The Nigerian National Petroleum Company Limited has described allegation by the former Nigeria’s Vice President, Atiku Abubakar that Mr. Wale Tinubu held 49 percent stake in the alleged acquisition of NNPC Retail Ltd as “pedestrian.” “Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition. “As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations.” In a statement today, August 22, debunking Atiku’s allegation via his spokesperson, Paul Ibe to the point of lamenting “the criminal hijack of the NNPC by corporate cabals around the current President,” the NNPCL spokesperson, Olufemi Soneye reminded Atiku that NNPCL is a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation. Soneye stressed that Investment decisions by NNPC Ltd Management are strictly determined on the basis of commercial viability and national interest. “At the time NNPC Ltd acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the two other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. “In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests respectively. “Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger. “The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing. Atiku had alleged that Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Wale Tinubu held 49% stake. Atiku further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level. However, Soneye stressed that management of NNPC Ltd, under the leadership of Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax. “NNPC Ltd as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. “NNPC Ltd shall resist any attempt to draw its Board and Management into partisan politics.”
The Nigerian National Petroleum Company Limited (NNPC) has vowed its commitment to the crude oil exploration activities in the Northern part of the country. It reiterated its commitment to achieving the Federal Government’s aspirations in the frontier basins. “The company has been actively drilling in basins in and around Northern Nigeria, as a result of the need to increase oil exploration in the country’s frontier basins.” A publication, authored by the Chief Corporate Communications Officer of the NNPC Ltd, Olufemi Soneye, which contained the message of hope for the North, said: “this is a strategic engagement that NNPC Ltd will not compromise on.” Soneye, in the publication, said that the NNPCL is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to fulfill its promises to Nigerians. Soneye said that the discovery and exploration of crude oil in the north will not only appear as a dream pursued, but that as an economic reality to boost oil production as well as deepen the strength and efficiency of the petroleum industry value chain in Nigeria. “NNPC Ltd, in compliance with the Petroleum Industry Act, PIA, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in other basins. “With crude oil reserves of more than 37 billion barrels and the 6th largest world producer, the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the north eastern part of the country will only accentuate the prosperity and growth of Nigeria in the comity of nations. “It is therefore untrue for naysayers or sceptics to claim that NNPC has halted the search for oil in Nigeria’s inland basins. On the contrary, NNPC Ltd is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises no matter whose ox is gored.” He made it clear that NNPC Ltd would not suspend its inland basins oil and gas exploration activities, as some have suggested, adding: “Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security “The Nigerian National Petroleum Company (NNPCL) has assured that contrary to insinuations in some quarters, oil exploration in the northern of the country is on course.” Soneye said that the company in compliance with the Petroleum Industry Act (PIA) 2021, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in the South. He emphasized that the company is currently active in the inland basins of Nigeria with some drilling projects including Wadi-2 Appraisal/Exploratory Well in OPL 732 and Ebenyi-1 Exploration Well in OPL 826. According to him, the Wadi-2 Appraisal/Exploratory Well in OPL 732 in Borno State, within the Chad Basin, was spudded on November 4, 2023, and drilled to a total depth of 12,050 feet. He noted that the drilling phase concluded on June 29, 2024 and the preliminary results from the geological evaluation of the well objectives led to post-drilling well testing, which began on July 4, 2024, and is ongoing. “This testing aims to further evaluate the target reservoirs for the occurrence of a commercial accumulation of hydrocarbons and to obtain data for future field development.” On