Tag: NNPCL

  • NUJ kicks against hike in fuel price

    NUJ kicks against hike in fuel price

    The Nigeria Union of Journalists (NUJ), has described the sudden decision to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol as an outright over kill.

    The NUJ equally said that it was alarmed at the increase in the pump price of Premium Motor Spirit (PMS) from N539 to N617 and N568 per litre by the Nigeria National Petroleum Corporation Limited (NNPCL), in Abuja and Lagos respectively.

    The union called for reversal of the hike price immediately, adding that adequate measures be put in place to lessen the burden on ordinary Nigerians.

    In a statement by the National Secretary of the NUJ, in Abuja, Mallam Shuaibu Leman noted that the development has already triggered astronomical increases in transportation costs, with prices of food items soaring almost beyond the reach of many citizens.

    The NUJ said that it was worried that users of generators to power their homes are already groaning uncontrollably under the present situation.

    While it applauded the decision to remove the costly subsidies on fuel, it however cautioned against a hasty implementation of the policy without putting mitigating measures in place to cushion the excruciating effects.

    “We are saddened by the fact that today most people can hardly commute to work or other places of business without much stress because the embarrassing sudden surge in petrol prices has made it so.

    “We believe that this sudden decision is an over kill and we urge that the situation should be reversed immediately while adequate measures are considered and put in place to lessen the effects on ordinary Nigerians,” it said

  • VIDEO: Nigeria to destroy 800,000 litres stolen crude despite refinery plans, high petrol prices

    VIDEO: Nigeria to destroy 800,000 litres stolen crude despite refinery plans, high petrol prices

    Nigeria’s state-owned oil firm, NNPC Ltd, has announced that an intercepted 800,000-litre vessel carrying suspected stolen crude oil off the coast of Cameroon will be destroyed as a deterrent to oil theft.

    Chief Corporate Communications Officer, NNPCL Garba Muhammad, said in a statement on Monday, that the oil was stolen from a well in south western Ondo state.

    The vessel named MT Tura II with IMO number: 6620462 owned by Holab Maritime Services Limited, a locally registered Nigerian company, was intercepted on July 7, by Tantita Security Services, a private security outfit owned by former Niger-Delta militant Government Ekpemupolo alias Tompolo.

    According to the NNPCL spokesperson, the suspicious vessel did not possess valid documentation for the oil cargo when it was apprehended.

    “The illegal trade of stolen crude oil not only inflicts significant economic losses on Nigeria and legitimate stakeholders in the oil industry, but also perpetuates a cycle of corruption, environmental devastation, and social instability.

    “Destroying vessels involved in transporting stolen crude oil is of paramount importance as a strong deterrent,” Muhammad said.

    This comes at a time when Nigeria has invested over N11.35 trillion ($25 billion) in the past decade to revive its three moribund refineries, which are currently operating at less than 30 per cent capacity, resulting in a shortage of locally refined petroleum products.

    While the move aims to deter oil theft and enforce stronger penalties, it could potentially exacerbate the challenges faced by the Nigerian energy sector.

    The low production capacity, coupled with the removal of fuel subsidies, has led to a significant increase in petrol prices, with rates soaring as high as N557 ($1.21) per litre, up from N189.

    The federal government had initially announced that the Port Harcourt Refinery would resume operations by the end of the first quarter of 2023, after failing to meet the initial December 2022 deadline.

    However, further delays have occurred and as the third quarter begins, the refinery is yet to commence operations. Some modular refineries, such as the Waltersmith and Duport refineries, where NNPC holds a 30 per cent stake, are also scheduled to start operations this year.

    The operational success of these refineries, alongside the Dangote refinery’s 650,000-barrel-per-day capacity, is expected to significantly reduce Nigeria’s dependence on imported petroleum products, stabilise petrol prices and ensure energy security for Nigeria.

