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EDITORIAL: Nigeria’s massive oil theft scandal and lack of enlightened self-interest
EDITORIAL: Nigeria’s massive oil theft scandal and lack of enlightened self-interest
A super oil tanker on a mission to steal Nigeria’s crude oil early in August has rekindled national interest in illegal oil bunkering, which has led to massive revenue shortages that have significantly contributed to Nigeria’s present fiscal woes. The tanker, MT HEROIC IDUN, belonging to a Norwegian firm, entered Nigerian waters and headed for the Akpo Oil Field without any document or clearance…
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#Economic and Financial Crimes Commission (EFCC#H1#lucky irabor#Mele Kyari#Nigeria National Petroleum Company Limited (NNPC)#Nigeria Upstream Petroleum Regulatory Commission (NUPRC)#nigerian navy#Nigeria’s crude oil#NNPC#super oil tanker#the Chief of Defence Staff#Timipre Sylva
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Fuel Queues: CSOs Confirm NNPC Has Enough Products, Praise Kyari's Swift Efforts To Resolve It
*Call for Patience while problems are addressed
By; KATO P. LADAN, Kaduna
A group under aegis of Coalition for Civil Society Organisations (CSOs), had said that it has confirmed the availability of products at Nigeria National Petroleum Company Limited (NNPCL) and called for patience while the National oil company address the problem.It would be recalled that on Thursday April 26, many…
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The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd., have resumed production crude oil in Awoba Field, River State, for the first time since 2021.
Olufemi Soneye, the spokesperson for the NNPC, made this disclosure in a statement on Tuesday in Abuja.
The statement noted that the Awoba field last produced oil for the Bonny Terminal in 2021 and was ultimately shut down in February 2022 due to problems with evacuation and crude oil theft.
Soneye mentioned that since the reactivation of the Awoba field by NNPC Ltd and its partners on April 13, 2024, the field’s production has averaged 8,000 barrels per day.
Moreover, he said that the field is anticipated to reach a steady output of 12,000 barrels per day once fully ramped up within 30 days.
According to Soneye, Awoba is also expected to significantly boost gas supply to the power sector and other gas-based industries.
“Keen on optimising production from the nation’s hydrocarbon assets to boost revenues and meet the nation’s OPEC production quota, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its Joint Venture partner in the Awoba Unit Field, Newcross Exploration and Production Ltd., have restarted production from the Awoba field which last contributed production to the Bonny Terminal in 2021 and was finally shut down in February 2022 due to evacuation issues and crude oil theft.
“Since the restart of the Awoba field by NNPC Ltd and it partners on April 13, 2024; production from the field has averaged 8,000 barrels per day and is expected to plateau at 12,000 per day at full ramp up within 30 days.
“Awoba is also expected to significantly boost gas supply to the power sector and other gas-based industries.
“The Awoba Unit which straddles OMLs 18 and 24 is located in the mangrove swamp south of Port Harcourt, Rivers State. Both OML 18 and OML 24 assets are under the management of the NNPC Upstream Investment Management Services (NUIMS),” Soneye said.
Speaking further, NNPC noted that the firm has been recording a string of production successes from the JV portfolio which have significantly lifted overall national production.
The oil company revealed that in addition to the recent initiation of production at the Madu Field by the NNPC Ltd/First E&P JV, it has successfully resumed production at OMLs 29 and OML 18 in late 2023, which have consistently added an average of 60,000 barrels per day to the national production output since their restart.
“NNPC Ltd. Has been recording a string of production successes from the JV portfolio which have significantly lifted overall national production.
“Besides the recent start of production at the Madu Field by the NNPC Ltd/First E&P JV, the company has achieved the restart of production at OMLs 29 and OML 18 in late 2023 which have steadily contributed an average of 60,000bpd to the nation’s production output since their restart.
