NNPC’s Mele Kyari Earns Energy Times’ GCEO of the Year Award, Vows Gas Revolution
By Doris Israel Ijeoma Mele Kyari, Nigerian National Petroleum Corporation Limited (NNPCL)’s Group Chief Executive Officer, has been honoured with the prestigious Energy Times’ GCEO of the Year Award, a testament to his dedication to excellence in the energy sector. The accolade recognizes Kyari’s unwavering commitment to transparency, accountability, and outstanding performance. At the award ceremony held at Lagos’ Eko Hotel & Suites, NNPC’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, accepted the award on Kyari’s behalf. The Energy Times Award Committee praised Kyari’s leadership, citing his pivotal role in NNPC’s success and his contributions to Nigeria’s energy industry. In his acceptance speech, Kyari highlighted NNPC’s efforts to transition Nigeria into a gas-powered nation, leveraging the country’s abundant natural gas reserves. He outlined key initiatives, including the development of gas infrastructure such as the OB-3 and AKK gas pipelines, as well as strategic partnerships for global gas exports. Kyari also emphasized NNPC’s expansion into the power sector, citing investments in independent power plants and plans for new facilities along the AKK pipeline corridor. He underscored NNPC’s commitment to sustainable energy solutions and its role in driving Nigeria’s economic growth. Dedicating the award to NNPC staff, Kyari expressed gratitude to the Energy Times editorial board for the recognition, pledging to redouble efforts in advancing NNPC’s mission and the Nigerian oil and gas industry.
Senate gives update on P/Harcourt Refinery
The Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries has said the Port Harcourt Refinery will begin operation before the end of December. This is as the Rivers State Governor, Siminalayi Fubara, has stated that his administration is working in tandem with President Bola Tinubu-led Federal Government’s policies designed to make life better for Nigerians through the Renewed Hope Agenda. Fubara noted that, in doing so, the Woji-Aleto-Alesa-Refinery Road, now 70 per cent completed, was being constructed to provide a bypass to easily access the Port Harcourt Refinery and take off traffic from the East-West Road. He made the remark when members of the Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries, led by their Chairman, Senator Ifeanyi Ubah, paid him a courtesy visit at the Government House in Port Harcourt on Friday. This was contained in a statement issued in Port Harcourt on Saturday by the Chief Press Secretary to the Governor, Nelson Chukwudi. The governor said the purpose of governance was to make life easy for the people. He expressed delight that the Senate Committee’s investigation would make life easy and meaningful for Nigerians. The statement read, “We, as a state, before the commencement of the rehabilitation job, had a contribution that we wanted to make to support the work at the refinery because of the deplorable state of the East-West Road. “There is a road: Woji-Aleto-Alesa Refinery Road. We are almost completing the bridge. It’s about 70 per cent completed. We are doing almost the last part of it. With that road, it will help to decongest and reduce the trouble commuters face along the East-West Road while providing easy access, straight to the refinery. “So, you can see that our government is working in line, supporting the Administration of President Bola Tinubu to give our people hope and assurance that things will soon get better.” It added, “And it is this role that you are playing, genuinely. With the support of this state government, that is the only way we can achieve the purpose of governance for everyone. “The purpose of governance is to make life easy for the people. I am happy that your investigation would make life easy for the people,” the governor explained. Fubara pointed to the derivable benefits when the refinery is eventually revamped and becomes operational, both to the Federal Government and host, Rivers State. He added, “When the refinery restarts production, there will be petroleum products available locally. The issue of importation will go down. “We will now make an impact, the economy will grow, and internally generated revenue will increase. More projects will be executed in this state. You can see that it’s a chain effect thing. So, I want to thank you.”
Israel-Iranian Conflict: Oil prices Soar
Oil prices have seen a significant spike, with Brent crude surpassing $90 per barrel, a notable rise from $87, in the wake of escalating tensions between Israel and Iran. The increase exceeded 3% on Friday following confirmed reports of an Israeli military operation on Iranian soil. The strike, which targeted strategic locations in Iran, has intensified fears of a potential full-scale conflict in the region, prompting a swift reaction in global oil markets. A U.S. official, speaking to NBC News, confirmed Israel’s involvement in the operations conducted in Iran, marking a significant escalation in the ongoing hostilities between the two nations. Further reports from CNN indicate that Iran’s Fars news agency reported hearing explosions at an airport in the city of Isfahan, although the cause of the blasts has yet to be determined. This incident has led to several commercial flights being diverted to avoid Iranian airspace, highlighting the broader regional implications of the conflict. This surge in oil prices reflects the market’s sensitivity to geopolitical events in the Middle East, a critical hub for global oil production and export. Investors and analysts are closely monitoring the situation, aware that continued unrest could lead to further disruptions in oil supply chains and additional increases in prices.