    But theft from pipelines and wells in the Niger Delta has remained a significant challenge to Nigeria’s oil output in recent years and is one of the biggest obstacles facing President Bola Tinubu.

    According to NNPCL, preliminary investigations revealed that the recently intercepted vessel had been operating in stealth mode for the past 12 years, with its last reported location being Tin Can Port in July 2011.

    The company said it had escalated the details of the arrest and investigation outcomes to the appropriate government authorities and assured Nigerians that the fight against crude oil theft would continue until it is completely eradicated.

    Despite ongoing efforts to combat oil theft, the interception of the vessel underscores the persistent challenges Nigeria faces in addressing this issue.

    Watch Video:

     

  • NNPCL, TotalEnergies under heat over alleged deal with US company indicted of bribery

    NNPCL, TotalEnergies under heat over alleged deal with US company indicted of bribery

    An American company previously indicted for bribery in Nigeria has again been accused of collaborating with officials of the Nigerian National Petroleum Company, NNPCL and TotalEnergies in undermining Nigeria’s local content law and award of a contract for providing a drilling ship at $142k per day higher than that originally awarded.

    South-South Reawakening Group, SSRG in a petition to the board of the Nigerian National Petroleum Corporation Limited, NNPCL observed that in December 2021, TotalEnergies issued a local company, PALMERON with Letter of Intent, after emerging as the lowest bidder and the only company with available drillship to meet TotalEnergies OML 130 deepwater drilling campaign planned for April 2022.

    SSRG in the petition articulated by its national coordinator, Joseph Ambakaderimo observed that during the period this rig was available, oil price was above the price margin of $110 per barrel and countries all over the world were taking advantage of the high crude oil price, but sadly under the directive of a top official of NAPIMS, without regards to Local Content initiatives openly disregarded due process, cunningly delayed contract award to PALMERON, resulting in the country losing out in the benefits of the high crude price.

     

    SSRG further claimed that the delay was to create room for the availability of Noble Corporation Drillship (Gerry de Souza) to complete a project in the Gulf of Mexico by December 2022. SSRG also gathered that Noble Corporation emerged the 4th lowest bidder in the commercial evaluation process. This delay cost Nigeria millions of dollars and opportunity for Nigeria to own a deepwater drillship.

    NNPC and their partners specifically waited over 12 months for Noble Corporation Drillship a foreign drillship (Noble Gerry de Souza) availability to start a drilling campaign, when PALMERON presented five modern drillship of which one of the Drillship – (DVD) ex Bolette Dolphin was inspected and accepted by TotalEnergies in October and November 2021. A complete rig drill safe audit was also carried out by TotalEnergies personnel from France and was certified technically and readily fit for their drilling campaign planned for April 2022.

    SSRG further asserted that PALMERON is the first indigenous company to win a competitive tender against multibillion dollars international companies that for many years had profited from Nigeria Oil and Gas operations deep offshore drilling campaign, without owning facilities in country as they focused on developing their own countries which is Europe, America etc.

    While noting the past indictments of Noble Corporation in Nigeria and in America including The America Securities and Exchange Commission Vs. Noble Corporation, Case No. 4:10-cv-4336(S.D.Tex.) for which it paid $19.6 million in fines and another guilty plea for violating the Foreign Corrupt Practices Act (FCPA) over a bribery scheme in Nigeria, SSRG expressed outrage that the same company was now being used to undermine the country’s local content law.

     

    Recalling the interactions between PALMERON and TotalEnergies following the bidding scheme won by the Nigerian company, SSRG said that the condition listed in the Letter of Intent that will precede award of the contract to PALMERON was closed out with enough time to meet TotalEnergies drilling campaign initially planned for April 2022.