Ebenyi-1 Exploration Well in OPL 826, which is situated in Nasarawa State within the Middle Benue Trough, drilling began on July 17, 2023. “The 17½” hole section was drilled and cased to a depth of 3,449 feet. The drilling operations faced challenges due to issues with the hole and equipment breakdowns. The turnkey contractor is finalizing plans to replace the drilling equipment with newer models to continue drilling operations to the planned total depth of 14,250 feet.” On the Kolmani River where in 2019 1 billion barrels of oil reserves and 500 billion cubic feet of gas was discovered, Soneye said the defunct Frontier Exploration Services (FES) of NNPC Ltd drilled three wells—Kolmani River-2, Kolmani River-3, and Kolmani River-4—in the Upper Benue Trough (northeast Nigeria) on its and its partners behalf. He said that the drilling campaign confirmed the presence of commercial hydrocarbon deposits in the Kolmani field of OPLs 809 and 810. He noted that the rig that drilled the wells was subsequently moved to start the Nasarawa project, with the goal of replicating the success achieved in the Kolmani field. “In collaboration with co-venturers, we are working towards the next phase of field development. The post-exploration planning takes time to meet regulatory requirements before the development phase can commence. Significant infrastructure projects are currently underway to facilitate the movement of heavy-duty equipment for the next project phase in the area. “NNPC Ltd has not and will not suspend its inland basins oil and gas exploration activities, as some have suggested. Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security.” The NNPC Ltd. spokesman said the current leadership of the company is committed to addressing every gap within its purview including infrastructural issues associated with the oil and gas industry such as gas shortages for power supply, pipeline protection and maintaining the uninterrupted provision of petroleum products across the country. “For clarity, the NNPC Ltd, under the chairmanship of Chief Pius Akinyelure and managerial leadership of Mele Kyari, is well-positioned to capture the economic opportunities associated with developing and selling hydrocarbons in a resource rich country like Nigeria. These benefits are to be equitably distributed across society and create wealth for human capital development and capacity building. “It is to further achieve this sufficiency that, under Kyari’s leadership, NNPC Ltd is fully aligned with the federal government’s ambition to accelerate economic growth and diversify the economy for the benefit of all Nigerians. “This is being achieved through timely, credible, clear, and consistent policies. Since taking charge in July 2019, he has driven significant organizational renewal and greatly improved NNPC’s performance and long-term viability. The board and Kyari have been the driving force behind ambitious business growth and have instilled a new commercial mindset throughout the company’s entire value chain.” He said that Kyari’s leadership style has revitalized NNPC Ltd. workforce even as the company continues to attract the interest of business partners, customers, suppliers, and shareholders noting that since its transition to a commercial entity under the Petroleum Industry Act (PIA) 2021, and in line with the Company & Allied Matters Act (CAMA) provisions, NNPC Ltd. has consistently delivered value despite its unique operational challenges Soneye said that in addition to thus, the company hsd maintained steady growth. “For the first time in 43 years, NNPC declared a profit. From a loss of N803 billion in 2018, the company reduced this to just N1.7 billion in 2019. Remarkably, in 2020, NNPC posted its first-ever profit of N287 billion, which grew to N674.1 billion in 2021, and by the end of 2022, it had soared to N2.548 trillion. “In our 2023 Audited Financial Statement, AFS, we declared a net profit of N3.297 trillion for the fiscal year, indicating an increase of 28 percent (over N700 billion) compared to the N2.548 trillion recorded in 2022. The N3.297 trillion profit declared for 2023 is very symbolic as it is the highest ever to be recorded since inception, 46 years ago. “In terms of asset growth, we have moved from N13,300 billion in 2019 to N15,836 billion in 2020; N16,262 billion in 2021; N58,652 billion in 2022; and N246,816 billion, in 2023.” The spokesman said that NNPC Ltd will continue exploration in the north so that it can sustain this type of excellent financial performance and gains for its investors and Nigerians at large noting that “the more strategic explorations we make, the better for all of us.”