OPL 245 Saga: Mohammed Adoke discharged, acquitted
Abubakar Kutigi of the Federal Capital Territory (FCT) high court, has dismissed and acquitted the former Attorney General of the Federation (AGF) Mohammed Bello Adoke, of the charges of fraud, bribery and conspiracy brought against him by the federal government. The Economic and Financial Crimes Commission (EFCC) prosecuted Adoke on alleged N300 million bribe said to have been given to Adoke. This is expected to finally bring litigation over the OPL 245 saga to an end. The court ruled that the EFCC did not provide any evidence to prove its case. Ruling on the “no case” submission made by Adoke, Kutigi said the EFCC failed to prove its charges of fraud, bribery and money laundering and ruled that the defendant has no case to answer. Consequently, he discharged and acquitted the former minister on all counts. The judge said the allegation of illegal tax waivers granted to Shell and Eni was not collaborated by the Federal Inland Revenue (FIRS) or any authority in government. Nigeria has now lost virtually all the cases it filed or joined in Italy, the UK and Nigeria. The EFCC had earlier conceded that it did not have sufficient evidence to oppose the applications by Adoke. Meanwhile, the court insisted that Rasky Gbinigie had a case to answer over the alleged forgery of company documents to remove the name of Mohammed Abacha as a director.
NNPCL Refutes Fuel Price Reduction
In response to the reports making the round that the price of Premium Motor Spirit popularly known as petrol has reduced, the Nigeria National Petroleum Corporation, NNPC has refuted the report, saying it is fake and should be disregarded. NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, made the clarification in a statement on Wednesday, urging Nigerians to disregard the report. According to the statement issued to newsmen, “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company asserts that these reports are false and urges Nigerians to disregard them entirely. “NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”
Senate Forms Ad-Hoc Committee to Probe Financial Controversies
Amidst mounting controversies surrounding the financial operations of the Buhari administration, senate president, Sen. Godswill Akpabio has inaugurated the Senate Ad-Hoc Committee on Ways and Means on Monday. The committee’s primary mandate, driven by concerns over fund management, includes a thorough investigation into the utilization of resources, notably focusing on the Anchor Borrowers’ Programme and other financial avenues. In his address to stakeholders, the Senate President emphasized the critical need for transparency, accountability, and good governance, especially in light of recent financial controversies. He highlighted the significance of the committee’s mandate and urged members to execute their duties diligently and professionally, prioritizing the interests of the Nigerian people. The establishment of the committee followed consultations with the Federal Government’s Economic Management Team and a subsequent report by the Joint Committees on Banking, Insurance and other Financial Institutions; Finance; National Planning; Agriculture; and Appropriations. The report identified concerns and irregularities in fund utilization, prompting decisive action from the Senate. Furthermore, the Senate President reiterated the importance of the committee’s task amidst ongoing financial debates in Nigeria. He expressed confidence in the committee’s ability to conduct thorough investigations and called for a commitment to justice, fairness, and the public good. Senator Isah Jibrin (Echocho), appointed as the committee’s chairman, emphasized the significance of the Ways and Means controversy and assured Nigerians of a thorough and impartial investigation. He urged stakeholders to cooperate and provide necessary documents for scrutiny. The committee, composed of distinguished senators, is poised to embark on its mission to investigate and address concerns regarding fund management in Nigeria, guided by principles of transparency, integrity, and accountability. Members of the committee include: 1. Senator Isah Jibrin (Chairman) 2. Senator Sahabi Ya’u (Vice Chairman) 3. Senator Adamu Aleiro 4. Senator Adetokunbo Abiru 5. Senator Asuquo Ekpeyong 6. Senator Mohammed Tahir Monguno 7. Senator Victor Umeh 8. Senator Solomon Olamilakan 9. Senator Sani Musa 10. Senator Abdul Ningi 11. Senator Aliyu Wadada 12. Senator Ipalibo Banigho 13. Senator Jimoh Ibrahim 14. Senator Ibrahim Mohammed 15. Senator Joel Thomas Onowakpa 16. Senator Dafinone Ede 17. Senator Aminu Iya Abbas 18.
