BREAKING NEWS: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has debunked claims that it is withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Ltd. (NNPCL).

This was contained in a statement signed by the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu

Dangote Vows to Keep Petrol Prices Low After Meeting Tinubu, Intensifies Pressure on Importers

Aliko Dangote has assured Nigerians that petrol from the Dangote Refinery will continue to sell at “reasonable” and competitive prices, a move expected to heighten pressure on fuel importers. Speaking after a meeting with President Bola Tinubu, Dangote said the refinery aims to stabilise domestic supply despite global volatility and persistent smuggling driven by price gaps with neighbouring countries. He emphasized that the $20bn refinery is a long-term investment, not one focused on quick profit recovery.

The refinery, which began supplying diesel and jet fuel in early 2024 and petrol in September, is driving down pump prices nationwide, with NNPC recently reducing rates at its stations. Dangote highlighted that his engagement with Tinubu focused on energy security and economic stability, noting that collaboration between government and private operators is crucial as Nigeria adjusts to post-subsidy pricing realities.

Reps Committee Summons NNPCL GCEO Bayo Ojulari Over 2021 Audit Queries, Demands Documents by Dec 15

The House of Representatives Public Accounts Committee has ordered NNPCL’s Group CEO, Bayo Ojulari, to appear before lawmakers on December 15, 2025, over unresolved audit queries from the Auditor-General’s 2021 report. PAC Chairman Bamidele Salam condemned NNPCL’s repeated failure to provide documents or honour earlier invitations, describing the conduct as disrespectful to the National Assembly.
Ojulari’s absence—explained as a result of a “critical engagement” at the Presidential Villa—angered committee members. The lawmakers warned that no agency, including NNPCL, is exempt from oversight, as the audit queries involve abandoned projects, irregular payments, tax violations, and unaccounted funds. The committee insists on full compliance to strengthen accountability across MDAs.


#NNPCL

#AuditQueries

#HouseOfReps

Dangote Surge Forces Petrol Prices Down as Depots, NNPC Slash Rates Nationwide

Nigerians are beginning to feel relief as private depots and NNPC retail stations slash petrol prices following a major increase in supply triggered by the Dangote Refinery. After Dangote announced it is now producing 50 million litres of petrol daily, depot owners across Lagos, Port Harcourt, Warri and Calabar reduced ex-depot prices to stay competitive, with rates now ranging between ₦835 and ₦853 per litre depending on location.
NNPC stations also cut pump prices to ₦905 in Lagos and ₦930 in Abuja, with major marketers like MRS and Ardova selling below ₦900. With strong supply from Dangote and incoming oil cargoes, more price reductions may follow. Diesel prices are also falling, driven by increased supply and lower demand.

Atiku Slams Tinubu Over ₦17.5trn Pipeline Security Spending in One Year


Former Vice President Atiku Abubakar has strongly criticized the Bola Tinubu administration over revelations that the Nigerian National Petroleum Company Limited (NNPCL) spent ₦17.5 trillion within 12 months on fuel pipeline security.

Atiku described the revelation as “one of the most brazen financial scandals in our nation’s history,” questioning how such an enormous amount could be justified for a single line item. The opposition leader is calling for full transparency and an independent investigation into the expenditure.
#AtikuAbubakar #TinubuAdministration #NNPC

NAF, NNPC Partner To Secure Critical Oil, Gas Infrastructure
The commitment was reaffirmed during a courtesy visit by the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, to the NNPC Group Chief Executive Officer, Bayo Ojulari, in Abuja.

N5.4trn Profit After Tax: Evaluating Superficial Parameters, NNPC Performed Exceptionally Well - Eromosele

The Senate has ordered the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion to the Federation Account after rejecting the firm’s explanations over unaccounted funds. The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, said NNPCL’s responses to audit queries were inconsistent and unjustifiable. The committee questioned how the company claimed ₦103 trillion in expenses and ₦107 trillion in receivables, far exceeding its revenue between 2017 and 2022. It vowed to summon past officials if the current management fails to provide satisfactory answers.

NNPCL targets 20 per cent ownership stake in Dangote Refinery.

The Nigerian National Petroleum Company Limited (NNPCL) said it plans to increase its ownership stake in Dangote Refinery to 20 per cent from 7.2 per cent.

NNPCL Group Chief Executive Officer, Bayo Ojulari, disclosed this in his remarks at the Abu Dhabi International Petroleum Exhibition and Conference 2025.

According to him, the move is part of the state-owned firm’s strategy to deepen participation in the country’s energy value chain.

“The company is working towards increasing its stake in Nigeria’s Dangote Refinery to 20 per cent,” Ojulari was quoted by Reuters as saying.

This comes as the President of Dangote Refinery, Aliko Dangote, recently said the NNPCL could expand its stake. He, however, noted that this would only happen after Dangote Refinery had proven to NNPCL what the plant can do.

NNPCL retail outlets in Abuja also reduced their petrol pump price to N945 per litre from N955 as supply glitches at the Dangote Refinery eased.

NNPCL Reduces Petrol Price by N10 as Supply Reportedly Improves.

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol as fuel supply from the Dangote Refinery stabilises.

