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68 years on as oil producer, Nigeria’s fuel queues linger: What’s the holdup?

What exactly is responsible for the recurrent fuel queues? Nigerians are Tired. Why hasn’t a lasting solution been found, 68 years later? Despite technological advancements and periodic promises of solutions by the government, the sight of long lines at petrol stations remains a regular occurrence, leaving many to wonder why this problem still plagues the nation. Nigeria National Petroleum Corporation Limited (NNPCL), the country’s profit-inclined state oil company, assures the public that it has rectified...

INSIGHT: NNPCL, public revenues and the profit motive

Ever wondered how the Nigerian National Petroleum Corporation Limited (NNPCL) earns and utilizes money and on whose behalf? This piece explores how the state-owned company generates income and makes profits as empowered by the Petroleum Industry Act (PIA) 2021 and how such revenues contribute to Nigeria’s economy. Until the enactment of the Petroleum Industry Act (PIA), 2021, the Nigeria National Petroleum Corporation (NNPC) was a state-owned behemoth that played both regulatory and commercial roles in...

INSIGHT: NNPC and the Akara Company Story

In discussions surrounding the transitioning of the Nigerian National Petroleum Corporation Limited (NNPC) to Nigerian National Petroleum Corporation Limited (NNPCL), misunderstandings persist about its ownership and mode of operations.   One of the major misconceptions is whether or not the NNPC is a commercial or private company. Confused about what these terms mean? There is a story about the Akara for 4 the People Company that can help us understand what is important here. In case...

EXPLAINER: The 20 Subsidiaries of NNPC Limited

NNPC, Now NNPCL, Nigeria’s national oil company has undergone some rapid and significant metamorphosis in the last three years. Here’s why and these are the structural changes you need to know.  Despite the numerous motions to diversify Nigeria’s economy, there has not been a very significant movement away from petroleum as the mainstay. And given that the Nigerian state has been putting its mouth where its money is, the Nigeria National Petroleum Corporation (NNPC) has...

Oil Theft: Reps wade into naval tussle with pipeline security firms 

The representatives fear the escalating conflict between the navy and pipeline security firms contracted by the NNPCL could defeat the move to check oil theft in the delta The House of Representatives has resolved to wade into the increasing confrontation between the Nigerian Navy and private security firms contracted for pipeline security services in the Niger delta. The House accordingly mandates its special committee on oil theft in the the Niger Delta to investigate the...

Reps to probe $60 billion joint ventures by NNPCL

The House has directed its committees on finance and petroleum resources (upstream) to conduct a comprehensive investigation on all NNPCL joint venture operations over alleged $60 billion revenue loss The House of Representatives is set to probe the Nigerian National Petroleum Company Limited (NNPCL) for the alleged loss of $60 billion to inflated cash call payments on Joint Ventures (JVs) over the years.  This resolution followed a motion which highlighted the “need to investigate the...

NNPCL has remitted N4.5 trillion revenue in 10 months – Kyari

The chief executive also assured that Nigeria would see better times in the oil and gas industry as recent policy  reforms are realised through the NNPCL  The Nigerian National Petroleum Company Limited (NNPCL) has declared that it remitted N4.5 trillion generated  revenue as at October this year into the federation’ account. The state oil company further asserted that prosperity is imminent for the country because itself and other significant players in the oil industry are...

Oil Theft: NNPCL uncovers 4,800 illegal connections in 5,000 pieplines

The state oil company reveals massive scale of oil theft through multiple illegal connections across the country but maintains that production projections are realistic The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that there are 4,800 illegal connections on some 5,000 kilometers of oil pipelines across the country. This was disclosed by the Chief Executive Officer of NNPCL, Mele Kyari, during an interface with the members of the senate committee on Appropriations held on...

CORRUPTION: Sanusi blames NASS, blasts NNPC

Sanusi, a former CBN governor, renowned for his blunt forthrightness, said the national assembly shares huge blame for the opacity and alleged corruption of the NNPCL, the state oil company Former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has said the failure of the National Assembly to adequately carry out its oversight functions on the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation Limited (NNPCL), and other relevant departments in...

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