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NNPC; why fuel queues have returned

by Folarin Kehinde
written by Folarin Kehinde

The Nigerian National Petroleum Company Ltd, NNPC, has revealed that the recent fuel queues in Abuja is likely caused by low loadouts at depots which usually happens during long public holidays.

The NNPC disclosed this in a statement on Sunday night while reacting to re-appearing fuel queues in Abuja.

The Corporation added that it is working with its marketing partners to take necessary measures to ramp up loadouts from all depots.

What the NNPC is saying

Reacting to mild queues in the Federal Capital, they said, “The NNPC Ltd notes the sudden appearance of fuel queues in parts of Abuja. This is very likely due to low loadouts at depots which usually happen during long public holidays, in this case, the Sallah celebrations.

“Another contributing factor to the sudden appearances of queues is the increased fuel purchases which is also usual with returning residents of the FCT from the public holiday.”

NNPC disclosed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority in conjunction with its marketing partners have taken necessary measures to ramp up loadouts from all depots.

“We assure all residents of the FCT, and indeed all Nigerians, that we have ample local supplies and national stock in excess of 2.5 billion litres, with sufficiency of more than 43 days.

“The NNPC Ltd hereby advises motorists not to engage in panic buying as supplies are adequate as will become increasingly evident in the coming days,” it said.

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Headlines

‘There’s Sufficient Petrol’, Says NNPC As Long Queues Resurface In Abuja

by Folarin Kehinde
written by Folarin Kehinde

The Nigerian National Petroleum Corporation (NNPC) has asked Nigerians not to panic amid the ongoing scarcity of fuel in Abuja.

Residents of Abuja are currently struggling to purchase fuel at different filling stations in the nation’s capital.

From Kubwa to Maitama, Utako, Asokoro, among others residents are scrambling for petrol as black marketers are smiling to the bank.

Commenting on the development in a statement on Wednesday night, Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, said it has sufficient petrol stock to meet the needs of Nigerians.

NNPC in a statement said, “Please do not panic, NNPC Ltd wishes to assure the public that the Company has sufficient PMS stock to meet the needs of Nigerians.

The public is therefore advised not to engage in panic buying of petrol and to ignore all rumors that may suggest otherwise.

“In line with the existing laws of the land, NNPC Ltd is deeply committed to ensuring energy security for the country,” it said.

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HeadlinesOpinion

Expert flays NNPC N287B profit; describes it as a manipulated balance sheet full of deception

by Leading Reporters
written by Leading Reporters

A financial expert, public issues commentator and good governance advocate, Dr. Nnaemeka Obiareri has described as deceptive,

manipulative and sheer distortion of standard accounting standards the recently announced profit of N287billion by the Nigeria National Petroleum Corporation NNPC, from its perennial operational losses.

He said that when the figures brandished by NNPC leadership is interrogated, it would be discovered that NNPC did not engage in any extensive or extra-ordinary productive or trading activities in 2020 to generate and report such huge profits in 2020 from a consistent six years loss (2015-2020). 

“From my desktop review and analysis, I knew straight away, that it is either they reported bubble paper profit to enable them debit a ledger for a particular nefarious game or they engaged in unwholesome balance sheet engineering games.

“What Melee Kyari presented as profit from direct  NNPC operations and activities is actually a retention  of 20% of the profits and dividends paid by independent entities,  which the NNPC   received on behalf  of the federation ( FGN, States and LGAs). This is the first time they are allowed to retain such.  

“According to a reliable source, before now,  the FGN and the states used to collect 100% of all the dividends paid by these independent entities . 

“However, in 2020, the NNPC decided to retain the 20% from the dividends paid the the NLNG, the NGC, the West African Gas Pipeline ( Operated by Chevron) etc and consolidated same in their balance sheet.  

“So, what they reported were retained portions of the dividends  paid by other entities for the Federation.  All the poppycock by Melee Kyari of improving efficiency at the NNPC and cut cutting cost  measures  over the last one year are just hogwash . NNPC as an entity under him,  its operations  and that of  the three  refineries are cesspool of losses and perfidy . Don’t be deceived by their tales by moonlight . 

