NNPCL

Following the appointment of the Group Chief Executive Officer and Board of Directors, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the appointment of a new 8-man Senior Management Team on Friday.

Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye made this known in a press release on Friday.

The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Roland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.

Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dagazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer.

All appointments are with immediate effect.

The Nigerian National Petroleum Company Limited (NNPCL) has begun sending regret emails to applicants who did not qualify for the next stage of the 2024 recruitment exercise for Graduate Trainee and Experienced roles.

Earlier, Leading reporters reported that NNPCL had started shortlisting candidates for the Computer-Based Test (CBT) aptitude stage.

Some unsuccessful applicants on X (formerly Twitter) have confirmed receiving the regret emails, which are being gradually sent.

The regret message reads:

“Thank you for your interest in building a career with NNPC Limited. We appreciate your time and effort in the application process.

After a careful review of your application, we regret to inform you that you did not meet the minimum requirements to progress to the next stage of the recruitment process due to one (1) or more of the following reasons:

Age
Class of Degree / Academic Requirements
NYSC requirement
Due Diligence Requirements
Once more, thank you for your interest. We encourage you to stay connected with us through our media channels, where we share updates about future career opportunities.

Wishing you the best in your career journey,” it concluded.

The organisation had earlier reaffirmed its commitment to a fair and merit-based selection process, ensuring equal opportunities for all candidates.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has revealed that the Nigerian National Petroleum Company Limited (NNPCL) has reduced its price for the Premium Motor Spirit (PMS) petrol to marketers from N1,045 per litre to N1,030 per litre.

The association’s National President, Dr. Billy Harry disclosed this at its strategic meeting and award presentation in Abuja yesterday.

He said: “Today, NNPCL has reduced their price to 1,030 Naira”

He added that the marketers are still pressing the state-owned firm to further drag down the price.

“We are still hoping and pushing that it will still come down low,” he said.

Recalled that NNPCL major competitor, Dangote Refinery and Petrochemicals sells the product at N970 per litre to the marketers with a ceiling of a minimum of two million litres while NNPCL has not limited its volume to the marketers.

Explaining the implication, Harry said the turn over rate from buying from NNPCL will be higher despite its higher rate.

His words, “Because most of our members are going to be struggling to get 50 million Naira, or thereabout, or even N60 million to buy products.

“Now, that is not what is easily affordable. So, we, as retail outlet owners, you can see why we are very close to NNPC.

“Because we can go there and buy one product, sell, quickly turn it around, and then come back. But then, if we have to buy 2 million liters, we must go together.”

He disclosed that NNPCL has opened its their portal for marketers to start lifting products since the day on Wednesday.

According to him, the competition emanating from the free market operation will certainly bring down petrol prices further.

He said “And as I speak to you, they (NNPCL) are already programming for us on the current price.”

He also disclosed that owing to the need to patronize domestic refineries, the association has suspended its plan to import the products.

Harry said, “So, we are not going to start importing if there is product available. So, wherever is best, we are not going to be looking for dollars to start importing when we can get a Naira-dominated transaction from Dangote, from Port Harcourt Refinery, from Warri Refinery, from all the refineries in Nigeria.”

Afeez Adegbala, a driver attached to the Nigerian National Petroleum Company Limited has been arrested for allegedly diverting 10,000 litres of petrol belonging to the company.

Adegbala was arrested on Friday alongside his two motor boys by personnel of the Nigeria Security and Civil Defence Corps, Osun Command.

While parading the suspect, the NSCDC state commandant, Igbalawole Sotiyo, said the driver and his boys were arrested at about 8.21 pm with the NNPCL truck.

According to Sotiyo, the driver loaded 40,000 liters of petrol at Pinnacle Distribution Depot in Eleko, Lagos State for delivery at the company’s mega stage ion in Osogbo.

He, however, delivered onky 30,000 liters of fuel to the station.

He was further arrested while discharge the remaining 10,000 at TEMPOLA filling station in Ikirun, Ifelodun Local Government area of the state.

He said, “It is an act of sabotage and stealing against the state. They are saboteurs and anti-state.