     

    SSRG further wrote:

    “Following the Letter of Intent, TotalEnergies mandated PALMERON to sign a legally binding agreement with suitable technical partners and to ensure necessary steps are taken to make the drillship available for the planned drilling campaign scheduled for April 2022. Following TotalEnergies instructions, PALMERON entered into contract which exposed the indigenous company to hundreds of millions of dollars, in addition, over $3 million was spent monthly for the reactivation and maintaining the drillship for TotalEnergies OML 130 contract from December 2021 to March 2023. In March 2022, TotalEnergies asked PALMERON to make some modifications on the Drillship BOP this activity also cost time and money.

    “TotalEnergies promised an award letter will be issued within 7 days of meeting the conditions listed above. All the conditions required for contract award was fulfilled by PALMERON while TotalEnergies continued to promise PALMERON every other month that the contract will be awarded.

    “The fraudulent award of the contract to Noble Corporation satisfied the selfish interest of some few who are hostile to Nigeria gradual dominance in the deep-water industry thereby short-changing the Nigeria economy.

    “PALMERON petition to GMD of NNPCL was not investigated, instead the petition was leaked to TIREX (a company allegedly being fronted by a top NNPC official) who decided to publish PALMERON confidential petition on national newspaper and also to sue PALMERON for making a formal complaint to the GMD and NNPCL Board about procurement irregularities which complaint about TIREX/NAPIMS relationship and involvement in the OML 130 drilling campaign.”

    In the petition to the NNPC board, the SSRG asserted:

    “We are curious to know the positions of the NNPCL board on this matter. Was there any investigation carried out when these issues were raised? These fraudulent patterns and intentional negligence by NNPCL if not controlled will continue to put the country’s oil and gas operational cost on the increase and consequently erode the nations share in the profit.

    “The fraudulent award of the contract to Noble Corporation and their Nigerian partners surely gratified the selfish interest of some few who are hostile to Nigeria gradual dominance in the deep-water industry thereby short-changing the Nigeria economy and development. it is obvious that the contract under the guise as a stop gap, was awarded to same company the falsified commercial re-evaluation was carried out to favour and drilling operations delayed.

    “The Letter of Intent issued to PALMERON was never withdrawn or cancelled before TotalEnergies initiated a Stop Gap process that led to awarding the contract to Noble Corporation.

    “On the same OML 130 drilling tender that you already signed off a winner to use a Stop- Gap to award to a competitor is a criminal offence and fraudulent.

    “The ruling itself from the judge on the 19th of January is sufficient to suspend all those involved while proper investigation is carried out on the abuse of power.”

  • Fuel scarcity: Queues won’t exceed Saturday – NNPC

    Fuel scarcity: Queues won’t exceed Saturday – NNPC

    The Nigerian National Petroleum Company Limited (NNPCL), has said that the fuel queues being witnessed across the country will not exceed Saturday (3rd June).

    The NNPC Group Chief Executive Officer, Mele Kyari, disclosed this during an interview on Channels on Thursday.

    He said: “I don’t see it staying beyond another day or two, maximum. It can actually be on Saturday. We have supplies. The key trouble with the PMS system is supply, but I have supplies.

    “There are over 810 million litres of PMS in depots, tanks and fuel stations across the country, so you don’t have the problem of transferring those from marine to land, you already have them on the ground.”

    The NNPCL boss, however said, the local production of Premium Motor Spirit, otherwise known as petrol, by Dangote Refinery, Port Harcourt Refining Company and others in Nigeria is not going to change the pump price of the commodity.

    Kyari confirmed that the Dangote Refinery, which was inaugurated on May 22, 2023, by former President Muhammadu Buhari, would start pushing out products by the end of July and early August.

    He also stated that the Port Harcourt Refinery would be delivered by the end of the year, adding that the facility was expected to further boost local production of petrol.

    He stressed that the notion that petrol prices would reduce once the country starts domestic production was false.

    But Kyari declared that despite the volume of petrol being expected from these facilities, the cost of the commodity would not reduce, regardless of the fact that the product was produced locally.

    He said, “There is a notion that if the product is processed locally, prices will reduce. Let me make it clear that it is not going to change anything. If you produce locally, the refineries will also input the cost of production and other things and it will be sold at the current price.