FG Bans Cooking Gas Export to Tackle Soaring Prices
In a move to stabilize domestic gas prices, the Nigerian government has imposed a ban on the exportation of cooking gas. Minister of State, Petroleum Resources, Ekperikpe Ekpo, revealed this initiative at a workshop in Abuja, emphasizing that halting the export will increase the volume available in the domestic market, leading to a natural reduction in prices. His words: “We are interacting with critical stakeholders to ensure that there is no exportation of LPG. “All LPG produced within the country will have to be domesticated. And when this is done, the volume will increase and of course, the price will automatically crash. “I am in contact with the regulation, NMDPRA, we hold meetings almost on daily basis, and the producers such as Mobil, Chevron, and Shell. So there is that hope that things will turn around. We don’t need to make noise about it.”
NUPRC To Move Key Departments To Lagos
The Nigerian Upstream Petroleum Regulatory Commission is contemplating relocating some of its units to Lagos. This was disclosed in a memo dated February 14, 2024. The move aims to bolster service delivery, trim operational costs, and optimize assets in Lagos. Dr. Kelechi Onyekachi Ofoegbu, on behalf of the Commission, signed the memo urging departments to identify units capable of independent operation with minimal supervision. The statement read; “In line with our objectives of improving organizational efficiency, driving industry growth, and managing office accommodation in Abuja, we are exploring the possibility of relocating certain units to Lagos. “This initiative is driven by the need to enhance our service delivery, reduce operational costs, and make adequate utilization of our assets in Lagos. “Consequently, we are requesting that each department identify and provide a list of units that can operate independently with minimal supervision. “Submissions on the above are expected on or before the close of business on Friday 23rd February 2024. “This is submitted for your further necessary action, please.” This move follows the recent relocation of the Federal Airport Authority of Nigeria (FAAN) headquarters and CBN departments to Lagos.
NNPC Opens Up On Fuel Price Increase
The Nigerian National Petroleum Company (NNPC) Ltd. has stated that there is no immediate plan to raise the cost of Premium Motor Spirit (PMS), commonly referred to as petrol. The company made this known in a statement by its Chief Corporate Communications Officer, Olufemi O. Soneye on Thursday, February 8. The NNPC urged the public to dismiss unfounded speculations circulating about a possible upward review of PMS prices. The company reassured Nigerians that no such measures are in the pipeline. Motorists have been strongly advised against succumbing to panic buying, as NNPC affirms that there is an abundant supply of PMS across the nation. NNPC assured citizens of its commitment to maintaining stable fuel prices for the foreseeable future.
CBN to Assume Control of Crude Sales, as President Tinubu Unveils Sweeping Reforms in Oil Sector
President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to assume responsibility for crude oil sales, a move aimed at addressing longstanding concerns about opaque practices and declining oil revenue under the management of Nigerian National Petroleum Company Limited (NNPCL). The action is to enhance transparency and efficiency in Nigeria’s oil industry, marking a significant departure from the previous exclusive control by the Nigerian National Petroleum Company Limited (NNPCL). Under the previous structure, the NNPC held sole authority over crude oil sales, submitting accounts solely to the federal government. Critics argued that this arrangement lacked transparency, allowing the NNPC to potentially underreport earnings. This directive mandates the NNPC to submit all receipts for crude oil sales to the CBN for thorough vetting and documentation. The objective is to eliminate any potential gaps in reporting and to ensure accurate records of oil revenue. It can be recalled that last week, the CBN Governor, Mr. Olayemi Cardoso called for collaborative effort with the Ministry of Finance and the NNPCL, highlighting its impact on foreign exchange flows and the accretion of reserves. Speaking at the launch of the Nigerian Economic Summit Group (NESG) “2024 Macroeconomic Outlook Report,” Cardoso outlined strategic reforms designed to foster transparency and stability in the foreign exchange market. “The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determine exchange rate policy by the CBN.” “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.” He further highlighted the comprehensive strategy to improve liquidity in the foreign exchange markets, addressing fundamental issues that have hindered effective operations over the years. The ongoing independent forensic review aims to clear the backlog of valid FX transactions, demonstrating the commitment to upholding the integrity of financial markets.