Latest news with #NNPCL
Zawya
14-05-2025
- Business
- Zawya
Nigeria 2025 budget: Our ambitious posture challenges all to unleash potentials — Presidency
World Bank's description of the 2025 budget for Nigeria as being ambitious is in order and does not in any way diminish the fact that growth and development are being recorded. Special Adviser to President Bola Ahmed Tinubu on Economic Affairs, Dr Tope Fasua, said globally, every budget is a dream intended to drive the process to unleash the potential of a people. Fusua said this on Wednesday while responding to questions on the Morning Show on Arise TV. He said, while Nigeria is open to the counsel by the World Bank that it should double its performance five times to build a $1 trillion economy, Fasua said, Nigeria has the right to be ambitious to realise its intended goal, as it remains focused on doing so. 'Look, it is left to us to be ambitious. This is our country. Nobody should be more ambitious for this country than we Nigerians. 'We know where we are coming from. We know where we want to head. We know where we are presently, the budget is actually about a projection into the future. It's a dream. 'And the budget is used to challenge the people to work harder and work faster.' Fasua said that 'the key issue in that budget is whether we can hold crude oil prices at $75? Can we produce 2 million barrels a day? We can produce 2 million barrels a day, but it takes time. It takes a bit of time, a few months. He said he heard the NNPCL boss speaking of possible expansion of the company's operation to increase production, and this speaks to the right ambition of the nation as it challenges its human capital to action towards the desired national goal of a boasted economy. 'I mean, yesterday I saw in the news where Mr. Ojulari of NNPCL was saying that we are going back to Kolemani, to some of those, you know, hydrocarbon deposits in the north, in Gombe State, in the Maiduguri area. We do have crude oil in those areas. 'So we have crude oil in those areas. If we can get 100,000 or 200,000 barrels in those areas, that adds to the 1.6mbpd, 1.7mbpd we are doing. That's equal to 1.8mbpd 'In the south, in the delta region, onshore, we have indeed perhaps hundreds of abandoned wells, which producers are going back to. 'And then we also have new development and new investment. As one of them, Green Energy International, they have invested about $400 million in building a new platform and also an offshore platform for loading, spending so much money, perhaps the biggest kind of investment we have seen since LNG over 20 years ago. 'And so they are also looking at adding about 100,000 bpd to, you know, on their own terminal, and even new blends of crude oil are coming up. You know, there are new blends coming up now, you know, so to add all these to the pool that we have would take us there. He argued that if the country could produce over 2m bpd in the 1970s, how much more now that the country has access to more data, technology, and manpower for the same exploration as well as more fields to explore. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Business Insider
13-05-2025
- Business
- Business Insider
NNPC to resume crude oil drilling in northern Nigeria, confirms peace with Dangote refinery
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to resume crude oil drilling in northern Nigeria. The Nigerian National Petroleum Company Limited (NNPCL) is resuming crude oil drilling in northern Nigeria. The site is estimated to hold over one billion barrels of crude oil and 500 billion cubic feet of natural gas. Collaboration with companies, including the resolution of disputes with Dangote Group, is expected to enhance the project's success and impact. According to the company's new Group Chief Executive Officer, Bayo Ojulari, the Kolmani drilling project, located on the boundary between Bauchi and Gombe states, is expected to deliver significant benefits to Nigerians once completed. ' NNPC will continue oil drilling in the Kolmani field and will continue the work on the AKK gas pipeline from Ajaokuta to Kaduna to Kano. The companies working on the projects will continue, and new ones are also welcome," he said. 'The projects are critical in boosting the economy, and the impact will be felt by all Nigerians. By next month, people will begin to see. We will start work on the AKK gas pipeline and the Kalmoni. ' Oil discovery in the north In 2019, NNPC announced the discovery of hydrocarbon deposits at the Kolmani River II Well, located in the Upper Benue Trough within the Gongola Basin in the country's northeast. This marked the first major oil find in Northern Nigeria and laid the foundation for the Kolmani Integrated Development Project, a strategic initiative to harness the region's hydrocarbon potential. By 2022, the government launched commercial oil drilling in the area. Authorities said the project was expected to attract foreign investment and generate employment for local communities. The site is estimated to hold over one billion barrels of crude oil and 500 billion cubic feet of natural gas, with investment commitments already totalling $3 billion. Dangote, NNPCL resolve feud The relationship between Dangote Group and the Nigerian National Petroleum Company Limited (NNPCL) has been tense in recent years, largely due to disagreements over issues such as the controversial Naira-for-Crude deal, which faced inconsistencies under previous NNPCL leadership. However, according to Mr. Ojulari, the rift has now been resolved. ' We, as Nigerians, must hail Dangote's courageous efforts. Whatever he is investing, he is doing it in Africa. We have addressed the feud between the NNPC and the Dangote Refinery. Very soon, people will start seeing the impact."