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has painted a good picture of how Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010 has reset oil and gas industry in the country. Speaking on the theme: “Local Content and Sustainable Inclusive Economic Growth” at the 2024 Namibia Oil and Gas Conference, in in Windhoek, Namibia, yesterday, August 23, Engr. Ogbe said that recent discoveries of hydrocarbon deposits have increased the oil and gas reserves of the continent to about 126 billion barrels of oil and about 614 trillion cubic feet of gas. He said that the adoption of local content policy for the oil and gas industry and or other resources is “one veritable means through which African countries can ensure that the utilization of our resources will translate to energy security, economic development, and industrialization of the continent,” drawing on the Nigerian experience for illustration. According to him, since the enactment of the NOGICD Act in 2010, Nigeria has recorded significant achievements, which include “the creation of over 30,000 direct jobs, over 15 million training manhours, award of over 90% of contracts to Nigerian-owned businesses, utilization of the expatriate management system to ensure 80% of oil companies’ management positions are held by Nigerians, growth of successful indigenous operators who are now responsible for the production of more than 60% of Nigeria’s domestic gas requirements and over 15% of crude oil production, to mention a few. “As at the end of 2023, we have reached Nigerian Content level of 54% and we are committed to achieve the set target of 70% by 2027.”Engr. Ogbe, who was represented by the General Manager, Corporate Communications and Zonal Coordination, Esueme Dan Kikile Esq., shared NCDMB’s experience as a regulator responsible for deepening and driving local content in the Nigerian oil and gas industry, noting that “a successful local content policy must entail the deployment of six (6) key parameters, namely, regulatory framework, gap analysis, capacity building, funding and incentives, research and development, and access to market.” According to him, “a law, or decree depending on the political arrangement in a country, sets the framework and boundaries for all local content practitioners.” In Nigeria, the NOGICD Act of 2010 is the regulatory framework that drives local content policy. A structured capacity-building intervention, he said, is also necessary to foster the development of in-country capacities and capabilities, while gap analysis is to ensure that baseline and periodic gap evaluations are carried out to ascertain the human capacity and infrastructure deficits which will then form the basis for developing initiatives, projects, and programmes that will seek to close the identified gaps. The NCDMB boss emphasised the importance of research and development, which he noted would facilitate the development of innovative solutions to address peculiar challenges that are being experienced in a nation’s oil and gas industry. In addition, local companies require incentives and low-interest, long-term funds to be able to develop their capacities which will, in turn, enable them to compete favourably in the oil and industry. He underscored the necessity for access to market as developed capacities and capabilities need patronage to be sustained. “A market, within a country and across international boundaries, is imperative for the potential benefits of enhanced capabilities to be maximised. “A robust local content implementation framework that serves as a blueprint, spelling out how local content policy will be implemented, also has to be in place. Five key components of the framework, as instituted by the NCDMB, are Analysis, Guidelines and Regulations, Implementation, Monitoring and Evaluation, and Feedback Mechanism. “Faithful adherence to these elements accounts significantly for the success of local content practice in Nigeria.” The 2024 Namibia Oil and Gas Conference continues today in Windhoek, with captains of industry from across the African continent in attendance. Namibia has estimated crude oil reserves of 11 billion barrels and gas reserves of 2.2 trillion cubic feet.
The National Data Protection Commission (NDPC) has imposed N555.8 million fine on Fidelity Bank Plc for violating customers’ data privacy, NDPC’s National Commissioner, Vincent Olatunji, said, at a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive, that Fidelity Bank breached the Nigeria Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Act of 2023. The fine, which amounts to 0.1 percent of the bank’s annual gross revenue for 2023, is the largest ever issued by the NDPC. Olatunji explained that the penalty was aggravated due to the bank’s lack of cooperation and dismissive attitude during the investigation. He emphasized the importance of data protection compliance, noting that penalties for non-compliance can range from N10 million to up to two percent of an organization’s gross earnings. “Since we began enforcing data protection regulations, this is the most significant penalty we’ve issued. “Fidelity Bank’s violations were serious, and despite working with them since April 2023 to address these issues, their arrogance ultimately led us to impose the full penalty.” The Commission gave Fidelity Bank 14 days to pay the fine upon receiving the notice, saying that the sanction underscored its commitment to enforcing data protection laws and holding organizations accountable for safeguarding customer data.
The government of Nigeria has increased procurement of international passports for individuals from a minimum of N35,000 to N50,000 with effect from the 1st of September 2024. A statement by the spokesman of the Nigeria Immigration Service (NIS), Kenneth Udo, said that the increment is a part of the government’s efforts to maintain the quality and integrity of the Nigerian Standard Passport. He explained that based on the review, a 32-page Passport booklet with 5-year validity previously charged at N35,000 will now be N50,000.00, while a 64-page Passport booklet with 10-year validity which was N70,000.00 will be N100,000. The statement said that the fees remain unchanged for Nigerians in Diaspora. The NIS regretted any inconvenience this increase might cause prospective applicants even as it assured Nigerians of unwavering commitment to transparency and quality service delivery at all times.