Speaking on the development, the Group Chief Executive Officer of NNPC Ltd., Mallam Mele Kyari, ascribed the achievement to the President Bola Ahmed Tinubu administration’s success in providing enabling operating environment for businesses to thrive,” the statement read.
What you should know
Nigeria’s crude oil production for March dropped to 23 million bpd according to OPEC’s monthly oil market report. The figure makes it the third consecutive month the country’s average oil production will fall below the budget benchmark of 1.78 million bpd.
In January, Nigeria’s average daily oil production stood at 1.427 million bpd while that of February was lower at 32 million bpd. The dismal oil production for March led to Nigeria’s dethronement by Libya as Africa’s biggest oil producer.
Speaking on the issue, the Minister of state for Petroleum Resources, Sen. Heineken Lokpobiri attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline and maintenance activities by some oil companies.
The Ministe...
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Forex crisis: Why we stopped importing petrol – Marketers
Major Energies Marketers Association of Nigeria says the exact landing cost of Premium Motor Spirit, known as petrol, and foreign exchange fluctuations, is why its members stopped importing the product.
Clement Isong, the Executive Secretary of MEMAN, disclosed this at a webinar for media practitioners on Thursday.
He stated that it is difficult to arrive at the exact landing cost of fuel, making it difficult to fix the appropriate price of the product.
“The market and consumers are not immune to government policy that allows Nigeria Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) continuous charges in dollars,” he said.
Isong also informed that though marketers receive products from Nigerian National Petroleum Company, NNPC Limited, retail, products offload is transacted in dollars, all of which push up the pump price.
In July 2023, Emadeb Energy Services Limited imported about 27 million litres of petrol into the country for the first time after subsidy removal.
DAILY POST recalls fuel price jumped to N600 to 670 per litre after subsidies were removed from the product last year.
However, despite the rise in the exchange rate from N750 per USD in June to N1,602.17 on Thursday, the pump price of fuel had remained between N600 and 670, indicating a new petrol subsidy regime.
Consequently, the International Monetary Fund said the country’s currency fuel and electricity subsidies might gulp $7 trillion in 2024.
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NNPC and CBN Establish Revenue Management Limits for Oil Firms
The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have jointly set limits for the management of revenue generated by oil firms.
This decision was reached during a meeting between Mele Kyari, NNPC's Group Chief Executive Officer, and Olayemi Cardoso, Governor of the CBN, held in Abuja.
The initiative follows a statement by Cardoso on January 24, 2024, during the launch of the Nigerian Economic Summit Group (NESG) macroeconomic outlook report.
Cardoso announced that the NNPC and the Ministry of Finance had agreed to remit their foreign exchange inflows to the CBN to bolster the nation's external reserves.
According to Olufemi Soneye, NNPC's Chief Corporate Communications Officer, both Kyari and Cardoso deliberated on the decision to transfer revenue to the apex bank.
They also aimed to reinforce the relationship between CBN and NNPC to ensure smooth commercial operations.
Soneye highlighted the benefits of the decision, emphasizing the improved platform it provides NNPC for managing its cash-holding obligor limits in commercial banks as set by the board of directors.
He further noted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPC transactions.
The collaboration between NNPC and CBN has garnered mixed reactions across the country with Atiku criticising the move.
The decision marks a significant step in enhancing transparency and efficiency in managing oil firm revenues, with both parties committed to further collaboration for seamless operations.
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Dangote refinery obtains a licence to refine Crude in Nigeria
Dangote refinery obtains a licence to refine Crude in Nigeria. The richest man in Africa, Aliko Dangote, announced that his refinery would soon start processing gasoline after obtaining a license to refine over 300,000 barrels of Nigerian crude daily. According to Bloomberg, Dangote stated, "We want to start our refinery with Nigerian crude, not with foreign goods," during a Riyadh interview conducted with the Saudi-Nigeria business roundtable. He said, "You will see our gasoline products soon. We're more than ready." The refinery was set to begin operations in August but has missed multiple deadlines over the years. However, Dangote is adamant that "very very soon" his refinery would begin to produce. The Nigerian gasoline supply is the refinery's top priority before supplying other markets, such as the West African region, he claimed.
