Connect with us

News

President Buhari Unveils New NNPC LTD

Published

on

President Buhari with GMD NNPC Mele Kyari

 

President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited), affirming that the company is mandated by law to ensure that Nigeria’s National Energy Security is guaranteed.

Speaking at the historic occasion at State House Conference Centre, the President said Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.

At the event, which featured a Special rendition of the Theme Song ”Energy for today, Energy  for tomorrow, Energy for Everyone’‘ by an Ensemble, the president recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.

He expressed optimism that the NNPC Limited would sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA).

‘‘This is a landmark event for the Nigerian oil industry.

‘‘Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.

‘‘We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.

NNPC directs private depot owners to sell at government approved price or be blacklisted

‘‘By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on July 1, 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector,” he said.

According to him, the provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company.

He said this would enable the company to operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.

Advert

‘‘It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.

‘‘Coincidentally, I, on the 1st of July 2022 authorized transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today.

‘‘I therefore thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our National Oil Company from the good to the great,’’ he added.

The president, therefore, assured stakeholders in the industry that Africa’s largest NOC would adhere to its fundamental corporate values of Integrity, Excellence and Sustainability, while operating as a commercial, independent and viable NOC at par with its peers around the world.

He further stated that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, for the day days after tomorrow.

He thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.

Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assured international and local oil companies of adequate protection for their investments, ”the nation’s petroleum industry is no longer rudderless”.

He said: ‘‘From the onset of this administration, Mr. President never concealed his desire to create a more conducive environment for growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries.

‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments.

”In fact, between 2015 and 2019, KPMG states that “only 4 percent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.

‘‘We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us.”

Sylva described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.

He thanked the president for his ”unparalleled leadership, steadfastness, and unalloyed support towards ensuring that the country’s oil and gas industry is on a sound footing”.

The Group Chief Executive Officer of NNPC Limited, Mele Kyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.

He assured stakeholders and the global energy community that the new company was endowed with the ‘‘best human resources one can find anywhere in the industry.

‘‘NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world.” (NAN)

 

News

210 Trillion Scandal:LP Presidential Candidate ,Peter Obi Describes Nigeria as Crime Scene

Published

on

 

Peter Obi, presidential candidate of the Labour Party in the 2023 elections, has described Nigeria as a “crime scene” following revelations of massive financial irregularities in the Nigerian National Petroleum Company (NNPC).

In a statement on Friday, Obi said the Senate’s recent audit findings on the NNPC between 2017 and 2023 revealed “₦210 trillion in financial irregularities,” including “₦103 trillion in so-called ‘accrued expenses’ and ₦107 trillion in unaccounted ‘receivables.’”

“There is no documentation. No accountability. No consequences,” Obi said.

Advert

He noted that Nigeria’s total national budget within the same period amounted to ₦88.01 trillion, which is less than half of the missing or questionable funds.

His words: “This is not just another scandal, it is a clear and damning confirmation of a nation held hostage by monumental corruption.”

Obi described the development as “a criminal institutionalised betrayal of the Nigerian people” and warned that it poses “a grave threat to the future of the society our children will live in.”

“No responsible nation can continue to function like this without confronting this truth.

“This criminality masquerading as governance must be stopped and dismantled for a better Nigeria,” he added.

Continue Reading

News

Iran Appoints New Chief Of Intelligence After Israel Killed Two Predecessors

Published

on

 

Iran has appointed a new chief of intelligence at its Revolutionary Guards on Thursday, the official Irna news agency says, after his predecessor was killed in an Israeli strike last week.

Major General Mohammad Pakpour, the commander of Iran’s Islamic Revolutionary Guards Corps (IRGC), appointed Brigadier General Majid Khadami as the new head of its intelligence division, Irna says.

Advert

He replaces Mohammed Kazemi, who was killed on Sunday alongside two other Revolutionary Guards officers — Hassan Mohaghegh and Mohsen Bagheri — in an Israeli strike.

Pakpour had himself been recently appointed after Israel killed his predecessor Hossein Salami in a strike on June 13.

“During the years that our martyred commanders Kazemi and Mohaqeq led the IRGC Intelligence, we witnessed significant growth in all aspects of intelligence within the IRGC,” says Pakpour.

Upon his appointment by Iran’s supreme leader Ali Khamenei Friday, Pakpour threatened to open “the gates of hell” in retaliation for Israel’s attacks.

Continue Reading

News

Stun Gun Scandal: Pastor Adefarasin Faces Criminal Probe Over Viral Video, Says Lagos CP

Published

on

 

The Lagos State Commissioner of Police, Olohundare Jimoh, has confirmed that televangelist Pastor Paul Adefarasin faces criminal charges after pointing a stun gun at another person, an act he said is punishable under Nigerian law even if the device is non-lethal. Jimoh spoke on Channels Television’s Sunrise Daily on Thursday while providing an update on the ongoing probe.

“Nothing is an offence under the law, except what the law states to be an offence,” Jimoh explained. “Even under the Fire Arms Act, if you fashion out anything that is not metal, like wood, and you make it look like a gun, and you use that guise to take possession of property from another person, you have committed armed robbery. So, pointing a stun gun at another individual and sending that threat and fear to such a person at that particular time constitutes an offence. So, the police are doing everything in line with the law.”

According to Jimoh, the stun gun recovered from Adefarasin qualifies as prohibited riot control equipment under Nigerian statutes. Although the pastor has been released on bail, the commissioner emphasized that the investigation remains active. “He was invited; a letter of invitation was sent to him. In fact, we had prepared our warrant of arrest, in case he refused to comply with the invitation. But he turned himself in and was questioned by a team of investigators who were already on the matter before he turned himself in.”

Advert

The video that sparked the inquiry surfaced earlier this month, showing Adefarasin seated in a Range Rover holding what many believed to be a firearm as he spoke to someone outside the vehicle. The pastor has since taken to his official X account to dispute any wrongdoing: “You might be aware of a video circulating on social media showing me in what some have misunderstood as brandishing a firearm. I want to assure you — that was certainly not a firearm, and at no point did I point such at anyone.”

Jimoh further revealed that the individual allegedly threatened in the clip, a content creator whose address the police have obtained—will be summoned to provide a statement. “It is equally on social media that the person he pointed it to is a content creator and we are taking a statement from him as soon as he equally gets to us because we have got his address and we’re going to get him to make a statement in that regard.”

The commissioner concluded by promising transparency once the inquiry is complete: “The pastor is still under investigation, though he has been granted bail, but we will continue with the investigation and make the outcome of the investigation public for all Nigerians to know.”

Continue Reading

Trending