A civil society group in the advocacy for sound procurement management, anti-corruption and transparency has faulted the move by the Federal Government to review the Public Procurement Act (PPA) 2007. This is coming on the heels of Federal Executive Council’s decision, at its meeting on July 14, 2024 directing the Attorney General the Federation (AGF) and Minister of Justice, to head a committee on the review process. In a letter dated August 12 and addressed to the AGF, the group, known as Procurement Observation and Advocacy Initiative (PRADIN) asked the federal government to consider implementing the law in full before any amendment. The Minister of Budget and National Planning had addressed State House Correspondents after the above meeting, as reported in several media that “The government’s desire is to reconcile discrepancies between the Appropriation Act, the PPA 2007 and the Fiscal Responsibility Act.” A Committee was said to have been set up under the Chairmanship of the AGF. But PRADIN, in the letter signed by its National Coordinator, Mohammed Bougei Attah, said: “As a leading voice of civil society organizations, CSOs in Nigeria’s procurement eco-system, we have participated in most of the unsuccessful amendments to the same Act since the year 2017, we feel duty-bound to share our thoughts and experiences on the subject to guide your Committee in this national assignment as a way to move the nation forward, and to move away from same problem. “While it is a common knowledge that no law is perfect and that all laws are amenable to review, our argument against this review proposal is based on the simple fact that the PPA 2007 has never been implemented in full. Part 1, Section 1 of the Act, under ‘Establishment of the National Council on Public Procurement, NCPP and its Membership has not been implemented by the Federal Government as the law demand. “And this we know is connected to all issues, including fiscal accountability and transparency in governance as well as corruption in the public sector” The group argued that the law (PPA 2007) that provides for the establishment of NCPP was passed in 2007 by the National Assembly, 13 years ago, but previous Presidents, pursuant to Sections 5 (1), 148 (1) 4 (2) and 4 (3) as well as S.171 of the 1999 Constitution failed to inaugurate the Council till date. PRADIN said that fiscal accountability and transparency in governance as well as corruption in the public sector stem from unhealthy procurement practices. “While governments efforts are geared towards reconciling discrepancies between the Appropriation Act, the PPA 2007 and the Fiscal Responsibility Act, the first (AA) is to guide while the second (PPA) is for implementation and the third (FRA) is to monitor and evaluate the process to ensure transparency. fiscal accountability and transparency in governance as well as corruption in the public sector stem from sound procurement practices. “While governments efforts are geared towards reconciling discrepancies between the Appropriation Act, the PPA 2007 and the Fiscal Responsibility Act, the first (AA) is to guide while the second (PPA) is for implementation and the third (FRA) is to monitor and evaluate the process to ensure transparency. “It is therefore our appeal that while the amendments to the PPA 2007 is being sought, your Committee should consider the above relevant sections of the Act for implementation, otherwise the exercise, like the previous ones may be in futility.”
The Federal Government has set up a 10-member committee to enforce the Supreme Court judgement delivered on 11th July, 2024 granting financial autonomy to Local Governments in Nigeria. Director, Information and Public Relations in the Office of the Secretary to the Government of the Federation (SGF), Segun Imohiosen said in a statement today, August 20, that the SGF, Senator George Akume, has already inaugurated the Inter-Ministerial Committee, with him as its chairman. The statement named members of the Committee as the Minister of Finance and Coordinating Minister of the Economy; Attorney General of the Federation and Minister of Justice, Minister of Budget and Economic Planning, the Accountant General of the Federation, Governor, Central Bank of Nigeria (CBN), Permanent Secretary, Federal Ministry of Finance, Chairman of the Revenue Mobilization Allocation and Fiscal Commission, Representative of State Governors and Representative of Local Governments. “The committee’s primary goal is to ensure that local governments are granted full autonomy, allowing them to function effectively without interference from state governments. “This move is in line with President Bola Tinubu’s efforts to give appropriate implementation to the provisions of the Constitution, which recognizes local governments as the third tier of government,” the statement said.
