Wednesday, January 22, 2025
24.4 C
Lagos

NNPC Denies Allegation of Economic Sabotage in Nigeria

GCEO, NNPC Limited, Mr. Mele Kyari flanked (from his right) by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and (from his left), the Chief Executive, Nigerian Upstream Petroleum Regulatory Agency (NUPRC), Engr. Gbenga Komolafe during an interactive session by the Senate ad-hoc committee investigating alleged economic sabotage in the Nigerian Petroleum Industry, held at the National Assembly on Wednesday.

The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari has said the company has not breached any of the enabling laws guiding its dealings with partners, hence should be counted out of any claims of economic sabotage.

Kyari, who was addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria Petroleum Industry at the National Assembly on Wednesday, stated that refining business is a straightforward business which any investor should know before coming into the market.

“Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery,” Kyari stated.

According to the GCEO, the law is very clear on domestic crude oil supply obligation and also on providing for local refineries. However, Kyari added, the same law also said that there must be a willing buyer and a willing seller.

On alleged importation of sub-standard products into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.

The GCEO also supported calls for the Ad-hoc Committee to beam the interactive sessions live on national television to prevent misinforming Nigerians.

He explained that there is enough infrastructure to produce two million barrels of crude per day but the challenges of crude oil theft, pipeline vandalism and absence of investment in the upstream are the major factors hindering the sector.

He said as a company owned by the over 200 million Nigerians, the NNPC Limited has grown from a loss-making position to a profit-making entity.

While pledging full co-operation towards the Committee in its efforts to unravel the allegations being investigated, Kyari said the NNPC Limited, its entire board, management and staff remain loyal, faithful and committed to Nigeria and will continue to act in line with the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA) and other enabling laws and regulations governing the nation’s energy Industry.

“We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules,” Kyari concluded.

spot_img
spot_img
spot_img

Hot this week

Linkage Assurance CFO Becomes Pioneer Chairman of ICAN-NIA Chapter

L-R: Bola Odukale, Director-General/CEO, Nigerian Insurers Association (NIA); Etofolam...

NAICOM, Police Partner on Enforcement of Third Party Motor Insurance

The Commissioner for Insurance and Chief Executive Officer of...

Fidelity Bank Strengthens Leadership with New Board Appointments

In a strategic move to sustain its impressive performance,...

PenOp Explains the Contributory Pension Scheme Process in Nigeria

Understanding How Monthly Pensions Are Paid to Retirees Under...

Sovereign Trust Insurance Receives Appreciation Plaque from Atinuke Cancer Foundation

L-R: kayode Adigun, Executive Director, Finance and Corporate Services;...

Topics

Union Bank Reports N4.7bn Profit in 1st Qtr 2016

Union Bank of Nigeria Plc has unveiled its unaudited...

Private Wealth in Africa, Middle/East Hit $8tr in 2015

Private wealth in the Africa-Middle East region has increased...

El-Rufai Commends Olam on Agric Investment, Reforms

El-Rufai Commends Olam on Agric Investment, Reform Olam Nigeria,...

Kenya’s mSurvey Mobile Solution to Launch in Nigeria

mSurvey, the mobile-first consumer experience platform, is expanding into...

UnityKapital Assurance Acquires FUG Pensions, Injects N1bn Capital

UnityKapital Assurance Plc has opened another chapter in its...

Worldwide Smartphone Sales Grew 3.9% in 1st Qtr 2016

Global sales of smartphones to end users totaled 349...

Coronavirus: 290m Students Stuck at Home in 13 Countries

School closures in 13 countries linked to the COVID-19...

Ethiopian Wins African Airline of the Year 2017 Award

Africa’s largest airline group, Ethiopian Airlines, is delighted to...
spot_img

Related Articles

Popular Categories

spot_imgspot_img