Dangote Petroleum Refinery Executive Director Devakumar Edwin said the refinery was importing crude oil and would be receiving its first shipment in roughly two weeks. Despite trading crude oil on behalf of Nigeria, the Nigerian National Petroleum Company Limited had committed its petroleum to other entities, according to Edwin in an interview with S&P Global Commodity Insights at the time the article was published. Head of State Election Real-Time Reports NNPCL will supply six million barrels of crude oil to the Dangote refinery. Crude scarcity postpones Dangote refinery's launch and those of five others. Encouraging exports other than oil in the face of limited foreign exchange. The head of the Dangote refinery did not reveal which other organizations were getting the oil company's petroleum, but the NNPCL previously revealed in August that it had partnered with the African Export-Import Bank to exchange $3 billion in crude oil for loans.
According to Dangote, whose wealth is estimated by the Bloomberg Billionaires Index at $16.2 billion, the 650,000 barrel-per-day facility will receive crude from other Nigerian producers as well as the nation's state oil company. It is anticipated to produce 27 million litres of diesel, 11 million litres of kerosene, and nine million litres of jet fuel. Nigeria produced 1.49 million barrels of oil per day in a month, the most in nearly two years, after increasing its output by 60,000 barrels per day. As it increases its oil output, the West African country has introduced a new grade of petroleum called Nembe through a joint venture. The crude stream of Nembe is anticipated to be run and marketed by a joint venture between the oil company Aiteo Eastern E&P Co. Ltd. and the state-owned Nigerian National Petroleum Company (NNPC). The OPEC member's capacity to meet its quota has been severely hampered by crude theft and attacks on pipelines in the Niger Delta, which has made it difficult for the Nigerian government to reach its revenue targets.
SEE ALSO: Kaduna refinery will begin Operations in 2024
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NNPC - SEPLAT JV National Undergraduate Scholarship 2024/2025
NNPC/SEPLAT Joint Venture has announced the commencement of its 2024 / 2025 National Undergraduate Scholarship Programme. The scholarship award is open to deserving undergraduate students of Federal and State Universities in Nigeria.
Seplat was formed in June 2009 through the partnership of Shebah Petroleum Development Company Limited and Platform Petroleum Joint Ventures Limited to specifically…
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NNPCL Working With NEITI, Other Stakeholders To Reconcile NEITI’s 2021 Report
The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday said that it will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders in the Reconciliation Committee set up by President Bola Ahmed Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the Federation by both NNPC Ltd.…
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By • Olalekan Fagbade
JUST IN; Oil thieves installing CCTV cameras to monitor Security Operatives
Oil thieves are unrelenting in their desperation to remain in their illegal business. They now install Close Circuit Television Cameras (CCTV) to monitor security operatives, the Nigerian National Petroleum Company Limited (NNPCL) claimed yesterday.
The revelation is contained in a report tagged: “War on crude oil theft in October”
The report, according to the Nation, said the NNPCL uncovered a bunkering site in Osuobodo between two ANTAN flow stations, South of Oguta naval base in Imo State.
“Far from the regular, these criminals have taken their activities a notch higher. In this camp, CCTV cameras have been installed on trees by the thieves to look out for security operatives,” the NNPCL said in a statement.
The NNPCL said the thieves mounted mortar launchers and defence systems in various locations to kill any perceived foes.
According to the NNPCL, the discovery was made possible after an invasion by the military following information gathered by an air surveillance carried out by Target Energy, Tantita Security Services, Operation Delta Safe and the military in August
The company said that across the Niger Delta, the war on crude oil theft is on and the industry-wide security collaboration continues to record remarkable progress.
In the past week, according to the report, 149 incidences were recorded across the Niger Delta.
