Monday, November 30

Tag: Mele Kyari

Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014
Politics

Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014

The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014 Chairman of the House Committee on Public Accounts, Wole Oke, issued the summons based on audit queries issued by the Office of the Auditor General of the Federation for the period. The committee had penultimate week accused the NNPC GMD of refusing to respond to an audit query issued against the corporation over alleged illegal withdrawals from the Nigerian Liquefied Natural Gas Limited’s Dividends Account, totalling of $20.3bn. Kyari, who has yet to appear before the lawmaker...
Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari
Politics

Members of a cabal were enriching themselves with susbidy payments – NNPC GMD, Mele Kyari

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has alleged that members of a cabal were enriching themselves with susbidy payments before it was removed by the federal government.   Kyari who said this in an Hausa programme on Liberty FM, Kaduna, insisted that fuel subsidy was not beneficial to the masses and was removed because it was characterised by fraudulent activities.   The NNPC GMD also disclosed that the money from subsidy payment will now be channeled into projects that will have a direct impact on the masses.   Kyari said;   “The crude oil is a global commodity and its price is not hidden, everyone can calculate and know how much is the cost of every final product from the crude at the inter...
78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC
News

78 Firms Bid To Rehabilitate Pipelines, Depots – NNPC

The Nigerian National Petroleum Corporation on Sunday announced that 78 companies submitted virtual bids to rehabilitate its downstream pipelines, associated depots and terminal infrastructure through the finance, build, operate and transfer model. NNPC’s Group Managing Director, Mele Kyari, said the exercise was in fulfilment of the corporation’s commitment to transparency and accountability as an Extractive Industries Transparency Initiative partner company. Kyari disclosed this in a statement issued in Abuja by the spokesperson of the oil firm, Kennie Obateru. He said the finance, build, operate and transfer model became imperative in the corporation’s journey to rehabilitate its downstream infrastructure which over time had become vulnerable, lost value and integrity due t...
FG Will Divert ₦457 Billion Petrol Subsidy To Other Sectors – Kyari
Politics

FG Will Divert ₦457 Billion Petrol Subsidy To Other Sectors – Kyari

The Federal Government will divert N 457bn provided for petrol subsidy in the budget to other sectors of the economy , the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari , has said . He also disclosed that the corporation would not be involved in running refineries after they must have been rehabilitated. Kyari, who spoke in a live television programme monitored in Abuja , noted that Nigeria was subsidising fuel consumption in other West African countries. For this , he added, fuel subsidy must go for ever . He said , “ And above all, you have a huge economic distortion where people don ’ t pay for what they consume . “ That means that you have the cross - border issues , which is because you are selling fuel at a lower price than the market price a...
International Demand for Nigeria’s oil drops by 6.8m barrels- NNPC reveals
News

International Demand for Nigeria’s oil drops by 6.8m barrels- NNPC reveals

The Nigerian National Petroleum Corporation has revealed that international demand for the country's crude oil dropped by 6.8m barrels in March due to the ongoing Coronavirus pandemic. Coronavirus has impacted global oil demand with global oil prices dropping while the International Monetary Fund and the World Bank have predicted a recession worse than the 2009 recession. Mele Kyari, Group Managing director of the NNPC has stated that even though oil prices have dropped, the markets will stabilize as the year runs. Speaking on Channels Television’s Sunrise Daily programme on Wednesday, Kyari said; “Well, it (Nigeria'sOil demand in International market) is doing badly but it is improving. ''Last week, it went down to close to $15 per barrel but as I speak this morning, we are at $32....
NNPC To Supply 10% Of India’s Crude Demand
News

NNPC To Supply 10% Of India’s Crude Demand

The Nigerian National Petroleum Corporation (NNPC) on Thursday expressed its readiness to maintain the supply of 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries. The Group Managing Director of the NNPC, Mele Kyari made the disclosure during a visit by the Indian High Commissioner to Nigeria, His Excellency Abhay Thakur. The GMD stated that Nigeria, through the Corporation, would continue to support India’s energy security, adding that the recent Memorandum of Understanding in the area of energy between Nigeria and India would be consummated to further strengthen the bilateral relations between the two countries. Mallam Kyari stated that NNPC was desirous of growing the energy cooperation with India and that it was ti...
Disregard Rumour Of Impending Hike In Petrol Price – NNPC
News