    “There will also be no subsidy when local production starts because there is no cash-to-back subsidy, this country no longer has the resources to continue with subsidy.”

     

  • NNPCL nabs suspected thieves with over 600 barrels of crude oil

    NNPCL nabs suspected thieves with over 600 barrels of crude oil

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has intercepted an illegal Crude Oil Barge and arrested six suspected crude thieves in Warri, Delta State.

    Tantita Security Services Nigeria Limited, a private security contractor, engaged by NNPC Ltd. made the arrests in collaboration with Nigerian security operatives on the premises of MAWE Services.

    Speaking, the Executive Director of Operations and Technical of Tantita, Captain Warredi Enisuoh said MAWE Services had approval from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to provide services within the confines of lifting sludge.

    The security contractor and the Nigerian security operatives also set ablaze the 1,000 metric tonnes capacity barge at a final execution point in Oteghele, Delta state.

    The barge was destroyed shortly after an inspection of the sites of Mawe Service Limited and associated barge with illegal crude oil.

    On the inspection were some officials of NNPC Ltd. and Tantita Security Services, Journalists, the Nigerian Army and Naval officers, among others.

    The team visited the Mawe Services Jetty, illegal crude oil dump site and Fenog Jetty for Illegal Crude Oil Barge inspection.

    Enisuoh said on the fateful voyage, intelligence reports received by Tantita Security Services Nigeria Ltd and Mason Engineering indicated that the MAWE Yard was being used for activities outside its approval limits.

    He said surveillance and intelligence also revealed that a 1000 metric tonnes capacity barge (FP AMANGWU) was coming to berth alongside its jetty, loaded with illegal crude oil declared as sludge.

    The captain explained that the barge was towed by an unknown Tugboat into Mawe Services Limited’s Jetty and left.

    “A team of Tantita Security Services Operatives continued to monitor the Jetty for suspicious activities. It was observed that a Sewage Truck with Plate No. JR7750XA visited the Jetty twice.

    “During its third visit on May 12, 2023, the Truck was accosted by the Tantita Security Operatives keeping constant vigil over the area. Upon inspection, the substance found inside the tank was not sewage, rather, crude oil.

    “The driver was arrested and handed over to government security operatives.

    “The driver later revealed the destination of the contents, which took us to another yard inland, also operated by Mawe Services Limited.

    “Within the Mawe Services Limited’s premises, there were two metallic cylindrical tanks of about 45,000 liters capacity, each.

    “Both tanks were inspected and one was found to be filled up with Crude Oil,”.

    He said the driver of the Truck confirmed that he had been transferring the contents of the barge into the tank that was filled.

    He said that inspection of the Yard Security Logbook showed that the Truck visited the location severally while the contents of the Truck were well spelt out as “CRUDE OIL”.

    He explained that the perpetrators usually loaded the crude from the big barge in small gallons, batch by batch then transfer to illegal refineries.

    “One new method they use now is that  they obtain documentation and authorisation from the government to fool security agencies, then go on to do other illegal jobs,” the captain said.

    The captain further explained that most times when the suspects were being arrested, they would claim to be newly employed by their companies whereas they were already trained to operate in that line.

    “At the same time I feel sad because the big players always hide behind them while the small errand boys are literally the victims.

    “I believe the law enforcement agents will get to the root of the matter,” he said.

    He said that part of the crude had been evacuated while the rest would go through combustion process.

    Meanwhile, the suspects who were paraded by the combined security team, said they were not aware of any illegal badge of crude oil but were sent by their companies to evacuate waste water with oil from the barge.

    Mr Daniel Dickson, one of the suspects working with First Priority Research Resources International Ltd, the owner of the barge said the barge was hired through Petralon 54, located at Port Harcourt, Rivers State, to cargo crude from Port Harcourt to Warri in 2022.

