Flowerbud News

Tag: NNPCL

  • NNPC appoints new Corporate Communications executive, Chief Relations executive

    NNPC appoints new Corporate Communications executive, Chief Relations executive

     

    Abuja:  The National Petroleum Company (NNPC) Limited has appointed two seasoned executives, Andy Odeh and Morenike Adewunmi, to key leadership positions in the company.

    Odeh has assumed office as the Chief Corporate Communications Officer, while Adewunmi is the Chief Relations Officer.

     Odeh brings over three decades of extensive experience in communications and business administration across the oil and gas, advertising, and broadcasting sectors.

    Prior to joining NNPC, he had a distinguished 26-year career at Nigeria LNG (NLNG).

    There, he held various leadership roles in Community Relations and Development; Business Logistics and Services; Information Management and Technology; Corporate Communications and Public Affairs; Government Relations and Regulatory Compliance, and most recently, General Manager of External Relations and Sustainable Development.

    He is recognized for his work on major public relations and advertising campaigns for top brands.

    At NLNG, he successfully managed the company’s rebranding and implemented one of Nigeria’s best-run micro-credit schemes for host communities.

    Odeh was also instrumental in instituting the NLNG Prize for Energy Reporting.

    He is an alumnus of the University of Jos, the University of Lagos, INSEAD Business School, and the Nigeria Institute for Policy and Strategic Studies (NIPSS), among others.

    Adewunmi is a legal professional with over 25 years of experience in the oil and gas industry.

    Her expertise is in stakeholder management and advocacy, particularly from her extensive tenure at the Shell Companies in Nigeria (SCIN).

    She is highly regarded for her ability to navigate complex external landscapes, ensuring regulatory compliance and protecting the company’s “License to operate”.

    At Shell, she held key roles including Regulatory Affairs Manager where she managed all mandatory regulatory engagements and permits. As the Government Relations Manager, she built and maintained constructive relationships with the Presidency, Ministries, Departments, and Agencies.

    Adewunmi is known for her strong leadership skills, emotional intelligence, and ability to build robust stakeholder networks.

    She is a subject matter expert on non-technical risks and has a background in law from the Nigerian Law School and Olabisi Onabanjo University.

    NNPC said the appointment of Odeh and Adewunmi reflected its commitment to enhancing communication and engagement with stakeholders.

  • *Nigerian Oil Industry: Will a New Board Block the Corruption Cesspool

    *Nigerian Oil Industry: Will a New Board Block the Corruption Cesspool

     

    *By Paul Ejime

    Ordinarily, President Bola Tinubu’s reconstitution of the governing board of the Nigerian National Petroleum Company (NNPC) Limited should inspire hope for positive changes in the country’s beleaguered petroleum sector, but for critics and many Nigerians, it is a wait-and-see response.

    An official government statement on 2nd April 2025, said the move was crucial for “enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.”

    The new 11-member board has Bashir Bayo Ojulari as the NNPCL Group Chief Executive Officer (GCEO).
    He replaces Mele Kolo Kyari, who held the position from 2019. Kyari had earlier served as the Group General Manager, Crude Oil Marketing Division of the NNPC and Nigeria’s Representative at the Organization of Petroleum Exporting Countries (OPEC) from 2018.

    Ahmadu Musa Kida, the new non-executive Chairman of the NNPCL board, takes over from Chief Pius Akinyelure. All other board members appointed with Akinyelure and Kyari in November 2023 were also removed.

    Six board members, non-executive directors, represent Nigeria’s geopolitical zones. Mrs Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, represents the ministry on the new board, and Aminu Said Ahmed, represents the Ministry of Petroleum Resources.

    President Tinubu, who, like his predecessor, former President Muhammadu Buhari (2016-2023), doubles as Petroleum Minister, charged the new board to conduct a strategic review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.

    As part of the Tinubu administration’s oil sector reforms to attract investment, the NNPCL last year reported US$17 billion in new investments within the sector.

    According to industry sources and government officials, Tinubu’s government plans to increase the investment to US$30 billion by 2027 and US$60 billion by 2030.
    While non-oil sector is considered a pathway to Nigeria’s sustainable economic growth, diversification remains an unending quest.

    Oil accounts for 80 percent of Nigeria’s revenue and foreign exchange earnings, and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), showed that the country’s crude oil revenue surged to ₦50.88 trillion in 2024, with total crude oil production of 408,680,457 barrels throughout the year. (about N1,500=1US$).

