Court Orders Freeze of Four Bank Accounts Linked to Ex-NNPCL Boss Kyari
The Federal High Court in Abuja has ordered the temporary freezing of four accounts at Jaiz Bank, allegedly linked to Mele Kyari, former Group Managing Director (GMD) of Nigerian National Petroleum Company Limited (NNPCL). Justice Emeka Nwite gave the order on Tuesday after hearing an ex parte application filed by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency told the court that Kyari is under investigation for alleged conspiracy, abuse of office, and money laundering. According to an affidavit presented by EFCC investigator Amin Abdullahi, the four accounts — two in Kyari’s name and two belonging to the Guwori Community Development Foundation Flood Relief — were discovered to contain ₦661.4 million suspected to be proceeds of unlawful activities. The EFCC alleged that the funds were disguised as payments for a book launch and NGO projects but were in fact linked to suspicious inflows from the NNPCL and oil companies. It further claimed that the accounts were being controlled by Kyari through family members acting as fronts. Justice Nwite, while granting the order, said the application had merit and adjourned the matter to September 23 for a report on the investigation. The Commission said the freeze order was necessary to preserve the funds while investigations continue, with a view to possible prosecution.
125,000 barrels/day Warri Refinery Resumes Operation
National energy company, the NNPCL says its long comatose Warri Refining and Petro-Chemical company has commenced production. NNPCL Group Managing Director, Mr. Mele kyari announced today in Warri, Delta State that the company’s 125,000 per day Warri Refinery commenced operation, though it currently operates at below installed capacity. Mr. Kyari who made the disclosure before conducting journalists and other guests on a tour of the refining complex said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. READ ALSO: Policy Intensify Crack Down on Robbery and Kidnapping, Rescue 13 Victims Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.” “I must congratulate our team for their determination and extreme belief that this company can restart this plant. “This has brought the result we are seeing in collaboration with our contractors. We have proved that it is possible to restart a plant that you deliberately shut down. We have proved this. “This plant has three stages. We have started stage one which is called Area 1, able to produce AGO (diesel), Kerosene, naphtha and others. These are brands of high-quality products required in the country. We will also be able to export them. This country will make money to meet the promises of Mr president that this country will be an exporter of petroleum products. PLEASE SEE: Carter Understands Power, He knows the Beauty Lies in Not Using It “I must put on record the development was as a result of the charge by Mr President that we must get all three refineries to work. It is already happening. We have successfully started the Port Harcourt 65, 000 barrels per day refinery. We have also started the area 1 of the Warri refinery. The other plants that will produce PMS will also come live. “Kaduna is also on stream. We are not going to give you a date but we will surprise you,” Mr. Kyari said, excitedly.
No plan to remove Kyari – NNPCL
Contrary to speculations coming from usually informed quarters, the Nigerian National Petroleum Company Limited says there is no plan to remove its Group Chief Executive Officer of the company, Mele Kyari. The spokesperson of the NNPC, Olufemi Soneye, stated this in a chat with a media organisation yesterday in Abuja. Following the major shakeup in the company on Wednesday, an international newspaper reported that Kyari might be compelled to vacate his office before the end of the year. “As the Nigerian National Petroleum Company undergoes a leadership overhaul, the group CEO Mele Kyari may be forced out before year-end. “Insiders tell The Africa Report that more changes will follow in the coming weeks, culminating in the removal of Kyari as CEO,” the newspaper said. A source was quoted to have said, “Kyari has been in the danger zone for some time. He has told confidantes of his readiness to leave. He will likely leave in the next couple of weeks.” However, in an interview with Punch, Soneye described the report as a baseless speculation, wondering if the newspaper were Kyari’s employer. “One might wonder if they were the ones who hired Mele Kyari, given their apparent insight into his career plans. Such baseless speculation is not only laughable but also a testament to the lengths some will go to craft immature narratives,” Soneye said. Setting the record straight, Soneye explained that Kyari is performing exceptionally well in steering the energy sector towards success. According to him, the NNPC under his watch had transitioned from losses to profit declaration. He stated that the NNPC just reached a production milestone of 1.8 million barrels per day, saying this was a testimony to Kyari’s efforts as the GCEO. “Let’s set the record straight: GCEO Mele Kyari is performing exceptionally, steering Nigeria’s energy sector toward unprecedented success. Under his leadership, the Nigerian National Petroleum Company Limited has transitioned from years of losses to declaring profits—a historic achievement. Just yesterday (Thursday), we reached a production milestone of 1.8 million barrels per day, a testament to his unwavering commitment,” he stressed. The spokesman emphasised that Kyari is focused on actualising President Bola Tinubu’s vision for progress in the energy sector. “Mr Kyari remains focused on actualizing President Bola Ahmed Tinubu’s vision for progress and development in the sector, ensuring energy security for our nation. So, to address the rumour: it’s as credible as a mirage in the desert,” he added.
Mele Kyari’s Daughter Passes Away at 25
Fatima Kyari, the 25-year-old daughter of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari is dead. She passed away on Friday, October 11, 2024. The Vice President of Nigeria, Kashim Shettima, joined other mourners at the Annur Mosque in Abuja to offer prayers during the funeral. He also extended his condolences to the Kyari family, recognizing the deep pain of losing a daughter at such a young age. Fatima’s passing has drawn sympathy from across the country as many share in the family’s grief.
Wale Edun flags off Commencement Fuel Lifting from Dangote Refinery
History was made this afternoon, Sunday, September 15, 2024 as the the Nigerian National Petroleum Company Ltd (NNPCL) commences lifting of fuel from the Dangote Refinery. Flagging off the epoch making exercise, Finance Minister and Coordinating Minister of the Economy, Wale Edun thanked Alhaji Aliko Dangote for the initiative that positions Nigeria for the attainment of energy efficiency. Nigeria, a prominent member of the OPEC is currently going through crippling fuel supply emergency running into weeks.