    Dickson, who said that it was not all the compartments in the barge that contained crude said that it had about 700 barrels of crude oil but in the process of  evacuation in May 2023, the security agents caught them.

  • NNPCL gives update on AKK gas pipeline project

    NNPCL gives update on AKK gas pipeline project

    The Nigerian National Petroleum Company Limited (NNPC Ltd) says it has so far spent over 1.1 billion dollars on the ongoing construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and Station project from its cash-flow.

    The NNPC Limited GCEO, Malam Mele Kyari said this on Monday while touring some of its project sites in Kogi, with newsmen and other stakeholders.

    Kyari was accompanied by some top officials of the NNPC Limited and Oilserv Limited, (Pipelines and Facilities), the contractor of the project.

    Kyari said the company would continue to fund the massive project which it was delivering in phases and has been active even though it did not have third party finance for the project.

    “So far, NNPC Ltd has funded over 1.1billion dollars on the project and to date none of the project activities is abandoned as reported and we reassure all stakeholders that we have a line of sight to project delivery on schedule.

    “NNPC Limited remains highly committed towards the delivery of strategic National infrastructure projects through responsive project delivery, active collaboration with government security agencies and communities as well as deployment of technology for delivering the project.

    “This is is one of the most massive projects of proportion value to our country for economic growth. It is a must-deliver project and we have continued to fund in spite of not having third party finance support, we will deliver this project.

    “We do not owe a dollar to our contractors, there are over 30 sites that are active today in this project, we are very hopeful and optimistic to deliver this project,” he assured.

    The GCEO decried the fact that due to insecurity, it had lost some site workers thereby expressed sadness over thier demise and consoled their families whom he said the company shared in their grief.

    He said 70 per cent of the welding work had been completed adding that once welding was completed, it could actually flow gas through the pipeline.

    He said on completion the pipeline would deliver two billon cubic feet of gas, powering industries, powering power plants and creating gas based industries.

    He said the entire welding work would be completed by the third quarter of 2023 then it would actually energise the pipeline.

    Kyari further said that the gas pipeline was projected to support power plants with a total of 3,645 Mega Watts, adding that it would soon begin constrution of Abuja- Kaduna power plants in ernest.

    Earlier, Mr Steve Nnorom, Project Manager, Oilserv Ltd explained that there were three schematic of the pipeline and station installations which included Brovo, Chalie and Alpha spread segment, that showed progress of the project.

    He said they were currently doing full auto welding, completed 73 per cent of its mainland welding works and had done 222 kilo metres remaining 27 kilo metres of welding work to complete.

    “We are crossing rivers, railway, existing pipelines. We have other sites where various work activities are ongoing, our target is that concurrently all works will be going on at different spread,” he said

    Nnorom, while noting that the project has been active and fully financed said that it has purely 100 per cent Nigerian workers.

  • NNPCL spends $1bn so far on AKK gas pipeline project – Kyari

    NNPCL spends $1bn so far on AKK gas pipeline project – Kyari

    The Nigerian National Petroleum Company Limited (NNPC Ltd) says it has so far spent over 1.1 billion dollars on the ongoing construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and Station project from its cash-flow.

    The NNPC Limited GCEO, Malam Mele Kyari said this on Monday while touring some of its project sites in Kogi, with newsmen and other stakeholders.

    Kyari was accompanied by some top officials of the NNPC Limited and Oilserv Limited, (Pipelines and Facilities), the contractor of the project.

    Kyari said the company would continue to fund the massive project which it was delivering in phases and has been active even though it did not have third party finance for the project.

    “So far, NNPC Ltd has funded over 1.1billion dollars on the project and to date none of the project activities is abandoned as reported and we reassure all stakeholders that we have a line of sight to project delivery on schedule.

    “NNPC Limited remains highly committed towards the delivery of strategic National infrastructure projects through responsive project delivery, active collaboration with government security agencies and communities as well as deployment of technology for delivering the project.