    However, until recently and for decades, Nigeria imported refined petroleum products, including the Premium Motor Spirit or petrol, and endured embarrassing national shortages blamed on mismanagement and lack of transparency in the industry.

    Four of the country’s state-run oil refineries were dormant for several years, while millions of Naira was spent as running costs on them, including staff emoluments. Two of the four refineries only reportedly resumed production recently.

    Consequently, Nigeria has continued to produce crude oil below the quota allocated to it by the Organization of Petroleum Exporting Countries (OPEC), and even the coming on stream of a few private refineries, particularly the Dangote Refinery, owned by Africa’s richest man Alhaji Aliko Dangote has ended the country’s oil industry misery.

    Since its inauguration in May 2023, the Tinubu administration has raised the pump price of petrol several times, adding to the hardship associated with the economic policies, which the government considers critical to stimulating economic growth and national prosperity.

    A six-month sale of crude oil by the NNPCL to private refineries in local currency, Naira, another government stop-gap measure to shore up fuel supply has ended with consumers expressing anxiety about another potential bout of price rises.

    Like most government institutions and agencies, the NNPCL faces a trust deficit because of the opaqueness and phantom dealings in the petroleum industry, with critics claiming that the true position of the country’s oil production and general transactions is a mystery.

    To compound matters, the NNPCL admitted in its audited financial statement last August that it was struggling to pay off a US$6 billion debt.

    The new NNPCL Chairman, Kida, and GCEO Ojulari, bring to their new roles impressive career track records and vast experiences in the petroleum industry.

    But it remains to be seen if these are enough to bring the desired changes, including burnishing the profile of the Corporation and transforming Nigeria’s struggling petroleum industry.

    Some conspiracy theorists are even reading a curious coincidence into the new NNPCL leadership, pointing out that both men have separately worked with French companies TOTAL and Elf Aquitaine, and a day after their appointment, Nigeria’s President Tinubu jetted out to France on a working visit.

    Apart from his oil industry career, Kida was a basketballer and former President of the Nigerian Basketball Federation, while Ojulari also served in a senior position at Shell, a British affiliated oil giant.

    As a critical stakeholder in Nigeria’s major revenue-spinning industry, the NNPCL also provides the oil that powers the country’s political engine, including elections, and will continue to draw public attention.

    The Kida-led new board has its job cut out for it, either to do business differently and inspire public confidence, or join the list of previous executives that failed to meet the expectations of Nigerians who feel short-changed by the country’s failure to optimize the benefits of its God-given oil resources because of corruption and mismanagement.

    *Paul Ejime is a Global Affairs Analyst and Consultant on Peace & Security and Governance Communication*

  • Port-Harcourt Refinery Fully Operational – NNPC

    Port-Harcourt Refinery Fully Operational – NNPC

     

    By Biola Lawal

    FLOWERBUDNEWS:  The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared that the recently reactivated Old Port Harcourt Refinery is fully operational.

    NNPCL gave the clarification in a statement by Olufemi Soneye, 
    Chief Corporate Communications Officer
    NNPC Ltd,

    Soneye stated:

    The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

    We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

    Preparation for the day’s loading operation is currently ongoing.

    Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians. (FLOWERBUDNEWS)

  • NNPCL Announces new Leadership Appointments

    NNPCL Announces new Leadership Appointments

     

    By Biola Lawal

    Abuja (FLOWERBUDNEWS): The Board of Directors of NNPC Limited has announced the appointment of Mr. Adedapo A. Segun  as its new Chief Financial Officer (CFO) in a series of strategic leadership appointments to further improve the operational efficiency of the company.

    This was disclosed in a statement by Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, who said that the major appointments and changes reflected the company’s ”continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.

    Soneye wrote,:

    The following key appointments have been made:

    1. Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.

    2. Mr. Isiyaku Abdullahi has been named Executive Vice President (EVP), Downstream.

    3. Mr. Udobong Ntia has been appointed Executive Vice President (EVP), Upstream.

    These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.

    The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

    NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritizing the interests of the Nigerian public in the petroleum industry. FLOWERBUDNEWS

  • NNPC Ltd: An All-round Asset to Nigeria

    NNPC Ltd: An All-round Asset to Nigeria

     

    By Olufemi Soneye

    IN its editorial of 2nd August, 2024, the BusinessDay newspaper, characteristically, launched another scurrilous and baseless attack on the Nigerian National Petroleum Company Limited (NNPC Ltd). In the editorial entitled: “NNPCL: Liability or Asset to Nigerians?”, the newspaper set out to paint the picture of NNPC Ltd that is a liability to Nigeria instead of an asset that it should be. It chronicled a litany of issues which in its estimation have made the company to lose its place as an asset to the nation. As to be expected, all the issues it raised were either outright lies or unfair misrepresentation of facts. Let’s take a look at them one by one.

