Dangote Refinery postpones supply of petrol to July

The Dangote refinery has said its plan to release premium motor spirit into the market this month will no longer be possible. The President of Dangote Group, Aliko Dangote, told newsmen on Monday that the petrol from the 650,000 barrels per day capacity refinery will be out in July. Dangote said this was due to some minor challenges, stating that the product would be out by July 10 to 15. “We had a bit of delay, but PMS will start coming out by 10 to 15 of July. But then we want to keep it in the tank to make sure that it settles. So by the third week of July, we’ll be able to come out to take it into the market,” Dangote had said. Speaking at the recent Africa CEO Forum Annual Summit in Kigali, Rwanda, Dangote expressed optimism about transforming Africa’s energy landscape. “Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre,” he declared. “We have enough gasoline to give to at least the entire West Africa, diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico. “We have started producing jet fuel, we are producing diesel, and by next month, we’ll be producing gasoline. What that will do, it will be able to take most African crude,” Dangote told the panel. The words of Dangote appeared to have come as a soothing balm to marketers and Nigerians who are hopeful that the Dangote would crash the price of petrol from around N700 to N500 or below.

Tinubu Govt To Probe Activities Of National Petroleum Company Under Buhari As Audit Reveals NNPCL Inflated Subsidy Claims By ₦3.3Trillion

A renowned global accounting firm, KPMG, has conducted a forensic audit revealing a notable inconsistency in the fuel subsidy claims filed by the Nigerian National Petroleum Company Limited (NNPCL). According to a report from iWitnessLive, the audit uncovered that NNPCL had inflated its fuel subsidy claims by a staggering ₦3.3 trillion. At first, NNPCL reported spending ₦6 trillion on fuel subsidy, with the former President Muhammadu Buhari’s government covering a significant portion of the expenses. NNPCL’s Group CEO, Mele Kyari, claimed that the federal government still owed the company ₦2.8 trillion for petrol subsidy payments, a statement made shortly after President Bola Tinubu’s declaration of the subsidy’s removal As per the May 2024 report, the government has not yet reimbursed NNPCL for this amount. “Since the provision of the ₦6tn in 2022, and ₦3.7tn in 2023, we have not received any payment whatsoever from the Federation. “That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to ₦2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this,” he said. In light of KPMG’s reconciliation, which reduced the claims to ₦2.7 trillion, the Nigerian Government intends to undertake a fresh audit of NNPC Limited’s ₦2.8 trillion fuel subsidy claim. The audit, spanning from 2015 to 2021, seeks to authenticate NNPC’s claims. The Office of the Auditor-General for the Federation (OAuGF) will spearhead the audit, with the possibility of enlisting an external firm for supplementary assistance. The resolution was reached at a Federal Account Allocation Committee (FAAC) session in March 2024, where participants deliberated on the necessity of an impartial audit to mitigate conflicts of interest. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated President Tinubu’s commitment to the forensic audit. KPMG’s initial audit prompted the need for further investigation.

Tinuade Sanda Wins 2023 Vanguard Energy Icon of the Year Award

Dr. Tinuade Sanda, a notable leader in Nigeria’s energy sector and former Managing Director of Eko Electricity Distribution Company, has received the esteemed Vanguard Energy Icon of the Year Award. The award ceremony took place at Eko Hotel and Suites, Victoria Island, Lagos. The Vanguard Personality of the Year Award, now in its 12th year, honors individuals who have achieved significant professional success and made substantial contributions to society. In her acceptance speech, Dr. Sanda expressed her gratitude for the recognition, dedicating the award to her team, the workforce, and the Board of Directors of Eko Electricity Distribution Company. She highlighted the importance of collaboration in addressing the challenges of the energy sector and reaffirmed her dedication to advancing Nigeria’s power industry. Vanguard Newspaper’s Editor, Mr. Eze Anaba, noted that the event is dedicated to celebrating exceptional achievers and the values they embody, such as integrity, innovation, and perseverance. Dr. Sanda’s award underscores her impactful leadership and commitment to improving Nigeria’s energy sector, setting high standards during her tenure and beyond.