It has become warfare of sorts in some areas, the company noted.
The report reads: ”It’s a well-orchestrated mission. The thieves are determined to live here and trade their stolen crude.
“A lack of electricity is no excuse. Generators are on standby to keep the camp’s operations afloat. Drums of crude oil feeding from an illegal connection, bags used for storing crude and more were discovered in the camp.
“Between the 14th to 20th of October, 49 illegal connections were uncovered in Udu and Ogharefe in Delta State, Ohaji Egbema in Imo, Brass in Bayelsa and in Rivers State.
“At this spot in Rivers State, oil thieves drilled a tunnel underneath the tarred road to insert their illegal connection. The aim is to operate undetected. This was planned and carried out by an expert, using a horizontal directional drilling machine.
“Sixteen cases of pipeline vandalism were recorded this week in Azuzu in Bayelsa state and Obodo Omadina & Ogidigbein in Delta state where a well head was vandalised.
“In Ozuaku in Abia state, a vandalised pipeline is being repaired.
“Ten facilities used for storing stolen crude were uncovered in various locations in the Niger Delta in the past week. In Ekpemu, Delta state, an interesting discovery was made.
“Track more storage facilities were discovered in Ogborode, Ugborodo and Kwale in Delta State, Tomble and Emuoha in Rivers state and Yenagoa in Bayelsa state.
“In Ozoro, Umuosonwu and Patani in Delta state, vehicles conveying sacks of crude oil, were arrested and their content confiscated. Five vehicle arrests were made between the 14th and 20th of October. Eighteen wooden boats conveying stolen crude were also apprehended this week in Rivers, Delta and Imo states.”
“Nine of these incidents took place in the deep blue water, 23 in the Western region, 67 in the Central region and 50 in Nigeria’s Eastern Region.
“For NNPC limited, there is no backing down on the war on crude oil theft, until the menace is eradicated for good.”
#OilthievesinstalCCTVcamerastomonitorSecurityOperatives
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UTM Offshore: Platinum Sponsor for African Energy Week 2023
UTM Offshore Limited and African Energy Week
The African Energy Chamber reveals exciting news about UTM Offshore Limited, a wholly-owned Nigerian services conglomerate, becoming a platinum sponsor at the highly anticipated African Energy Week (AEW) 2023 conference.
They have scheduled the event to take place in Cape Town, South Africa, from October 16 to 20.
UTM Offshore Limited's participation as a sponsor underscores the company's dedication to providing top-notch marine logistics and supply chain services, vital for supporting Nigeria's offshore oil exploration and production activities.
UTM Offshore Limited's Expertise and Contributions
With a remarkable background in developing, deploying, and managing solutions for Nigeria and West Africa's maritime and oil services sectors, UTM Offshore Limited has earned a reputation for expertise in capacity enhancement, development, and empowerment initiatives.
Established in July 2012 as a privately held Nigerian conglomerate, the company engages in a diverse range of services, including subsea engineering, dredging, equipment leasing, rental, procurement, marine support, and logistics services for both public and private oil and gas companies.
The company is led and operated by a team of highly experienced maritime and oil service specialists, who bring to the table a competitive and extensive array of customized products and services.
Additionally, UTM Offshore Limited plays an active role in exploration and production campaigns in Nigeria and the broader West African region.
Moreover, one of its significant partnerships involves working closely with Nigeria's National Oil Company, the Nigerian National Petroleum Corporation (NNPC) Ltd., facilitating the direct sales and purchase of Nigerian crude oil.
Pioneering Nigeria's Floating Liquefied Natural Gas Project
In July 2023, UTM Offshore Limited achieved a significant milestone by signing a Heads of Terms Agreement with the NNPC to develop Nigeria's first Floating Liquefied Natural Gas (FLNG) project.
To finance this ambitious project, the company secured an initial sum of $2 billion in collaboration with the African Export-Import Bank, with an additional commitment of $3 billion earmarked for its second phase.