    “This is is one of the most massive projects of proportion value to our country for economic growth. It is a must-deliver project and we have continued to fund in spite of not having third party finance support, we will deliver this project.

    “We do not owe a dollar to our contractors, there are over 30 sites that are active today in this project, we are very hopeful and optimistic to deliver this project,” he assured.

    The GCEO decried the fact that due to insecurity, it had lost some site workers thereby expressed sadness over thier demise and consoled their families whom he said the company shared in their grief.

    He said 70 per cent of the welding work had been completed adding that once welding was completed, it could actually flow gas through the pipeline.

    He said on completion the pipeline would deliver two billon cubic feet of gas, powering industries, powering power plants and creating gas based industries.

    He said the entire welding work would be completed by the third quarter of 2023 then it would actually energise the pipeline.

    Kyari further said that the gas pipeline was projected to support power plants with a total of 3,645 Mega Watts, adding that it would soon begin constrution of Abuja- Kaduna power plants in ernest.

    Earlier, Mr Steve Nnorom, Project Manager, Oilserv Ltd explained that there were three schematic of the pipeline and station installations which included Brovo, Chalie and Alpha spread segment, that showed progress of the project.

    He said they were currently doing full auto welding, completed 73 per cent of its mainland welding works and had done 222 kilo metres remaining 27 kilo metres of welding work to complete.

    “We are crossing rivers, railway, existing pipelines. We have other sites where various work activities are ongoing, our target is that concurrently all works will be going on at different spread,” he said

    Nnorom, while noting that the project has been active and fully financed said that it has purely 100 per cent Nigerian workers

  • NNPCL chair: Judgment voiding Araraume’s sack’ll be appealed — Buhari

    NNPCL chair: Judgment voiding Araraume’s sack’ll be appealed — Buhari

    President Muhammadu Buhari has vowed to appeal the judgement which voided the sack of Sen. Ifeanyi Araraume as the Non-Executive Chairman of the Nigeria National Petroleum Company Limited (NNPCL).

    Recall that Justice Inyang Ekwo of the Federal High Court sitting in Abuja, on Tuesday, April 18, declared that Araraume’s removal was unconstitutional

    The judge ordered that the former lawmaker be reinstated as the Non-Executive Chairman of the NNPCL with full benefits.

    Justice Ekwo, who also set aside every decision taken by the board after Araraume’s removal, awarded N5 billion as damages in favour of Araraume.

    However, President Buhari, in a statement issued on Wednesday, April 19, by his spokesperson, Femi Adesina, said the Office of the Attorney-General of the Federation/Minister for Justice had yet to receive a formal copy of the ruling.

    Adesina stressed that the President had affirmed that due judicial process would be followed, and “NNPCL has already taken steps to go on appeal”.

    “The Administration respects the Rule of Law, and nothing will be done outside it to resolve the matter,” he added.

    Adesina quoted Buhari as calling for calm from all sides involved.

    Ararume, who was appointed by President Buhari in September 2021, was sacked and replaced with Margaret Chuba Okadigbo in January 2022.

    He, however, sued the Federal Government, praying the court to declare his sack as NNPCL board chairman illegal, unlawful, and unconstitutional.

    The former senator stated that his removal by a letter dated January 17, 2022, with reference number SGF. 3V111/86 was a violation of the CAMA law under which NNPCL was incorporated.

    Apart from asking the court to issue an order to return him to office, Ararume also demanded N100 billion as compensation for the damages he suffered following the unlawful removal

  • NNPCL Board: Araraume floors Buhari, as court voids removal as non-executive chairman

    NNPCL Board: Araraume floors Buhari, as court voids removal as non-executive chairman

    …estored to office

    …awarded N5bn in damages

     

    In a rare decision against a sitting President, Justice Inyang Ekwo of the Federal High Court on Tuesday voided the removal of Senator Ifeanyi Godwin Araraume as non-executive chairman of the Board of the Nigeruan National Petroleum Company Lmited (NNPCL)

    Ekwo, in an hour-long judgment, resolved all the four questions formulated for determination in Araraume’s amended originating summons in his favour.