Kogi State government is set to play host to the Guild of Corporate Online Publishers (GOCOP) at their 2024 annual conference, scheduled for October 3. A statement by the Publicity Secretary of GOCOP, Sir Remmy Nweke, quoted the 2024 Conference Planning Committee Chairman, Danlami Nmodu, mni and Secretary, Olumide Iyanda, as having said that this year’s Confab, which is the 8th in the series, would be the first a state will be hosting. According to him, the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy,” is coming against the background of the current security and power deficit challenges in the country. The statement said that a prominent technocrat who is versed in the dynamics of power management, from generation through transmission to distribution would deliver the keynote, while two guest speakers with expertise in digital economy and security value chains respectively have confirmed their attendance. It recalled that the previous speakers at the annual conference to include Reverend Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward”. It said that in 2021, Boss Mustapha, the then Secretary to the Government of the Federation (SGF), delivered a keynote address at the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. “He spoke on Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.” The statement said that in 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission (INEC), delivered the keynote address titled: “2023 Elections: Managing the Process for Credible Outcome.” “The 2023 edition, which held in Abuja, had the theme, Nigeria: Roadmap for Socio-Economic Recovery and Sustainability, was chaired by Professor Ishaq Oloyede, Registrar, Joint Admissions and Matriculation Board (JAMB) while Professor Uche Uwaleke, a Professor of Capital Market delivered the keynote.” The statement said that advanced preparations have been made to ensure that the 2024 event is a success, adding that details about the 2024 Annual GOCOP conference would be made public as the event draws nearer.
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023.
A statement today, August 19, by the company’s spokesperson, Olufemi Soneye said that the profit is an increase of over N700 billion or 28 percent, compared to the 2022 profit of N2.548 trillion. The statement quoted the Chief Financial Officer of the Company, Umar Ajiya in a world press conference today in Abuja as saying that the release of the AFS is a testimony to the Company’s commitment to transparency and accountability. “Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company.” Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders. He said that the NNPC Ltd will announce Initial Public offer (IPO) once the shareholders and Board make a decision, even as he debunked claims on subsidy payment, saying the Company was only taking care of the shortfall on PMS importation between it and the Federation. Earlier at the press conference, the Chairman of the NNPC Ltd Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, the commitment of the Board, Management and staff of the company. Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions. In her remarks, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said that with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting two million barrels per day crude oil production by the the end of the year. On the current fuel queues in parts of Lagos and the FCT, the Executive Vice President, Downstream, Dapo Segun appealed for understanding from Nigerians, saying that the the Company is working with relevant stakeholders to address the distribution, evacuation and logistics challenges. It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019. In 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago.
President Bola Tinubu has sent the chairman of the National Hajj Commission of Nigeria (NAHCON), Malam Jalal Arabi packing, even as he appointed Professor Abdullahi Saleh Usman to replace him. Jalal Arabi, who was appointed barely a year ago as the Executive Chairman of NAHCON, is currently going through investigation of the Economic and Financial Crimes Commission over the N90 Billion Federal Government subvention for the 2024 hajj operations. A statement today, August 19, from the Presidential Villa did not mention the case into which Jalal Arabi has been embroided but said that the new appointee, Professor Usman is a renowned scholar with qualifications from two Islamic centres of excellence — the University of Madinah and Peshawar University, Pakistan. The statement by Ajuri Ngilela said that the new NAHCON chairman is also well-grounded in Hajj operations, having served as the Chairman of Kano State Pilgrims Board, and successfully superintended the operations of the largest quota of state pilgrims in the country.
The sacked
The statement said that the appointment is subject to confirmation by the Senate. “The President expects the new Chairman of NAHCON to discharge his duties with integrity, transparency, and utmost fidelity to the nation.”
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Kogi State government is set to play host to the Guild of Corporate Online Publishers (GOCOP) at their 2024 annual conference, scheduled for October 3.