NNPCL Reveals Date Petrol Scarcity Will End Across Nigeria

The Nigerian National Petroleum Company Ltd affirmed on Tuesday that the ongoing fuel scarcity and queues across the country will be cleared out by Wednesday, April 31. The Chief Communications Officer, NNPCL, Olufemi Soneye, confirmed this to newsmen on Tuesday in Lagos. According to Soneye, the company currently has products available exceeding 1.5 billion litres, which can last for at least 30 days. He said, “Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved. “However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations. “Some folks are taking advantage of this situation to maximize profits. “Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain. “The lines will be cleared out between today and tomorrow.” Similarly, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (lPMAN), Hammed Fashola, expressed hope that the queues in Lagos and Ogun would ease off this week, relying on the words of the NNPCL. Fashola, however, stated that the queues in Abuja might tarry a bit due to the distance to Lagos. He said, “The information available to us from the NNPCL was that there was a logistics problem, and when that happens, it will disrupt the supply chain. “That might be a delay in the movement of ships from the mother vessel to the daughter vessel before it gets to the depot tanks. “Before we can correct that, surely it will take some days. I think by Tuesday or Wednesday, there will be more products available for lifting by marketers. “It might take time before it can ease off in Abuja, considering the distance to Lagos and the bad roads; Lagos might be calm this new week.”

NNPCL Speaks On Fuel Scarcity Across Nigeria

Far short of advancing cogent reasons for sudden fall in supply of petroleum products nationwide, the Nigerian National Petroleum Company Limited (NNPCL), on Sunday, reacted to the scarcity of fuel by merely stating that the scarcity will soon abate. The Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, in his reaction to the crisis, expressed optimism that the long queues will clear in the coming days, adding that NNPC Ltd has adequate stock. He said, “The Nigerian National Petroleum Company Limited, NNPCL, wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is a result of logistics issues and they have been resolved. “It also wishes to reiterate that prices of petroleum products are not changing. It urges Nigerians to avoid panic buying as there are sufficient products in the country.” Similarly, the Chief Executive Officer/Executive Secretary, Major Energy Marketers Association of Nigeria, Mr. Clement Isong, said, “As the NNPC Ltd said, there were logistics issues and they have been resolved. The marketers who have fuel, are working round the clock and the queues will be cleared in the coming days.” However, the shortage of petrol witnessed in Nasarawa, Niger, Abuja, the Federal Capital Territory, FCT, last week, spread to Lagos, Oyo, Osun and other states, weekend, thus affecting the movement of goods and persons and by extension, the nation’s economy. In Lagos, motorists and other users woke up yesterday to witness long queues at the few filling stations which had the product to sell, while many outlets belonging mostly to independent marketers, without the product, were closed. However, some major marketers, including 11 Plc and NNPC Ltd, with stocks sold the product at over N600 per litre, while the few independent marketers with the product sold it at between N650 and N700 per litre, depending on location.

NNPCL refuses FOI request on staff, Asabe Waziri over multi-million naira property In Abuja, Lagos …says personal details of staff not discloseable

The Nigerian National Petroleum Company Limited (NNPCL) has turned down a Freedom Of Information, FOl, request on regarding employment status and alleged multi-million naira property acquisition by a staff of the company, Ms. Asabe Waziri. In its reply, the company said the personal inflation of nuts staff is not discloseable. NNPCL, through its counsel, Chief Afe Babalola, SAN, in its reply dated April 22, 2024 to an FOI request by Human Rights Writers Association of Nigeria, HURIWA, said, “Accordingly, we regret our client’s inability to accede to your demand for the requested information. Our client, with this, outrightly rejects your request.” In the FOI request, HURIWA had sought to know the following: The current employment status of Ms. Waziri with NNPC Limited, including her position, department, and any relevant employment records, her salaries and benefits date of enlistment with any records indicating her length of service. Other information sought by HURIWA include, acquisition of property: clarification on how Ms. Waziri, as a public servant, allegedly acquired two units of residential property (specifically, units 3B and 3C, Abbey Signature Apartments, 1 Mekong Close, Maitama Abuja FCT) valued at N260 million and the verification of the allegation that Ms. Waziri made a purchase of a prized housing asset in Lagos and information regarding any additional actions or disciplinary measures taken by NNPCL. In its response, the company said, “Having reviewed your request, we invite you to please note that our client has ceased to be subject to the Freedom of Information Act 2011 (FOIA) following the coming into force of the Petroleum Industry Act 2021, by which the erstwhile Nigerian National Petroleum Corporation (the Corporation), which was a public institution, transited to a limited liability company upon the registration of the Nigerian National Petroleum Company Limited (NNPC) under the Companies and Allied Matters Act 2020. Thus, our client is not obligated to respond to demands for information under the FOIA. Be that as it may, our client highlights the following in the interest of due process and transparency: i. The information listed as items 1 to 4 are exempted from the application of the Freedom of Information Act, 2011. Section 14 (1)(b) of the Freedom of Information Act, 2011 reads: “…a public institution must deny an application for information that contains .ersonal in ormation and in ormation exem ted under this subsection includes – @) -ersonnel ‘les and 22 onal in ormation maintained with res .. ct to employees, appointees or elected officials of any public institution or applicants for such positions,” “As information regarding the salaries, salary scale, benefits, benefits package, additional compensation from our client, date of enlistment position, department, acquisition of property, and any relevant employment records are employees‘ personal information in personnel files, our client must deny your request. “Furthermore, information regarding any additional actions or disciplinary measures taken by our client concerning its staff is not disclosable under the Freedom of Information Act 2011. Please see Section 12 (1) (a) of the Freedom of Information Act 2011, which prohibits the release of information in relation to records compiled by the institution for administrative enforcement proceedings or internal matters. It provides that: “12. (1) A public institution may deny an application for any information which contains(a) Records compiled by any public institution for administrative enforcement proceedings and by any law enforcement or correctional agency for law enforcement purposes or for internal matters of a public institution…” “As our client is not a party to the alleged suit(s) and dispute between Ms Waziri, Abbey Signature Limited, or any other person, it will not get involved in any matter(s) arising from or connected to the dispute.”