Business Insider
09-05-2025
- Business
- Business Insider
From court battles to cooperation: Dangote and NNPC seem to have called for a truce
In what could be the start of a critical shift in Nigeria's oil and gas sector, Aliko Dangote, President/CEO of the Dangote Group, recently paid a high-level courtesy visit to the new Group CEO of the Nigerian National Petroleum Company Limited (NNPC), Mr. Bashir Bayo Ojulari, at the NNPC Towers in Abuja. Dangote and NNPC's new GCEO meet to mend ties and boost collaboration. Past clashes included lawsuits, failed crude deals, and investment disputes. The meeting signals hope for improved fuel supply and energy security. The meeting, historic in its timing and significance, represents an attempt by two oil powerhouses to repair frayed ties and pave the way for a more cooperative and mutually profitable future. Dangote vs NNPC The relationship between Dangote Group and NNPCL has been strained in recent years. Disputes arose over several issues, including the contentious Naira-for-Crude deal, which was inconsistent under the previous NNPCL leadership. Designed to boost local refining, the program failed amid misunderstanding, lack of commitment, and claims by NNPC that it had "forward-sold all of its crude." Further straining ties, NNPCL first proposed a $1 billion investment for a 20% interest in the Dangote Refinery. However, this was eventually cut to 7%, along with attempts to recoup some of the funds. Dangote Petroleum Refinery, the world's largest single-train refinery, last year also sued the NNPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the issuance of fuel import licenses. Dangote contended that the ongoing acceptance of such permits weakens indigenous refining capability, especially as his $19 billion refinery approaches full output. A recent Federal High Court verdict in Abuja permitted the Dangote Group's N100 billion lawsuit to proceed, rejecting NNPCL's bid to halt the case. This emphasized the rising institutional friction between both parties, even as Nigerians continue to face high gasoline costs. NNPC and Dangote unite for the national interest Dangote and Ojulari's meeting on Thursday is the first official interaction since the previous NNPC chief, Mele Kyari, was removed in April. Both sides highlighted a common goal: to encourage healthy competition, boost Nigeria's energy security, and speed up the country's economic growth, as reported by the Punch. Ordinary Nigerians face tremendous stakes. The country has long battled with fuel imports, irregular supplies, and rising prices. If given the right conditions, Dangote has noted that his refinery can handle all of Nigeria's fuel needs. However, the NNPC continues to play an important role in domestic petroleum distribution and national energy policy. Recent public sentiment appears to be in favor of Dangote's output. In February, a viral video experiment contrasted petrol from an NNPC station to fuel from an MRS station that sold Dangote fuel. The Dangote-powered generator lasted roughly 13 minutes longer, provoking public arguments about quality and efficiency. If Thursday's meeting is any indication, both Dangote and NNPC may finally see that partnership, not hostility, is what Nigeria needs.
