NNPC Ltd.) has welcomed the appointment of its new Group Chief Executive Officer (GCEO) Mr Bayo Ojulari, and Board of Directors by President Bola Tinubu.

    Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., in a statement on Wednesday appreciated the outgoing GCEO, Mr Mele Kyari, and the former Board Members for their selfless and dedicated service to the company and nation.

    President Bola Tinubu on Wednesday approved a reconstitution of the NNPC Ltd. board, removing the chairman, Chief Pius Akinyelure and the GCEO Malam Mele Kyari.

    Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.

    The new 11-man board has Mr Bayo Ojulari as the GCEO and Ahmadu Kida as non-executive chairman.

    He said that Kyari’s leadership and tireless efforts had left an indelible mark on the NNPC Ltd.

    “We are sincerely grateful for his outstanding contributions.

    “We wish him and all departing Board Members continued success and fulfilment in their future endeavours.

    Ojulari, the new GCEO, hails from Kwara State, and until his new appointment, was the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company.

    His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.

    Ojulari graduated with a degree in Mechanical Engineering, worked for Elf Aquitaine as the first Nigerian process engineer to begin a stellar career in the oil sector.

    From Elf, he joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.

    Aside working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager.

    In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO).

    During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.