Missing’ $2.04bn, N164bn oil revenues: SERAP sues NNPC Ltd

Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company (NNPC) Limited to court over the “failure to account for the alleged missing USD$2.04 billion and N164 billion oil revenues. This is following the allegations contained in a recently published 2020, audited report by the Auditor General of the Federation(AGF). According to the report, the NNPC failed to remit the money into the Federation Account, adding that the money may have been diverted. In the suit number FHC/ABJ/CS/549/2024, before the Federal High Court, Abuja, SERAP is seeking: “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues, as documented in report by the Auditor-General. SERAP is seeking: “an order of mandamus to compel the NNPC to hand over suspected perpetrators to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution. It also praying for an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account. As well as an order of mandamus to compel the NNPC to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account. In the suit, SERAP is arguing that: “There is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the disappeared money.” “The missing oil revenues have further damaged the already precarious economy in the country and contributed to high levels of deficit spending by the government.” It posited that, “Without the full recovery and remittance of the missing USD$2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.” “the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.” The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Kehinde Oyewumi, read in part: “The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability. “The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC). “The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account. “The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC. “The NNPCL also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare. “The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC. “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators. “SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.” “Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good. “Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution. “Paragraph 3112(ii) of the he Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC). “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. These commitments ought to be fully upheld and respected. Meanwhile, no date has been fixed for the hearing of the suit.

NNPCL gives reason for fuel scarcity

The Nigerian National Petroleum Corporation Limited, NNPCL, has blamed what it calls “logistic issues” as the reason behind the current fuel scarcity in some states. The company blamed the logistic issues for the tightness in the supply of fuel in some parts of the country. NNPCL disclosed this in a statement issued on Thursday by its Chief Corporate Communications Officer, Olufemi Soneye, assuring that the issue has been resolved. NNPCL reiterated that the prices of petroleum products are not changing nationwide. Soneye urged Nigerians to avoid panic buying as there is a sufficiency of products in the country. The statement read in part: “NNPC Ltd says cause of tightness in fuel supply resolved. The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is as a result of logistics issues and that they have been resolved. “It also wishes to reiterate that the prices of petroleum products are not changing. “It urges Nigerians to avoid panic buying as there is a sufficiency of products in the country.”

Dangote Refinery Gives Update On Diesel Price Reduction

Dangote Petroleum Refinery said its N940 per litre diesel price cut is only applicable to customers buying five million litres and above. The Head of Communication, Mr Anthony Chiejina made the clarification in a statement on Tuesday, noting that N970 per litre is for customers buying one million and above. Dangote Refinery made its third diesel price cut to N940 and N970 per litre, respectively. The company had earlier announced two price cuts which saw the price of diesel drop to N1,000 per litre from N1,600. Recall that the entrance of Dangote Refinery into the sale of Automotive Gas Oil, AGO, had impacted the West Africa oil & gas industry. On May 22 last year, the 650,000 barrels per day crude oil refinery was commissioned. However, the facility is yet to commence the sale of fuel. Standard and Poor’s Global Commodities said Dangote Refinery will commence the sale of fuel in the fourth quarter of 2024.

Again, Dangote reduces diesel, aviation fuel prices 

Dangote Petroleum Refinery has once more announced a further crash in the prices of diesel and aviation fuel to N940 and N980 per litre, respectively. This comes in the wake of its widely celebrated price crash to N1,000 barely two weeks ago. The new price of N940 is applicable to customers buying five million litres and above from the refinery, while N970 is for customers buying one million litres and above. While speaking on the new development, the Head of Communication, Dangote Group, Anthony Chiejina, pointed out that the new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria. “I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” Chiejina said. He added that the partnership will be extended to other major oil marketers. “The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” he stated.