Business Insider
03-05-2025
- Business
- Business Insider
Nigerian Anti-graft agency probes $2.9bn refinery scandal, traces N80bn to sacked MD
The Economic and Financial Crimes Commission (EFCC), Nigeria's corruption watchdog, has initiated a full-scale investigation into a $2.9 billion refinery rehabilitation fund scandal, uncovering over ₦80 billion in accounts linked with the recently sacked Managing Director of a major refinery. EFCC initiates full-scale investigation into a $2.9 billion refinery fund scandal in Nigeria Uncovered over ₦80 billion in accounts linked to sacked Managing Director of a major refinery Probe includes inflated contracts, embezzlement, and money laundering related to refinery operations Nigeria's anti-graft agency, the EFCC has launched a major probe into a $2.9 billion refinery fund scandal, uncovering over ₦80 billion tied to the sacked MD of a key refinery. The raid is part of a wider corruption investigation into fraudulent activities, including inflated contracts, embezzlement, and money laundering, related to operations in the government owned refineries. Several NNPCL executives, including former GCEO Mele Kyari, are under intense scrutiny. An EFCC official said ' We are investigating the money that was released for the rehabilitation of all three refineries—money disbursed in recent times. All the principal officers within that time frame are being invited. "Some have been arrested already, and we are still on the lookout for others. Nigerians are interested in seeing our refineries work. We are asking: where is the money, and what has happened to the refineries? ' Govt owned refineries remain broken The arrest was necessitated by the corporation's failed attempts to revive the Port Harcourt and Warri refineries, despite significant financial investments, following reports of severe underperformance. The Warri refinery subsequently shut down again within a month, citing safety concerns. The former Managing Director of Port Harcourt Refining Company is Mr. Ibrahim Onoja, while Efifia Chu headed the Warri Refining and Petrochemical Company Notably, over ₦11.3 trillion had been spent since 2010 without any refinery operating at full capacity. During Mele Kyari's tenure, $2.9 billion was allocated for refinery rehabilitation, aiming to reduce reliance on imported petroleum products and boost local refining capacity. The investment, comprising $1.5 billion for the Port Harcourt refinery, $740 million for the Kaduna refinery, and $656 million for the Warri refinery, was allegedly mismanaged. The agency has requested NNPCL to provide certified copies of the emoluments and allowances for the listed officials, including retirees. Additionally, they've asked for the confirmation of 13 former senior officials' names, including: Abubakar Yar'Adua, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ademoye Jelili, Mustapha Sugungun, Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama.
BBC News
02-04-2025
- Business
- BBC News
Who dey in and who dey out as Tinubu sack NNPCL oga Mele Kyari
Nigerian President Bola Tinubu don sack di chairman of di board of Nigerian National Petroleum Company Limited, (NNPCL) board Chief Pius Akinyuelure and di group CEO Mallam Mele Kyari plus di oda board members wey im appoint for November 2023. E replace di team wit Engineer Bashir Bayo Ojulari as group CEO and Ahmadu Musa Kida as non-executive chairman as dia appointment dey start immediately. For statement wey di State House release on Wednesday, President Tinubu dey expect say di new board go increase NNPC share of crude oil refining output to 200,000 barrels by 2027 and 500,000 barrels by 2030. E say di board restructuring bin dey important to ginger operational efficiency, restoreinvestor confidence, boost local content, drive economic growth and advance gas commercialisation and diversification. Di oda members of di new board include: Adedapo Segun wey bin dey work as chief financial officer since November. E also appoint non-executive directors wey go represent di kontri geopolitical zone. Dem include: Bello Rabiu for North West, Yusuf Usman for North East, Babs Omotowa for North Central, Austin Avuru for South-South, David Ige for South Wesr and Henry Obih for South East. Oda members for di new board na di permanent secretary of di Federal Ministry of Finance, Mrs Lydia Shehu Jafiya wey go represent di ministry for di board and Aminu Said Ahmed wey go represent di Ministry of Petroleum Resources for di board.