“NSCDC is using this medium to warn all the stakeholders involved in the distribution of petroleum products nationwide that anyone caught sabotaging the government would be apprehended and prosecuted.

“NSCDC uses this medium to request NNPCL Managers/Supervisors nationwide to work with the NSCDC to ensure saboteurs are brought to justice,” he said.

The Nigerian National Petroleum Company Limited (NNPCL) has addressed circulating rumours of a new increase in fuel prices, affirming that the pump price of Premium Motor Spirit (PMS) has not changed.

NNPCL spokesperson Olufemi Soneye stated, “There is no increase in gasoline price that I am aware of,” countering speculation that prices had risen from N1,030 to N1,060 per litre in Abuja.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, echoed Soneye’s sentiments regarding NNPCL’s ex-depot prices, stating, “NNPCL still sells to us at the same price.”

He noted, however, that independent marketers are currently facing a fresh price hike. “For Port Harcourt, it is N1,040 per litre; Abuja and Lagos are around N990 per litre,” he added.

This clarification follows an earlier price increase by NNPCL on 9 October 2024, when petrol was raised to N1,030 per litre.

The comments come at a time when the President of Dangote Group, Aliko Dangote, has expressed concerns about petroleum marketers overlooking the company’s refinery capacity of 500 million litres of fuel.

The Nigerian National Petroleum Company Limited (NNPC) has committed 272,500 barrels per day of crude oil in exchange for loans totaling $8.86 billion through a series of crude-for-loan agreements.

This commitment translates to roughly 8.17 million barrels of oil per month dedicated to various loan deals, as revealed by an analysis of reports from the Nigeria Extractive Industries Transparency Initiative and NNPC’s financial statements.

Some of the major initiatives financed by these deals include Project Panther, Project Bison, Project Eagle Export Funding, Project Yield, and Project Gazelle.

NNPC has already repaid $2.61 billion, or 29.4% of the total loan, leaving $6.25 billion outstanding. Of the $8.86 billion facility, $6.97 billion has been received so far across seven crude-for-loan agreements.

One key project, Project Panther, is a joint venture between NNPC and Chevron Nigeria Limited, secured through international and local banks. It obtained a $1.4 billion loan backed by 23,500 barrels per day (bpd), with repayments starting after a moratorium period. Financing terms include SOFR plus a 5.5% margin and a liquidity premium.

Project Bison involved NNPC’s acquisition of a 7.25% stake in the Dangote Refinery, backed by a $1.04 billion loan from Afrexim Bank with 35,000 bpd pledged. NNPC fully repaid this loan by June 2024.

Project Eagle Export Funding consisted of three loans. The initial $935 million loan, taken in 2020 and secured by 30,000 bpd, was repaid by September 2023. A second loan of $635 million was also repaid within the same period, while the third, worth $900 million and secured by 21,000 bpd, is set for repayment starting in June 2024, with full maturity expected by 2028.

Project Yield, aimed at revamping the Port Harcourt Refinery, was financed with a $950 million loan, secured by 67,000 bpd. The loan, obtained in 2022, will begin repayment in December.

Despite this, the refinery has yet to commence production as of August, with delays persisting despite assurances from the Federal Ministry of Petroleum Resources and NNPC.

Lastly, Project Gazelle was designed to stabilize Nigeria’s foreign exchange market. In December 2023, NNPC secured a $3 billion forward sale agreement, pledging 90,000 bpd from Production Sharing Contracts. By the end of 2023, $2.25 billion had been drawn, with repayments set to begin mid-2024.

These crude-for-loan arrangements come at a time when Nigeria is grappling with efforts to boost its oil production.

The Nigerian National Petroleum Company Limited (NNPCL) has warned Nigerians to prepare for more fuel scarcity.

The warning was given by Adedapo Segun, Executive Vice President of NNPCL (Downstream), during a televised interview on Thursday.

Segun’s warning comes on the heels of the recent fuel price hike, which has already caused widespread hardship across the country.

The NNPCL executive said there is need for a perfectly competitive market to ensure stable fuel prices and supplies in Nigeria.

More to follow…..