    According to the newspaper, NNPC Ltd.’s status as an asset is undercut by the opacity of its operations and corruption. The truth, however, is that this is a regurgitation of age-long allegations that have since been overtaken by the emergence of Mr. Mele Kyari as the Group Chief Executive Officer of the company and the transition of the old NNPC as a corporation into a limited liability company under the Petroleum Industry Act.

    One of the key thrusts of the Kyari-led management since 2019 has been its focus on transparency and accountability. This was what gave rise to the Transparency, Accountability and Performance Excellence (TAPE) management philosophy under which the company’s audited financial statements began to be published annually since 2019. In fact, the same BusinessDay newspaper that is so bent on hanging the tag of opacity on the company actually honoured Kyari with its “Energy Executive of the Year” award in 2021 for turning the fortunes of the company around and entrenching the culture of transparency in the company. But out of sheer mischief, the newspaper has forgotten so soon and chosen to borrow some ignoble tricks from Josef Goebbel’s playbook, that of repeating the lies of opacity and corruption against the NNPC Ltd frequently with the hope of sustaining the propaganda just so well the public would believe the lies to be the truth.

    The next point made in the editorial is that of mismanagement of resources and inefficiency. In its bid to present a semblance of balance, the newspaper acknowledged the role of government interference in the company. A bulk of the legacy problems, such as the age-long lack of maintenance of the refineries, is traceable to government interference. Any old refinery staff member of the NNPC Ltd will tell you that NNPC engineers used to carry out the turn-around maintenance of the refineries until past governments started dabbling in to influence contracts for their cronies.

    However, with the PIA, all that is behind as the NNPC Ltd now operates as a limited liability company under the Company and Allied Matters Act (CAMA). As is presently constituted, the company is owned by the government through the Ministry of Finance Incorporated and the Ministry of Petroleum. But the PIA envisages that in no distant time, the company will be listed on the stock exchange with shares owned by Nigerians in their individual capacities. But prior to that time, the management of the company under Kyari has instituted a management system encapsulated in the Performance Excellence element of the TAPE philosophy. Under this, the company has made great strides in moving from a position of loss in 2019 to consistent profitability. This is in spite of the fact that the company contends with monstrous odds in the form of crude oil theft and pipeline vandalism.

    The fact is: companies like Saudi Aramco, with which the newspaper tried to benchmark the NNPC Ltd, do not contend with such odds that have very practical implications for crude oil production. The newspaper is only being disingenuous in blaming the nation’s suboptimal crude oil production on inefficiency in the NNPC Ltd when it is common knowledge that the security challenges are not of the company’s making. But even at that, the NNPC Ltd has not fared badly in managing the bad situation to get the results that it has been posting in the past few years. The truth is that the current reality of the NNPC Ltd, in terms of management and performance, does not reflect the picture of mismanagement and inefficiency that the BusinessDay tried to paint in its editorial. The question that arises from all this, which the BusinessDay must answer, is: do companies that have issues with mismanagement of resources and inefficiency make profits as the NNPC Ltd has consistently done in the past three years?

    The other issue that has stymied the NNPC Ltd from being an asset to the nation, according to the BusinessDay, is its monopolistic control of the petroleum sector. Supporting its position, the newspapers states: “The corporation’s dominant position as the sole importer of petrol and the primary issuer of import licenses for diesel creates market distortions”. This allegation, coming from a business newspaper like the BusinessDay, is very curious. For the newspaper to state that NNPC Ltd is the “primary issuer of import licenses for diesel” shows how little it knows about the oil and gas industry. It only means that the BusinessDay either does not know the difference between an industry regulator and an operator or it just wants to take its mischief to a ridiculous level, hoping that the public would swallow its lies hook, line, and sinker.

    For the avoidance of doubt, NNPC Ltd does not issue import licenses for diesel or any petroleum product for that matter. This is because, NNPC Ltd, as provided in Section 64 of the PIA, is an operator just like any other company that operates in the oil and gas sector, and not a regulator. The PIA makes provision for the establishment of two regulatory agencies in the sector. They are the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The newspaper actually acknowledged these two regulatory agencies in the editorial. But how it came by the idea that the NNPC Ltd issues import licenses to marketers, a clear regulatory function, is really difficult to understand. This, however, goes to show that the newspaper and its editors know very little about the subject matter of their editorial.