”It is a grave affronts to our sensibilities and intelligence for these guys to receive about $2.5billion/N1trillion (using CBN official rates)  as combined dividends on behalf of the federation from independent entities established by acts of Parliament for the benefits of the federation,  consolidate the retained  20% portion of  dividends meant for the Federation accounts and then report it (N287bn)  as profits made from the activities of a  corporation that did nothing,  other than , import PMS at a loss under subsidies and ignorant people clap away without asking questions  

“The most painful thing here is that these people understand that IGNORANCE walks on all four in Nigeria.  So, they assumed rightly, that a majority of us have no common sense , capacity , competence and ability to dig beyond the surface.  They also realise that investigative journalism built on deep knowledge is absent in this clime. THEY ALSO realise that we do not have many people with the discipline, knowledge,  good conscience and integrity in the NASS to probe, dig , uncover and recover as we have it in the US Congress.  So, they  corner our resources,  throw pittance at us  and then rub it on our faces  ..

“For those,  who have the discipline,  knowledge, ability and time,  kindly fish out the 2019 audited financial reports of the following independent entities set up by acts of Parliament for the benefits of the federation: 

  • The  NLNG; 2. The West African Gas Pipeline Company ( Operated by Chevron);  3. The Nigeria Gas Company(NGC);  4. Duke Oil;  5. The NPDC; 6. C. 7 Wheel Insurance ; etc 
  • When you add up all of the dividends  for the year ended 2019, which was declared,  paid and  transferred to the NNPC accounts in 2020 on behalf of the federation , you will get in excess of over $2.5bn/N1trillion (using the CBN official rate). 

“These guys at the NNPC are not sincere one bit . It is the height of deceit and manipulation of numbers, for them to gleefully consolidate the profits and dividends of independent entities, with independently audited balance sheets , who have been making and reporting  consistent profits over the last 10 years retain 20% of such dividends,  use them to cover the huge losses and pillaging at the NNPC and report same as profit for the NNPC, for the first time over the last 43 years . 

“Honestly, if the misappropriation and cornering of our national resources at our MDAs like the  NNPC, Petroleum Ministry,  FIRS, Customs,  NIMASA, NPA, are checkmate and  the leakages plugged , Nigeria will not need to borrow to fund our critical infrastructure needs .

“This is why we clamour for urgent and  total constitutional, fiscal,  administrative,  socio-economic and autonomous RESTRUCTURING of this jungle to stop the ongoing  bleeding,  destruction and destitution of the masses.  

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Headlines

Sylva task NNPC on cost optimization for services and imported materials

by Leading Reporters
written by Leading Reporters

Kenny Folarin, Abuja

The Minister of State for Petroleum Resources, H.E Timipre Sylva has task the Nigerian National Petroleum Corporation (NNPC) to optimize cost through reservoir research and in-country capacity to reduce cost of services and imported materials.

Sylva stated this in Abuja on Tuesday at the 2021 Nigeria International Petroleum Summit 2021.

According to Sylva, NNPC is the flagship in the oil and gas industry and as such, expect lots of development from them in cost optimization and innovation.

“If we are talking about cost optimization, one of the ways that we can actually optimize cost is to ensure that we are able to research into our reservoirs and develop in-country capacity and if we do that, am sure it is going to really bring down the cost of services and materials that are imported.”

Sylva further stated that cost optimization is one of the goals to be achieved which will make NNPC
an export solutions to Nigerian problems and other countries.

“That’s where are going at the end of the day, we want NNPC to become a truly Nigerian company, developing Nigerian solutions to Nigerian problems which we can export and that is where we are going and ultimately, I believe that is what is going to bring the cost reduction initiative”.

Meanwhile, Managing Director of the Shell Petroleum Development of Nigeria Ltd, Okunbor Osaghie berate the low contribution of gas to the Gross Domestic Product of the Country which has also affected the reserve, however opined stakeholders should pay much attention to it now than ever.

“Where my passion is the relatively modest contribution of huge gas reserves to GDP in this county.

“Quatar contributes over 50% contribution of gas to GDP, all our gas in our country together is still 10-12%, so it is clear to me that the ultimate catalyst on how we essentially make this reserves come to live sits around the gas value chain and that’s an area we must pay lots of attention to.”

Furthermore, Okunbor noted that execution of projects has been a major problem facing the industry.

According to him “Our problem at this stage is not policy, or framework, our issue now mostly is execution.

“Execution to get projects that derives from this policies and bring them to fruition.

“We have critical projects that are in flight that have been enabled by well top three policies, we need to ensure that the PIB when it is eventually passed support this project and by all means can we as a country, an as an industry growth, governance, regulators and operators ensure we focus on execution.

“The biggest problem we are going to have is years from now, we all leave this place, another set that thinks that they are too clever comes in and derail this project.

“That’s what we don’t want, we want to put our shoulders behind well articulated policies and pick this projects, find new ones and execute”. He added.

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