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December 19, 2023

December 19, 2023December 19, 2023 IFMNEWS

Tinubu Warns NNPCL Board Against Non-Performance

President Bola Tinubu has charged the Nigerian National Petroleum Company (NNPC) Limited to ensure it takes its corporate social responsibility seriously, as there will be consequences for any slack observed.

While inaugurating the NNPCL Board at the State House, Abuja, the President also warned that conducts suggesting a sense of entitlement will not be tolerated and that the Board could be dissolved without prior notice to members over non-performance.

Pius Akinyelure was appointed non-executive board chairman, while Umar Ajiya was retained as the chief financial officer (CFO.

Also retained was Mele Kyari as the group chief executive officer (GCEO).

The president said the board comprises “people with integrity, charging them on efficiency.

He also assured that the government will work in concert with the NNPCL to improve the fortunes of the oil sector.

On his part, the Chairman of the Board, Chief Pius Akinyelure, commended the President for removing the petrol subsidy, noting that the nation would have drowned in debt but for his decisiveness.

He promised the board would deliver the desired result.

November 29, 2023

November 29, 2023November 29, 2023 IFMNEWS

Stop Congratulating Me On Reappointment – NNPC’s Kyari Tells Oil, Gas Stakeholders

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Malam Mele Kyari, has urged oil and gas stakeholders and fellow Nigerians to avoid sending congratulatory messages in response to his recent reappointment.

In a press statement released on November 29, 2023, Mele Kyari expressed his gratitude to stakeholders and the Nigerian public for their enthusiasm regarding his reappointment by President Bola Tinubu. However, he emphasized that he sees this reappointment as a renewed challenge and is fully dedicated to stabilizing the oil industry while enhancing service delivery to increase revenue.

The statement, issued by the Chief Communication Officer of NNPC Limited, Olufemi O. Soneye, highlighted Kyari's appeal to stakeholders in the oil sector and the general public to unite behind the company under his leadership. The GCEO humbly called for support to ensure the success of the NNPC's mandate.

In the press statement, Kyari said, "I kindly request all parties concerned to refrain from issuing congratulatory messages on my reappointment."

November 28, 2023

November 28, 2023November 28, 2023 IFMNEWS

Tinubu Names Akinyelure NNPC Chair, Reappoints Kyari CEO

President Bola Tinubu has retained Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) and appointed Pius Akinyelure as the Non-Executive Board Chairman of the organisation.

In a statement, Presidential Spokesperson Ajuri Ngelale said the duo is part of the new board and management of the NNPCL.

Ngelale stated that their appointment, which complies with Section 59(2) of the Petroleum Industry Act, 2021, takes effect on December 1, 2023.

Apart from Kyari and Akinyelure, other members of the board and management include Umar Isa Ajiya (Chief Financial Officer), Ledum Mitee (Non-Executive Director), and Musa Tumsa (Non-Executive Director), among others.

President Tinubu also approved the appointment of Okokon Ekanem Udo as the Permanent Secretary for the Federal Ministry of Finance and Ambassador Gabriel Aduda for the Ministry of Petroleum Resources.

Callers on our breakfast talk show, The Big Story, commented on the re-appointment of Kyari by the President.

November 24, 2023

November 24, 2023November 24, 2023 IFMNEWS

NNPC: Nigeria to end petrol importation by December 2024

The Nigerian National Petroleum Company Limited declared on Thursday that it will stop importing refined petroleum products by December 2024 since all of the nation’s refineries will be running by then.

Additionally, it predicted that NNPCL-managed Port Harcourt Refining Company will be fully operational by December 2023, allowing the national oil company to raise its income to N4.5 trillion by the end of 2023.

When he escorted company representatives to a meeting with Speaker of the House of Representatives Tajudeen Abbas, who advocated for the privatization of Nigeria’s refineries, NNPCL Group Chief Officer Mele Kyari revealed this.

Then, Kyari said that the reason Nigeria’s refineries weren’t operating was because of the petroleum subsidy, adding that the industry had seen a large influx of private sector capital once the subsidy was eliminated.

Furthermore, on Thursday, oil marketers confirmed that the Port Harcourt refinery was ready, claiming that the refinery’s operations, which might begin in January 2024, will cause the price of refined petroleum products to drop significantly.

During the meeting, Kyari said that Nigeria is expected to cease importing petroleum products by 2024, making it a net exporter of refined petroleum products by then.

He also clarified the commencement dates of operations for the refineries in Warri, Kaduna, and Port Harcourt.

In addition, Kyari predicted that all refineries would be fully operational by the end of 2024 and that the nation would profit from the export of petroleum products.

“I can assure you that the Port Harcourt refinery will begin operations by the end of December of this year; the Warri refinery will begin operations early in the first quarter of 2024; and the Kaduna refinery will begin operations by the end of 2024,” he stated.

We are making this commitment today, and you may hold us responsible for it. Nigeria will be a net exporter of petroleum products in 2024 thanks to a number of initiatives, such as the renovation of our refineries, the work of local refineries, and the planned Dangote refinery.

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Tag: NNPC

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