    On the allegation that NNPC Ltd runs a monopoly in the importation of petrol, here are the facts that the BusinessDay failed to acknowledge in its editorial. When the downstream sector was deregulated on 29th May, 2023, with President Bola Ahmed Tinubu’s declaration that fuel subsidy was gone, every petroleum marketer was automatically empowered to import the product and sell at whatever price(s) they chose. NNPC Ltd only stepped in to close the gap as a supplier of last resort, a role assigned to it by the framers of the PIA to guarantee energy security for the nation. NNPC Ltd did not muscle any marketer out of petrol importation to become a monopoly. Besides, it does not look like the company is making any profit from being the sole importer of petrol which is usually the major objective of monopolists.

    In fact, by playing this role of sole importer of petrol at this time when others are not able to import the product, NNPC Ltd has proved to be a huge asset to the nation- much more of an asset than the BusinessDay would want Nigerians and the world to believe!

    Soneye, is the Chief Corporate Communications Officer, NNPC Ltd.

  • How Tinubu Busted NNPCl Fraud

    How Tinubu Busted NNPCl Fraud

    BY KUNLE AREMU

    NNPC Audited Report for 2022 showed they paid For 20% shares in Dangote Refinery – Dangote says it’s a Lie.

    Under Buhari’s govt, the NNPC committed to invest $2.7bn and buy 20% shares in the Dangote Refinery.

    In January, the NNPC, after intense pressure, released their Audited Financial Report for 2022. In the report, they stated that they purchased 20% shares in the Dangote Refinery for $2.7 billion.

    They claimed to have obtained $1.036 billion (as part of the funding) from Lekki Refinery Funding Limited.$1 billion was paid to Dangote Refinery – which is about 37% of $2.7 billion they claimed to have invested.

    Of course, the remaining amount of $36 million was for just transaction costs.

    *Tinubu took over from Buhari and, in December, he set up a new NNPC Board, where he made his longtime friend and ally, Pius Akinyelure the NNPC Board Chairman and reappointed Malam Mele Kyari as NNPC Group CEO.*

    *In a sudden turn, the NNPC that had committed to buy 20% shares, backed down. Dangote had given them an extension period (till June) to complete the $2.7 billion for the shares. But they couldn’t!*

    Meanwhile, the public still believed that they had a 20% shares in the Dangote Refinery – not until Sunday, when Dangote, himself, revealed that the NNPC had invested only 7.2%.

    Shortly after Dangote broke the news, the NNPC rushed to react. In their defense, they said “NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.”

    One wonders what exactly are the NNPC “strategic goals?” They say its “to ensure access to affordable, reliable, sustainable and modern energy for all.”So, how and when did the NNPC 20% equity investment in the Dangote Refinery go against its “strategic goals

    One wonders what exactly are the NNPC “strategic goals?” They say its “to ensure access to affordable, reliable, sustainable and modern energy for all.”So, how and when did the NNPC 20% equity investment in the Dangote Refinery go against its “strategic goals” as highlighted above?

    Two, in their statement, the NNPC validated what Dangote said that they invested only 7% of the $2.7 billion they initially committed to pay.

    This sharply contrasts and invalidates their claim of paying $1 billion to Dangote Refinery (for the shares) in 2022 – which is about 37%.

    So, if the NNPC confirmed that they had paid $1 billion to Dangote Refinery – which is about 37% – how did they come about the 7%?. Also, where is the balance? Did Dangote Refinery refund it?

    Three, why exactly did the NNPC backdown on their initial commitment of investing 20% on the Dangote Refinery shares?

    Is it truly true that they realigned their “investment portfolio, according to their strategic goals” or is it a grand plan that’s wrapped in a scam deal?

    As Nigeria First PREPARED President that is distinguished in Economy and Accounting…P-ABAT is on the RIGHT Course.

     

  • NNPC announces plans to recruit new staff

    NNPC announces plans to recruit new staff

     

    Flowerbudnews

    Abuja: The Nigerian National Petroleum Company Limited has disclosed that it is set to hire more workers.

    The NNPC spokesperson, Olufemi Soneye, confirmed this in a statement on Friday.

    According to Soneye, the recruitment would be for various positions across various departments within the energy company.

    He directed interested applicants to visit the NNPC careers page for application instructions.

    “NNPC Ltd is pleased to announce that we are currently hiring for multiple positions across various departments.