The FLNG project aims to reduce gas flaring in Nigeria significantly while aligning with the government's carbon emissions reduction goals, tapping into the country's abundant natural resources.
Moreover, the project is poised to create up to 7,000 job opportunities, thereby contributing to Nigeria's socioeconomic growth and development.
Upon completion, the FLNG plant will have a production capacity of 1.2 million tons per year and will feature cutting-edge facilities, including a turret and mooring system, gas pre-treatment modules, Liquefied Natural Gas (LNG) production modules, living quarters, self-contained power generation and utilities, as well as capacities for LNG storage and offloading.
Feedstock for the vessel will be treated, liquefied, and stored at an existing offshore facility before deployment to LNG carriers.
Nigeria's Energy Potential and UTM Offshore Limited's Role
Nigeria proudly possesses an astonishing 200 trillion cubic feet of proven natural gas reserves, and experts anticipate that ongoing exploration campaigns will triple this figure in the near future. With such abundant resources, the country ranks among the top five exporters of LNG in Africa.
Additionally, Nigeria's Offshore Oil holds an estimated 37.1 billion barrels of crude oil reserves, making it one of the continent's largest oil producers, with an average daily production of approximately 1.49 million barrels per day. This thriving upstream market accounts for around 6.63% of the country's total GDP.
Driving Sustainable Socioeconomic Development in Africa
"The promotion and development of gas resources in Africa will be critical for driving sustainable socioeconomic development and for making energy poverty history across the continent,"
said AEC Executive Chairman, NJ Ayuk.
Moreover, he went on to further emphasize that UTM Offshore Limited's pivotal role in harnessing Nigeria's immense resources uniquely positions the company to play a major and influential role in providing affordable, accessible, reliable, and clean energy to the wider West African region.
As an African energy firm, UTM Offshore Limited serves as a testament to the vital role such companies play in shaping Africa's energy future.
UTM Offshore Limited: A Driving Force in Sustainable Energy Development
With its unwavering commitment to becoming the go-to solution for offshore support equipment and marine transportation logistics services in Nigeria, UTM Offshore Limited's impressive track record in the country's oil industry showcases Africa as a driving force in sustainable energy development and value addition.
Furthermore, as the platinum sponsor for African Energy Week 2023, the company's significant presence further reinforces its dedication to supporting Nigeria's offshore oil sector and boldly highlights the continent's immense potential in leading the way toward a sustainable energy future.
Sources: THX News & African Energy Chamber.
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#AfricanEnergyFuture#AfricanEnergyWeek#FloatingLiquefiedNaturalGas#MarineLogisticsServices#Nigeria'sEnergyPotential#Nigeria'sNaturalGasReserves#Nigeria'sOffshoreOil#SustainableEnergyDevelopment#UTMOffshoreLimited#WestAfricanOilProduction
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NNPC Releases Official Statement, Confirms New Pump Price Of Petrol
The Nigerian National Petroleum Company (NNPC) Limited has officially confirmed a modification in the pump price of Premium Motor Spirit (PMS), commonly referred to as petrol, in response to prevailing market conditions. In a statement issued on Wednesday by Garba Deen Muhammad, the Chief Corporate Communications Officer of NNPC, it was communicated that the pump price of petrol at all NNPC retail outlets has been adjusted to align with the current realities of the market.
The statement also expressed the company's regret for any inconvenience caused by this development, emphasizing the importance of continued patronage, support, and understanding from customers. The full statement emphasized NNPC Limited's intention to keep customers informed by announcing the adjustment in pump prices across its retail outlets. This step is seen as a necessary measure to reflect the ongoing market dynamics and fluctuations in fuel prices.
Furthermore, the statement underscored NNPC Limited's commitment to ensuring an uninterrupted supply of petroleum products, reassuring customers of its unwavering dedication to meet their needs. The company acknowledged and sincerely regretted any inconvenience caused as a result of the adjustment in pump prices, recognizing the potential impact on individuals and businesses alike.