Public Outcry: Lawmakers demand immediate reversal to old petrol pump price
The House of Representatives Committee on Petroleum Resources (Upstream) has called on the Federal Government and the Nigerian National Petroleum Company Ltd. (NNPCL) to reverse the recent hike in petrol prices. The committee’s chairman, Rep. Alhassan Ado-Doguwa, described the increase as “unacceptable” and urged immediate action to alleviate the burden on Nigerians. “We urge the Federal Government and, of course, the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price,” Doguwa said in a statement. The committee highlighted the difficulties faced by citizens and criticised private companies for exploiting system gaps to generate profits at the expense of the populace. Doguwa stressed the need for a return to the old petrol price and encouraged broader stakeholder engagement to address the issue. Doguwa, who also chairs the Special Committee on Crude Oil Theft and Vandalisation, outlined plans to collaborate with security agencies to curb oil theft, which threatens the nation’s fuel supply. “A return to the old pump price will calm frayed nerves, enabling Nigerians to go about their daily activities with ease,” he added. He advised Nigerians to support President Bola Tinubu’s administration as it seeks to revitalise the oil and gas sector, including the ongoing efforts to rehabilitate the Warri and Port Harcourt refineries.
Don’t truncate Mallam Kyari good works at NNPCL- CSOs warn
A Lobby group is drumming support for NNPCL GMD, Mele Kyari by calling on so-called vested interests to cut him some slack
No Plan To Increase Petrol Pump Price –NNPCL
The Nigeria National Petroleum Company Limited (NNPCL) has said it has no plans of increasing the pump price of petrol. In a statement posted on its verified X handle, and signed by the company’s Retail Management, it urged Nigerians to ignore speculations about a possible increase. NNPC Limited GCEO, Mele Kyari, had repeatedly stressed that the company would not increase the price of petrol from its present N617 per litre. “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. “Please buy the best-quality products at the most affordable prices at our NNPC Retail Stations nationwide,” the statement read.
NNPCL Retail Records N18.4bn Profit
NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said. Kyari, who said this on Friday when he addressed the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the company, added that since the acquisition of the OVH, NNPCL’s profit margin has grown. In October 2022, NNPC Limited acquired Oando retail brand, OVH Energy Marketing. According to the NNPCL GCEO, the profit would not have been possible if the company had not acquired the retail company. “NNPCL is a creation of the federation with over 200 million Nigerians as shareholders. The Petroleum Industry Act (PIA) also grants us the mandate to guarantee national energy security. On this basis, it is duty-bound on us to increase our market share. “Allegations against the acquisition of OVH are painful because they are not true. We believe that the only way we can grow our market share is by expanding our business. Since the acquisition of OVH, the profit margin of NNPC Retail has jumped. “In every merger and acquisition, there is a transition period. We are rising to those challenges brought about by the transition. We are also ensuring that none of our staff at NNPC Retail is victimized. Staff are placed where they are best fit towards optimum performance.”
Petrol Landing Cost: Probe NNPC, Kyari– PDP BoT Member
A member of the People Democratic Party (PDP), National Presidential Campaign Council, Adetokunbo Pearse, says Nigerians have a right to know the actual landing cost of Premium Motor Spirit (PMS). Dr Pearse, speaking on Channels Television’s Sunrise Daily on Monday, stated that a thorough scrutiny should be carried out on the Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the fluctuation of landing cost. “The way you solve a problem is to go to the source. Let the president go and interrogate NNPCL and let us find out – announce to the country what the landing cost is so that we know exactly what we can make, and how much we can sell oil that will not cripple the economy. That’s what we need to do,” he said. He lamented that going back to the NNPC would affect the landing cost of imported fuel. “When you go to the NNPCL, you find out that the landing cost is so low, the price that is given. The landing cost at one point was 50 naira per litre, now it’s about 150 per litre.” According to the Lagos State Coordinator, Atiku/ Okowa Presidential Campaign Support Group, the emergence of the Dangote Petroleum Refinery and the repair of the local refineries ought to reduce the landing cost of the product in contrast to the NNPCL boss’ comment. “One of the reasons I said we need to go to NNPCL is this: Kyari said on this Channels that even when Dangote oil comes fully on board, the price of pump fuel will not reduce – even with the production of oil in Port Harcourt and elsewhere. That man needs to be investigated. “Of course, if you refine your oil here, the man is already telling us that even when it is refined here, it is still not going to go down and you and I know that if we have our own refineries and we are refining the product here, the price should be more competitive,” he argued. As of September 2022, the NNPCL in a statement noted that PMS will cost consumers N462 per litre without the Federal Government’s subsidy. It added that the “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies (OMCs) withdrawal from PMS import since the fourth quarter of 2017. In the wake of a deepening forex crisis, NIGERIAN ANCHOR had reported that oil marketers signalled a potential surge in the cost of Premium Motor Spirit (PMS), commonly known as petrol, projecting prices between N680/litre and N720/litre in the near future. The escalation hinges on the prevailing exchange rate, which oscillates between N910 and N950 for a US dollar in the parallel market. Market insiders have also disclosed that the scarcity of foreign exchange has prompted prospective PMS importers to shelve their plans temporarily. This revelation emerges shortly after the local currency surpassed the N900/dollar benchmark, with the naira trading at over 945/dollar in the parallel market on Friday. As a result, the shortage has forced dealers who were initially eager to import petrol to suspend their plans. Leaders of notable organizations such as the Major Oil Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria have underscored the need for the Federal Government’s intervention to address the mounting crisis.