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Despite Partial Border Closure, NNPC Failed To Reduce Fuel Import Volume—Report

The drop in daily gasoline consumption stands in lonely company among the list of things that went right for the economy during the 16-month border closure. ....

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Report: NNPC Spent Over 5bn USD On Fuel Importation Outside DSDP Contract In 28 Months

Report: NNPC Spent Over 5bn USD On Fuel Importation Outside DSDP Contract In 28 Months
Up until March 2020, when it announced an end to under recovery, the corporation had been withholding revenue from the federation account in the guise of subsidy losses.
by Kelechukwu Ogu
May 20, 2021
Within a 28-month window spanning July 2018 to October 2020, the Nigeria National Petroleum Corporation (NNPC) lifted crude worth $5.40bn beyond the Direct Sale Direct Purchase contract it has for refining its daily petroleum allocation of 445,000 barrels.
The state-owned firm executed this extra order, despite failure to lift up to 300,000 of the 445,000 daily allocation it ought to have been refining in its inactive refineries. ....

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SPECIAL REPORT: How Nigerian National Petroleum Commission Frustrated Revenue Generation By Oversupplying PMS Market

SPECIAL REPORT: How Nigerian National Petroleum Commission Frustrated Revenue Generation By Oversupplying PMS Market
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$20.3bn: Reps write NNPC, demand records of withdrawals from NLNG accounts from inception

Reps has written NNPC, following the audit query of the Auditor-General on the $20.3bn NLNG account, requesting full details. ....

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Reps demand records of withdrawals from NLNG accounts from inception

By Levinus Nwabughiogu Abuja
House of Representatives Committee on Public Accounts has written to the Nigerian National Petroleum Corporation, NNPC, following the audit query of the Auditor-General of the Federation on the $20.3 billion illegal withdrawals from the Nigerian Liquefied Natural Gas, NLNG, account, requesting full details.
The Committee which showed dissatisfaction with the explanations so far given by NNPC also asked for the comprehensive financial records of the corporation with expenditure details of funds utilisation from the inception of NLNG to date.
The Committee’s request was contained in a letter with Reference No: HR/PAC/SCO5/9NASS/QUE.9/974 dated December 7, 2020 signed by its Chairman, Oluwole Oke and addressed to the NNPC Group Managing Director, Mele Kyari. ....

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