In conclusion, NNPC Limited expressed deep gratitude for the continuous patronage, support, and understanding from customers during this period of transformation and growth. As the company strives to provide the quality service it is renowned for, customers are urged to remain engaged and well-informed regarding the evolving changes in petrol prices and the broader dynamics of the market.
A template which emerged earlier on social media shows the adjusted prices of petrol in Nigeria following fuel subsidy removal as depicted below.
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Delta Govt Signs Agreement With NNPCL To Develop Floating LNG
By; ONYEKACHUKWU MELUWA, Warri
Delta State Government and the Nigerian National Petroleum Company (NNPC) Limited and the UTM Offshore Ltd, yesterday, signed a shareholders agreement for the development of first Floating Liquefied Natural Gas (FLNG) in Nigeria. Secretary to the State Government, Dr Kingsley Emu and Solicitor General and Permanent Secretary Ministry of Justice, Mr Omamuzo Erebe…
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Forex crisis: Why we stopped importing petrol – Marketers
Major Energies Marketers Association of Nigeria says the exact landing cost of Premium Motor Spirit, known as petrol, and foreign exchange fluctuations, is why its members stopped importing the product.
Clement Isong, the Executive Secretary of MEMAN, disclosed this at a webinar for media practitioners on Thursday.
He stated that it is difficult to arrive at the exact landing cost of fuel, making it difficult to fix the appropriate price of the product.
“The market and consumers are not immune to government policy that allows Nigeria Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) continuous charges in dollars,” he said.
Isong also informed that though marketers receive products from Nigerian National Petroleum Company, NNPC Limited, retail, products offload is transacted in dollars, all of which push up the pump price.
In July 2023, Emadeb Energy Services Limited imported about 27 million litres of petrol into the country for the first time after subsidy removal.
DAILY POST recalls fuel price jumped to N600 to 670 per litre after subsidies were removed from the product last year.
However, despite the rise in the exchange rate from N750 per USD in June to N1,602.17 on Thursday, the pump price of fuel had remained between N600 and 670, indicating a new petrol subsidy regime.
Consequently, the International Monetary Fund said the country’s currency fuel and electricity subsidies might gulp $7 trillion in 2024.
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Nigeria Offers The Best Returns On Investment - Tinubu Tells Indian Investors
Tinubu was speaking at a Presidential Roundtable and Business Conference, organized by the Nigerian High Commission, in collaboration with the Confederation of Indian Industry (CII) and the Nigerian Indian Business Council (NIBC), in Delhi, India.
The president also commended Indian investors for significant investment pledges amounting to nearly $14 billion U.S. dollars committed during the Conference.
According to the president, who with confidence said that nowhere else offers the sort of investment opportunities now available in Nigeria, his administration, made of capable, intelligent, and committed individuals, will drive an economy that will support profit-making investments.
To buttress his point on the opportunities abounding in Nigeria, the President cited the situation where one of the biggest petrochemical companies in the world, which has huge investments in the country, Indorama, called his attention to a challenge, which he instructed the Nigerian National Petroleum Company Limited (NNPCL) to sort out in less than 21 days.
He, however, assured the investors of the readiness of his administration to provide every needed support, including government intervention when needed, adding that he would be leading his team of ministers to drive a prosperous and performing economy, which would be supporting investments to thrive.
He allayed the fears of negative and inconsistent policy impacts, noting that whatever might have happened in the past should be recorded for the twists and turns of politics, which he said is not peculiar to Nigeria, but also applicable to some of the oldest contemporary democracies like the United States of America.
“We are the people that pledged to represent the bureaucracy, the authority in many ways here before you, and the captain of that ship is myself, Bola Ahmed Tinubu. I can only promise you that I will captain the vessel of development, prosperity, and democracy, fully for Africa, the largest democracy, and for the rest of the world.
