NNPC sacks all management staff with less than 15 months to retirement

The Nigerian National Petroleum Company Limited (NNPCL) has sent all management staff with less than 15 months to statutory retirement on compulsory early retirement.   A statement signed by management of the oil company on Monday, September 18, 2023, and posted on its X handle (formerly Twitter) early Tuesday morning stated that the early retirement takes immediate effect from Tuesday, September 19, 2023.   It added that the decision became imperative in order to pursue effective organisational renewal to support the delivery of NNPCL’s strategic business objectives.   “In our…

BREAKING: NNPC secures N2.3trn loan to stabilise Naira against Dollar

The Nigerian National Petroleum Corporation (NNPC) Limited has secured a N2.3trn ($3 billion) crude repayment loan to support the naira and stabilise the foreign exchange market. NNPC in a terse statement on Wednesday, August 16, 2023, said the loan was secured from the AFRIEXIM bank headquarters in Cairo, Egypt. The statement reads; “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan. “The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide…

NNPC and the rest of us, by Hassan Gimba This was published July 13, 2020 but still relevant.

Decree 33 of 1977 saw to the birth of the Nigeria National Petroleum Corporation (NNPC) on April 1 of that year through the merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. The main purpose was for it to add value to the nation’s hydrocarbon resources “for the benefit of the nation’s economy…”   NNPC’s Kaduna, Warri and Port Harcourt Refineries, among others, were built solely for the “benefit” of the Nigerian economy. Completed and commissioned in 1980, the Kaduna Refinery was meant to…

Port-Harcourt refinery ready before year end – Kyari

The Port Harcourt Refinery will be ready before the end of the year, while those in Warri and Kaduna would start production next year, the Group Chief Executive Officer (GCEO), of the Nigeria National Petroleum Company (NNPC) Limited, Malam Mele Kyari, told Daily Trust.   He said this on Monday when he led his management team on a courtesy visit to the Abuja headquarters of Media Trust Group (MTG), owners of Daily Trust, Trust TV, Trust Radio and other platforms.   Nigeria had been importing petroleum products for decade, a…

New Naira Notes/Fuel Scarcity: Tinubu appeals to Nigerians for calm

Bola Tinubu

With the scarcity of new Naira notes and fuel unabated in many parts of the country, All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has once again appealled to Nigerians to remain calm as the government and relevant agencies continue to work out solutions.   Speaking in Abuja on Tuesday, Asiwaju Tinubu said he sympathised with the people especially the downtrodden who have been made to bear the brunt of the new naira policy by the Central Bank and irregular supply of petrol that have combined to inflict avoidable…

NNPC disowns letter on non – appearance before Senate …. As Downstream Committee summons GMD

The Nigerian National Petroleum Company Limited ( NNPCL) ,has disowned letter allegedly written by it to the Senate Committee on Finance as an independent corporation insulated from being summoned by any relevant committees of the National Assembly .   Disowning of the purported letter by NNPCL , concides with summoning of its Group Managing Director ( GMD) Mele Kyari, by Senate Committee on Petroleum ( Downstream ) on Wednesday .   Chairman of the upper legislative chamber’s committee on Finance , Senator Olamilekan Adeola ( APC Lagos West), had penultimate…

Petrol will cost N462/litre without subsidy — NNPC

The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is paying N297 subsidy on every litre of Premium Motor Spirit, commonly known as petrol, that is sold in the country. The company said the combination of various present cost elements has translated to retail pump price of N462 per litre, adding that the subsidy payment of N297 is to make the product easily affordable to Nigerians. The company, which made this known in a statement issued on Sunday, said Nigeria consumes 68 million litres of fuel everyday.…

Port Harcourt refinery to commence operation first quarter of 2023

The Managing Director of the Port Harcourt Refining Company Limited, Ahmed Dikko, has given an assurance that the rehabilitation of the Old Port Harcourt Refinery with a refining capacity of 60,000 barrels per day would be completed and put to use by the first quarter of 2023. Dikko gave the assurance at the weekend when the House of Representatives Ad-hoc Committee on the state of the country’s refineries visited the facility in Rivers State for an on-the-spot assessment of the $1.5 billion rehabilitation project of the facility. He said the…

Gov Sani Bello expresses shock over sudden death of OPEC Secretary General, Barkindo

Niger State Governor, Abubakar Sani Bello has expressed shock over the sudden demise of the outgoing Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo.   The Governor in a statement described the death of Sanusi Barkindo as a great loss not only to Nigeria, but to global energy community.   Governor Sani Bello who recounted the efforts of the deceased to withstand the numerous challenges that confronted the industry and the meritorious service of late Barkindo said the deceased was indeed a worthy ambassador…

Innoson visits NNPC, pledges partnership with NNPC Research Center.

The Chairman of Innoson Vehicles, Chief Dr. Innocent Chukwuma OFR, paid a working visit to the Nigerian National Petroleum Corporation Research, Technology, and Innovation Center (NNPC-RTI), Abuja.   The working visit was on the invitation by the Chief Innovation Officer of NNPC RTI, Mrs. Betty Ugona for a stakeholder engagement and product presentation of their latest innovation to Innoson.   The NNPC RTI team made a presentation on its novel Bi-Fuel Conversion Kit for Tricycles designed and built using local/indigenous resources by the NNPC-RTI Team.   The Bi-Fuel functional prototype…