    “We are seeking talented and dedicated individuals to join our team. Visit our careers page for application instructions,” Soneye stated.

    In an update, Soneye disclosed that due to unprecedented traffic to the NNPC Ltd career page from applicants applying for vacancies, the site is currently experiencing slow load times.

    “Our techs are working diligently to rectify the problem.

    “Please be assured that the application process deadline remains Aug 20, 2024,” he disclosed.

    It was however learnt that this may be the major recruitment exercise since the NNPC fully transformed into a limited company in 2022.

     

  • NNPC E&P Ltd, NOSL Hit First Oil in OML 13, Akwa Ibom State

    NNPC E&P Ltd, NOSL Hit First Oil in OML 13, Akwa Ibom State

     

    By Biola Lawal

    Flowerbudnews:    NNPC Exploration and Production Limited (NNPC E&P Ltd.), NNPC Ltd.’s flagship upstream subsidiary, and Natural Oilfield Services Ltd. (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd. (SEEPCO), have announced the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State, Nigeria.

    The production which commenced on the 6th of May 2024, with 6,000 barrels of oil, is expected to be ramped up to 40,000 barrels per day by May 27th, 2024, Olufemi Soneye, NNPC Ltd Chief Corporate Communications Officer disclosed in a statement on Sunday

    The Company said that ”the first oil flow from OML 13 is a historic milestone in the partnership between NNPC E&P Ltd and NOSL, highlighting their dedication to driving growth and development in Nigeria’s oil and gas sector, which remains a vital component of the nation’s economy.

    ”The achievement does not only signify the culmination of rigorous planning and execution by the teams involved but also represents a new era of economic empowerment and development opportunities for the host communities.”,it stated.

    Furthermore, for Nigeria, the first oil from OML 13 holds some significance as it contributes to the country’s efforts to increase its oil production capacity, which is crucial for meeting domestic energy needs and driving economic growth.

    The NNPC E&P Ltd. and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible, and beneficial to the local communities. (Flowerbudnews)

  • NNPCL Boss, Mele Kyari Pledges to Transforn Nigeria into a Gas-Powered Nation

    NNPCL Boss, Mele Kyari Pledges to Transforn Nigeria into a Gas-Powered Nation

     

    Bags Energy Times’ GCEO of the Year Award!

     

    By Biola Lawal
    (Flowerbudnews):  Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari has pledged to transform Nigeria  into a gas-powered nation which had 209 trillion cubic feet proven natural gas reserves.

    Kyari gave the assurance while being honoured with the Energy Times’ GCEO of the Year Award in recognition of his commitment to accountability, transparency, and performance excellence.

    Chief Corporate Communications Officer of the Company, Mr. Olufemi Soneye received the award on behalf of the NNPC boss, in a ceremony held at the Eko Hotel & Suites in Lagos on Friday.

    Soneye disclosed the details in a statement on the event.

    In conferring the award, the Governing Council of Energy Times Award Committee noted that  Kyari had been  hardworking and had played a significant role in the company’s success and has contributed significantly to the growth of the energy sector in Nigeria.

    Speaking at the occasion, Kyari said the NNPC Ltd., which has been on transition since the passage of the Petroleum Industry Act (PIA), has been championing the push to transform Nigeria into a gas-powered nation in keeping with its enormous natural endowment with over 209 trillion cubic feet proven natural gas reserves.

    “We are building gas infrastructure such as the OB-3 Gas Pipeline, AKK Gas Pipeline to deepen the use of gas in the domestic market, while we are also promoting the West Africa Gas Pipeline and the Nigeria-Morocco Gas Pipeline, as well as the Train 7 of the NLNG and a number of Floating LNG Projects to deliver gas to the global market,” Kyari stated.

    The GCEO further noted that the NNPC Ltd. is also aggressively expanding its portfolio in the power sector to make the company a truly rounded energy company.

    “Apart from our stakes in a number of Independent Power Plants such as Afam VI, Okpai Phases 1 and 2 with a combined installed capacity of 1,420MW, there are plans to build three new power plants in the AKK Pipeline corridor in Abuja, Kaduna, and Kano. The ground-breaking ceremony of the 1,350MW wholly owned Gwagwalada Power Plant was performed by President Bola Ahmed Tinubu in August last year” he added.

    Kyari, who dedicated the award to all NNPC Ltd. staff, thanked the Energy Times editorial board for finding him worthy of the recognition, adding that it would spur him to work harder towards achieving more for both the NNPC Ltd. and the Nigerian Oil & Gas Industry.  (Flowerbudnews)