Disregard Rumour Of Impending Hike In Petrol Price – NNPC

The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did not suggest any plan to increase the price of the white product. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, clarified that what the NNPC GMD stated during his engagement with the Senate President, Senator Ahmed Lawan, was that the price of petrol was abysmally low in Nigeria compared to what obtained in neighbouring West African countries. Ughamadu noted that Kyari had observed at the even...
NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa
News

NNPC Hints Of Fuel Pump Price Rise, Says N145 Cheapest In West Africa

Nigerian National Petroleum Corporation (NNPC) has hinted that pump price of premium motor spirit (PMS) may be increased soon, as it described the N145 pump price as the cheapest in West Africa. The new Group Managing Director (GMD), Mele Kyari, stated this yesterday during a visit to Senate President Ahmed Lawan at the National Assembly complex, Abuja. Kyari spoke while making submissions on revenue generation before the leadership of the senate. He identified cheap fuel price and smuggling as the two key factors hampering revenue generation by the agency. “The N145 per litre fuel price regime in Nigeria runs against the N350 per litre most of the other West African countries operate, encouraging smuggling. “It is even very difficult for us to make the product available...
Indonesia To Buy More Nigeria’s Crude Oil
News

Indonesia To Buy More Nigeria’s Crude Oil

Indonesia has expressed the desire to buy more crude oil from Nigeria, which is expected to further boost Nigeria’s business relationship with the country. The indication was made by the Head of Economic Affairs of the Indonesian Embassy, Mr Dwiyatna Widinugraha, who led a delegation from the country on a courtesy call on the Group Managing Director of the NNPC, Dr Baru Maikanti, at the NNPC Towers in Abuja. Speaking on the purpose of their visit, Mr Widinugraha commended NNPC for its support in crude oil supply which has helped Indonesia to achieve energy sufficiency, adding that the country needed further assistance in the form of increased crude oil allocation. He stated that Indonesia with a population of more than 250 million people needed about 1.6 million barrels of crude o...
Fuel Scarcity: NNPC To Take Delivery Of 1bn Litres Of Petrol
News

Fuel Scarcity: NNPC To Take Delivery Of 1bn Litres Of Petrol

As part of the measures to arrest the suffering of Nigerians due to the shortage of Premium Motor Spirit (PMS), the federal government is expecting the delivery of one billion litres of the product before end of December. Also, the Nigerian National Petroleum Corporation (NNPC) has doubled its supply and distribution efforts, raising nationwide distribution to 80 million litres a day as against the 30 million litres a day supply before the present crisis started. Confirming these developments, NNPC group managing director, Dr. Maikanti Baru, said the corporation doubled the daily supply of petrol from 700 trucks (about 27million – 30 million litres) per day supply to 80 million litres per day since the current hiccup in the supply chain was noticed a few days back. Baru, who discl...
NNPC To Lift Force Majeure On Bonny Light In October
News

NNPC To Lift Force Majeure On Bonny Light In October

Nigerian National Petroleum Corporation, NNPC, plans to lift the force majeure on Nigeria’s Bonny Light crude next month. Shell Petroleum Development Company, SPDC, declared a force majeure on September 16, 2017, on Nigeria’s Bonny Light crude, due to issues affecting one of the two major pipelines leading into the grade’s terminal. According to group general manager, NNPC’s Crude Oil Marketing Division, Mele Kyari, “I cannot give you an immediate time frame but I know that it will be very soon, as soon as repair works are completed.” He added that it is very likely that the force majeure will be lifted in October. SPDC said that the Bonny Light oil exports are continuing through the other main pipeline, the SPDC-operated Trans Niger Pipeline. About a dozen cargo are still left fr...