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NNPC Shuts Down Refineries as Vandals, Thieves Frustrate Supply of Crude Oil

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NNPC

Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Mele Kyari on Thursday told the house of representatives that the firm decided to shut down all its refineries as pipeline vandals, thieves and weakness of the pipelines are frustrating supply of crude to the facilities.

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Kyari who was answering questions from members of the house when he appeared before the joint house committees on petroleum resources to defend the corporation’s budget also said all pipelines supplying commodities to the depots across the country have been shut due to security reasons.

Kyari said he came into office with a clear agenda with a promise that this company will undergo a transition and that the NNPC will be transparent and accountable to its shareholders.

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Finance

Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

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Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

The House of Representatives on Tuesday queried the whereabouts of the 44 million dollars recovered from the Nigeria Intelligence Agency (NIA) by the Economic and Financial Crime Commission (EFCC) in 2017.

The Office of the National Security Adviser had stated that it was not in custody of the money.

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The Director of Finance and Admin in the Office of the National Security Adviser, Brig. General Ja’afaru Mohammed told the House Adhoc committee investigating the management of recovered fund between 2002 and 2020 that the ONSA had nothing to do with recovered funds and assets.

The Chairman of the adhoc Committee Rep. Adejoro Adeogun had quoted the Chairman of the nation’s anti-graft agency, EFCC as saying that the fund recovered from the NIA office in Okoyi was in the custody of the Office of the National Security Adviser.

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Finance

NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

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NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

The Nigerian National Petroleum Corporation (NNPC) through its subsidiary, Duke Oil has sealed a pact to supply 30,000 barrels per day of crude oil supply to Indonesia’s state oil corp, Pertamina, and Indian Oil Corporation.

The move, which signals the nation’s attempt to capture market share in Asian countries may push the profit of the entity to about $70 million in the 2021 trading year.

Managing Director of NNPC Trading Company Limited, Lawal Sade, who disclosed this in the latest edition of NNPC Quarterly Magazine revealed that its oil trading entity, Duke Oil, has diversified its trading portfolio and adopted alternative trading strategies to increase its volumes and profitability.

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The subsidiary is expected to expand into bitumen and base oil importation in the 2021 trading year.

Sade disclosed that the move has already seen the gross revenue of the entity growing to 28 billion naira against a budgeted figure of 16 billion naira. Despite the Covid-19 pandemic last year, the development led to an additional 12-billion-naira income.

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa by End of 2021

The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.

The World Bank expects the Nigerian inflation rate in 2021 to be 16.5%. The forecast for sub-Saharan Africa, excluding Nigeria, is 5.9%.
The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on Tuesday during a presentation of Nigeria’s Development Report for the first six months of 2021, in Abuja.

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Hernandez also said that the inflation is set to push 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.

According to him, insecurity and conflict as well as the covid-19 pandemic are responsible for the challenges. He added that it was critical for the government to maintain reform momentum, but that some important reforms had stalled.

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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