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Business Insider
10-06-2025
- Business
- Business Insider
Fake NNPC agents target foreign investors with illegal meeting fees
Due to a surge in impersonation schemes in which people falsely pretend to be representatives of the corporation, the Nigerian National Petroleum Corporation Limited (NNPC Ltd) has warned foreign investors. The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has warned international investors about impersonation schemes. The corporation affirmed that such fraudulent activities are unauthorized and illegal, urging vigilance and prompt reporting of incidents. NNPC emphasized its commitment to integrity, professionalism, and conducting business through official and transparent channels. The group revealed in a statement issued Monday by Olufemi Soneye, the company's chief corporate communications officer, that these impersonators have been asking unwary investors to pay them to meet with the company's executives, management team, and board of directors. What the NNPC said 'The general public is advised to beware of individuals and companies falsely claiming to represent NNPC Limited. Their tactics include soliciting fees for meetings with the NNPC board of directors, executives, and management staff. These actions are unauthorised and illegal, the group stated. 'Foreign investors and international business entities are especially urged to remain cautious. If approached, report the incident to the appropriate authorities immediately,' Soneye said. He stressed the company's commitment to ethical behavior and professionalism in all business transactions. The NNPC also informed stakeholders that all genuine discussions with its leadership follow due procedure and take place through official, transparent channels, as seen in the Punch. 'NNPC Limited remains committed to transparency, integrity, and the protection of our stakeholders in all interactions. Let's work together to prevent scams. Stay alert and share this notice,' he said. The warning comes at a time when Nigeria's national oil company is positioning itself to attract more global investment following its transformation from a government corporation into a commercially driven limited liability company. Early in April, Nigeria's president, Bola Tinubu, made significant changes to the group with the appointment of Bayo Ojulari as its new CEO. However, the group has not been without its challenges. For most of the last two years, the NNPC had been in a heated dispute with the Dangote Refinery over the sale of crude.
Business Insider
24-05-2025
- Business
- Business Insider
Nigeria's national oil company announces shutdown of state-owned refinery
The Nigerian National Petroleum Company Limited (NNPC Ltd), in its caretaker capacity, has announced the immediate shutdown of operations at the Port Harcourt Refining Company (PHRC) due to a scheduled maintenance exercise commencing today, May 24, 2025. NNPC Ltd announced the temporary shutdown of Port Harcourt Refinery for scheduled maintenance starting May 24, 2025. The maintenance aims to enhance efficiency, ensure sustainability, and reduce reliance on fuel imports. The shutdown raises concerns about persistent issues in Nigeria's refining infrastructure and performance. The shutdown was announced in a statement issued on Saturday by Femi Soneye, Chief Corporate Communications Officer, who stated that the closure is temporary and intended to enhance the refinery's efficiency and ensure its long-term viability. The statement read: 'The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to inform the general public that the Port Harcourt Refining Company (PHRC) will undergo a planned maintenance shutdown." 'This scheduled maintenance and sustainability assessment will commence on May 24, 2025.' Soneye added. According to NNPC Ltd, the maintenance operation will be conducted in coordination with relevant agencies, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure transparency and technical precision throughout the process. 'We are working closely with all relevant stakeholders to ensure the maintenance and assessment activities are carried out efficiently and transparently, ' Soneye said. NNPC Ltd reaffirmed its commitment to enhancing energy infrastructure and ensuring sustainable energy security for Nigerians. The company noted that the maintenance exercise is part of its broader efforts to boost national refining capacity and reduce reliance on fuel imports. It also pledged to keep the public informed through regular updates on its official website and media channels during the maintenance period, and to implement measures to mitigate any potential disruptions to affected parties. Nigeria's refinery challenges However, this latest shutdown comes amid fresh scrutiny of PHRC's inconsistent performance, with concerns over transparency and accountability. The facility has been burdened by years of underperformance, failed upgrade plans, and rehabilitation setbacks; despite several rounds of funding and government guarantees. Just last month, NNPC Ltd dismissed PHRC's Managing Director, citing internal investigation reports and accountability issues, project delays, and alleged mismanagement of rehabilitation funds. Although today's maintenance announcement is seen as essential upkeep to maintain and improve production, critics argue it highlights deeper flaws in Nigeria's refining strategy, particularly at Port Harcourt Refinery, which remains unable to achieve steady production despite years of major overhaul efforts.
Reuters
02-04-2025
- Business
- Reuters
Nigeria names ex-Shell executive to lead state oil firm NNPC
ABUJA, April 2 (Reuters) - Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, to head the state-owned oil firm NNPC Ltd as the country seeks to raise oil production and revitalise its refining capacity, the presidency said on Wednesday. Ojulari replaces Mele Kyari, with the appointment effective immediately, presidential spokesman Bayo Onanuga said in a statement. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Ojulari was most recently chief operating officer at Nigeria consortium Renaissance Africa Energy Co., which now owns Shell's former onshore subsidiary in the country. Prior to that, he was head of Shell Nigeria's exploration unit. Tinubu also replaced the board of NNPC, appointing a new 11-member team to drive reforms and boost efficiency in the oil sector.