“You know where the shoe pinches. Thank you for the collaborative effort of looking far ahead, and seeing the future, nobody has a crystal ball. Without risk, there can be no return, there can be no success and no one succeeds alone, we have to partner, and we have to make positive efforts at promoting people and collaborating in a friendly manner and that’s what Nigeria is all about. Perhaps when my friend Sunil was coming to Nigeria, he just saw the opportunity and today he’s one of most respected Indian-Nigerian, and many of you the same.
“What you have seen in the past where you might be frustrated, that is the twist and turn of democracy. It will happen, if it is happening in America for over 250 years, then expect the twists and turns, the hills and valleys in the African continent.
“But I come here to assure you that definitely we are open for business, you’ve heard it. We have capable, intelligent, and highly committed individuals in the government to drive the economy of Nigeria and to be able to give you the best return possible. There is nowhere else.
“You pinchpenny in America and any other part of the world. Nigeria offers the best return on investment as of today, so invest. And many of you who are there can attest to that. You heard the Managing Director of the Stock Exchange saying there is high elation in the stock market, which has been very bullish since I assumed office. I’m proud of that.
“As for decision making no problem, be relaxed. Here is one of the examples; Indorama.
They had a lingering problem for years, between the NNPC and them. I stepped in when it came to my attention. I said give me the result in 21 days. Before 21 days, he brought the paper to my office… “I’ve solved the problem, sir.”
opportunities and options in India.
Closing the interactive session, Chandrajit Banerjee, the Director-General of the Confederation of Indian Industries (CII), noted that the Presidential Roundtable serves as a robust foundation for Indian businesses looking to engage with Nigeria and would encompass cooperation across key areas, such as capacity building, skills development, agriculture, and the enhancement of digital and physical infrastructure, among others.
“Under the determined leadership of President Tinubu, the CII is prepared to dispatch a high-level delegation to Nigeria, and we are keen on establishing a second presence in Africa, with Nigeria as our target destination,” he concluded.
The presidential roundtable, attended by President Tinubu, also had in attendance Governor Dapo Abiodun of Ogun State; Amb. Yusuf Tuggar, Minister of Foreign Affairs; Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy; and Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment; along with industry leaders from both India and Nigeria.
Following the Roundtable, the President met individually with each of the top pledging investors to finalize the next steps to ensure that no environmental encumbrance stands in the way of their success in Nigeria.
Credit: https://thenationonlineng.net/nigeria-offers-the-best-returns-on-your-investment-tinubu-tells-indian-investors/
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NNPC and CBN Establish Revenue Management Limits for Oil Firms
The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have jointly set limits for the management of revenue generated by oil firms.
This decision was reached during a meeting between Mele Kyari, NNPC's Group Chief Executive Officer, and Olayemi Cardoso, Governor of the CBN, held in Abuja.
The initiative follows a statement by Cardoso on January 24, 2024, during the launch of the Nigerian Economic Summit Group (NESG) macroeconomic outlook report.
Cardoso announced that the NNPC and the Ministry of Finance had agreed to remit their foreign exchange inflows to the CBN to bolster the nation's external reserves.
According to Olufemi Soneye, NNPC's Chief Corporate Communications Officer, both Kyari and Cardoso deliberated on the decision to transfer revenue to the apex bank.
They also aimed to reinforce the relationship between CBN and NNPC to ensure smooth commercial operations.
Soneye highlighted the benefits of the decision, emphasizing the improved platform it provides NNPC for managing its cash-holding obligor limits in commercial banks as set by the board of directors.
He further noted that the CBN has introduced enhanced digital platforms and specific limits to oversee NNPC transactions.
The collaboration between NNPC and CBN has garnered mixed reactions across the country with Atiku criticising the move.
The decision marks a significant step in enhancing transparency and efficiency in managing oil firm revenues, with both parties committed to further collaboration for seamless operations.
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