The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company Limited will begin soon. Edun revealed this at the ongoing Nigerian Investor Forum, held alongside the IMF/World Bank Spring Meetings in Washington DC. The minister explained that the recent changes in…
President Bola Tinubu’s decision to sack Mele Kyari and other board members of the Nigerian National Petroleum Company Limited stems from mounting concern over performance and a failure to meet key production targets, presidency officials have disclosed. In an abrupt move on Wednesday, Tinubu removed Kyari, who had been at the helm of the national…
Fuel pump prices in Lagos and Abuja have been increased to N925 per litre and N950 per litre respectively by the Nigerian National Petroleum Company Limited (NNPCL). According to the company, the new price regime – a N65 increase from the N860 per litre being sold in Lagos and N70 increase from the N880 previously…
Citing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC”, as reasons for the sack of Kyari and desolation of the board, President Bola Tinubu has announced a new management team for the Nigerian National Petroleum Company Limited (NNPCL). The President sacked Mele Kyari as the group chief executive…
Dangote Refinery has halted the supply of petroleum products to the Nigerian market following the collapse of its naira-for-crude deal with the Nigerian National Petroleum Company (NNPC) Ltd, sources have confirmed. However, the refinery will continue exporting fuel as it currently procures all its crude oil in dollars from the international market. The naira-for-crude arrangement,…
The Nigerian National Petroleum Company Ltd (NNPCL) has uncovered an illegal connection on an oil well in Bille, Rivers State, in a move aimed at tackling the issue of crude oil theft and pipeline vandalism in the country’s oil-producing regions. The unauthorized connection was discovered on Well-12, operated by NNPC18 Operating Ltd, during a routine…
