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House Probes NNPCL Over $3bn Refinery Funds, Fuel Imports

The House of Representatives Committee on Petroleum Resources (Downstream) has launched a full-scale investigation into Nigeria’s refinery rehabilitation efforts, citing allegations of fraud and mismanagement. This follows public outcry and petitions over the failure of refineries to commence operations despite billions spent on turnaround maintenance. The Port Harcourt refinery, which had briefly resumed operations, is […]

EFCC Arrests Former NNPCL Executives Over $7.2bn Refinery Scandal

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, in connection with an alleged $7.2 billion fraud related to the rehabilitation of the Kaduna, Warri, and Port Harcourt refineries. Also in EFCC custody is Jimoh Olasunkanmi, a […]

Petrol Retailers Press NNPC to Meet 30-Day Refinery Repair Target

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Nigerian National Petroleum Company Limited (NNPC) to stick to the 30-day timeline for the planned maintenance of the Port Harcourt Refining Company (PHRC). NNPC had announced the shutdown, scheduled to begin on 24 May 2025, through its Chief Corporate Communications Officer, […]

Where’s the Money? World Bank Presses FG on Missing Fuel Savings

The World Bank has called on the Nigerian government to fully transfer all revenue gains from fuel subsidy removal to the Federation Account, citing concerns over incomplete remittances by the Nigerian National Petroleum Company Limited (NNPCL). In its latest Nigeria Development Update (NDU), launched in Abuja, the Bank noted that despite the official removal of […]

NNPCL Under Forensic Audit as Edun, Cardoso Defend Reforms in Washington

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has disclosed that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) is currently underway. Speaking at the Nigeria Investment Forum held on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun said the audit aims to […]

FG Insists Naira-for-Crude Policy Still Active, Defies NNPCL’s Expiry Claim

The Federal Government has reiterated that its Naira-for-crude oil initiative remains in force and is a long-term policy, not a temporary arrangement. The move is aimed at fostering sustainable local refining and reducing the country’s reliance on foreign exchange in the oil sector. This clarification comes amid reports suggesting the Nigerian National Petroleum Company Limited […]

NNPCL Overhaul: Tinubu Replaces Kyari, Announces New Board

President Bola Tinubu has approved the reconstitution of the Nigerian National Petroleum Company Limited (NNPCL) board, dismissing its Chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mallam Mele Kyari. In a statement released early Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu also removed all board […]

NNPC Still Open to Crude Supply in Naira to Dangote Refinery, Others

The Nigerian National Petroleum Company Limited (NNPCL) has responded to reports regarding the alleged unilateral termination of a crude oil sales agreement in Naira with Dangote Refinery, insisting that it was still open to continue the arrangement on mutually beneficial terms. In a statement on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that […]

Petrol Prices to Keep Falling Until Mid-Year, Rewane Predicts

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that the price of Premium Motor Spirit (petrol) will continue to decline until June 2025. Both Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) have significantly reduced fuel prices in recent weeks, alleviating financial pressure on millions of Nigerians who depend […]

Fuel Price Battle: NNPC Cuts Rates to Rival Dangote Refinery

Competition for market share between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) has intensified, with the latter reducing the price of Premium Motor Spirit (PMS) to ₦860 per litre. A market survey conducted by Channels Television on Tuesday confirmed the development. This price cut follows Dangote Refinery’s recent decision to absorb a […]

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