    As a prelude to the judgment, Justice Ekwo had first given rulings on the seven preliminary objections by the first, second and third defendants (President Muhammadu Buhari, NNPCL, and the Corporate Affairs Commission respectively).

    He dismissed six of the objections as lacking in merit and liable to be dismissed and one of them as premature as it dealt directly with the substance of the originating summons and therefore could not be given in the course of the hearing.

    The court answered all the four questions in the N100b suit filed against the federal government over his alleged unlawful removal as a non-Executive Chairman of the newly-incorporated NNPCL in the favour of the plaintiff (Araraume)- the first question in the positive, the second in the negative, the third in the negative and the fourth in the positive.

    All the answers were in support of Araraume’s questions for determination which dovetailed into the grant of almost all the reliefs sought as presented before the court on his originating summons.

    In the suit marked, FHC/ABJ/CS/691/2022, the former senator had formulated four issues for determination by the court.

    One of the issues was whether in view of the provisions of the Memorandum and Articles of Association of the NNPC, Companies and Allied Matters Act 2010 and the Petroleum Industry Act 2021, the office of the non executive chairman was not governed and regulated by the stated provisions of the law.

    Araraume had also asked the court to determine whether by the interpretation of Section 63 (3) of the Petroleum Industry Act 2021, the president could lawfully remove him as non executive chairman of the NNPCL for any reason outside the provisions of the law.

    He further asked the court to determine whether the president could sack him without compliance with expressly stated provisions of the Articles of Memorandum of Association of the Company, Section 63 (3) of the PI Act 2021 and Section 288 of the CAMA Act 2020.

    The former lawmaker asked the court for an order setting aside his removal via a letter of Jan. 17, 2022 with reference number SGF.3V111/86.

    He also asked the court for an order reinstating him and restoring him to office with all the rights and privileges of the office of the NNPC non executive chairman.

    Araraume had asked for N100 billion as damages caused him in the alleged unlawful and unconstitutional way and manner he was removed from the NNPC board after using his name to incorporate the entity.

    The court on Tuesday voided his removal; restored him to his office with all benefits; nullified all decisions that were taken by the board of NNPCL on his absence; and was awarded N5b damages.

    More details coming….

  • NNPCL attributes fuel queues to movement restrictions for elections

    NNPCL attributes fuel queues to movement restrictions for elections

    The Nigerian National Petroleum Company Ltd. (NNPCL) has attributed fuel queues in Abuja and some parts of the country to restrictions of businesses and movement during the presidential and National Assembly elections.

    The NNPCL said operations had resumed at the depots and trucks were being dispatched to various parts of the country.

    Mr Garba Deen Muhammad, the Chief Corporate Communications Officer, NNPCL, in a statement said its latest updates released on Saturday showed a total of 2.1 billion litres of Premium Motor Spirit (PMS) stock.

    Muhammad said this represented 0.9 billion litres in all the land depots nationwide and 1.2 billion litres on marine vessels.

    This, he said, was equivalent to 35 days sufficiency as of March 4.

    Muhammad, while reassuring Nigerians of a robust supply of PMS, said the NNPCL planned to close the month of March with about 2.8 billion litres, equivalent to 47 days of sufficiency.

    “The appearance of pockets of queues in Abuja and some parts of the country, is largely due to restrictions in businesses and movement, to allow for the conduct of the presidential and NASS elections to enable Nigerians to exercise their civic right.

    “However, operations have now resumed at the depots and trucks are being dispatched to various parts of the country.

    “We expect normalcy to be restored in the next few days.

    “NNPC Ltd. and all its partners and stakeholders will continue to work together to ensure seamless distribution of petroleum products around the gubernatorial and State Assembly elections.

    “We, therefore, enjoin Nigerians not to engage in panic buying,” he said.