On Saturday, NNPCL adjusted the retail price at its outlets from N955 to N945 per litre, reflecting a N10 reduction. The revised price has already taken effect at stations in areas such as Gwarimpa and Wuse Zone 4 in Abuja.

Other petrol marketers have also followed suit, with stations like Eterna adjusting their pump price to N945 per litre.

The price drop comes after weeks of nationwide increase caused by supply challenges at the Dangote Refinery. Improved distribution from the refinery & product importers has now eased the pressure on fuel supply.

However, there are concerns that prices could climb again, following President Bola Ahmed Tinubu’s recent approval of a 15% import tax on petrol & diesel, a move analysts say may impact pump prices in the coming weeks.

The Economic and Financial Crimes Commission, on Wednesday, arraigned a vessel, MT Ostria, alongside three individuals before the Special Offences Court sitting in Ikeja, Lagos, over an alleged theft of over 13 million litres of Premium Motor Spirit valued at about N12bn said to belong to the NNPC Retail Limited.

Nigerian petrol marketers to dump Dangote Refinery for cheaper fuel.

Nigerian petroleum product marketers have announced plans to abandon Dangote Refinery’s petrol in favour of cheaper imported fuel.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, disclosed this to DAILY POST on Friday.

This follows the drop in the landing cost of imported fuel to N839.97 per litre, which is N37 cheaper than Dangote Refinery’s gantry petrol price of N877 per litre.

Commenting on the development, Ukadike hinted that petroleum marketers would opt for imported fuel to enable Nigerians to access cheaper petrol.

He noted that the price disparity was a result of the liberalisation and deregulation of the country’s downstream sector.

“It is due to the liberalisation of the sector, which has set the tune for a price war. Marketers now have the option to buy either at N877 per litre with Dangote Refinery or N839 with MEMAN.
“The concern here is why would a local refinery (Dangote) sell petrol higher than imported ones?
“As petroleum product marketers, Nigerians are interested in buying petrol that is cheaper. When we have cheaper fuel, it sells faster,” he told DAILY POST.

ex-depot prices of Emedab, Gulf Treasure, Ardova and Bono stood at N875 per litre, while that of Dangote Refinery remained at N877.

As of Friday evening, petrol was being sold at between N950 and N965 per litre at Nigerian National Petroleum Company Limited, NNPCL, MRS, Ranoil, Total and Emedab retail outlets in Abuja.

U.S. court seizes California home tied to Ex-NNPC boss in $2.1m bribery case

Convicted NNPC Senior Official Forfeits $2.5 Million Los Angeles Mansion to U.S. Government.

Paulinus Iheanacho Okoronkwo, a senior official of the Nigerian National Petroleum Company (NNPC), has forfeited a $2.5 million mansion in Los Angeles, California, to the U.S. government after being convicted of money laundering.

A preliminary forfeiture order issued on October 3, 2025, by Judge John Walter of the U.S. District Court for the Central District of California, directed that Okoronkwo’s luxury property at 25340 Twin Oaks Place, Valencia be seized and transferred to the government.

According to court documents obtained by Peoples Gazette, the property—identified as Tract No. 45433, Lot 12 (Assessor’s Parcel No. 2826-143-004)—was linked to proceeds from illegal financial transactions in violation of U.S. money-laundering laws.

The ruling followed Okoronkwo’s conviction on three counts of money laundering, as detailed in a superseding indictment by U.S. prosecutors. The court found a “requisite nexus” between the offences and the mansion, making it subject to forfeiture.

Assistant U.S. Attorney Alexander Su, who handled the forfeiture motion, confirmed that the government could immediately seize and liquidate the asset under federal forfeiture laws. The U.S. Attorney General was also authorised to notify any third parties with potential claims.

The court ruled that the forfeiture would become final at sentencing, forming part of Okoronkwo’s punishment and granting the U.S. government clear title once all third-party claims are resolved.

The case—United States v. Paulinus Iheanacho Okoronkwo (Case No. 2:24-CR-20(A)-JFW)—is part of a wider U.S. federal probe into international financial crimes involving politically exposed persons from Nigeria and other countries.

Okoronkwo’s case adds to a growing list of Nigerian officials and business executives whose U.S. assets have been seized after being traced to illicit offshore transactions.

Dangote Refinery deploys CNG trucks to distribute petrol at N850 per litre.

The Dangote Petroleum Refinery has intensified efforts through the use of Compressed Natural Gas (CNG)-powered trucks to distribute Premium Motor Spirit, PMS, also known as petrol at N850 per litre to different parts of the nation.

Chief Executive officer of Petroleumprice.ng, Olatide Jeremiah, said: “Generally, the depot prices have increased. Market data showed that petrol sold between ¦ 870 and ¦ 900 per litre at key depots in Lagos and Calabar, reflecting a steady climb over the past week.

“In Lagos, where most private depots rely on imported supply, prices remained elevated even after recent reviews. Aiteo and Pinnacle both sold petrol at ¦ 890 and ¦ 870 per litre, respectively, while Integrated Oil and Gas priced PMS at ¦ 870 per litre.

“At Calabar, Matrix Energy and Northwest Petroleum traded at ¦ 890 and ¦ 880 per litre, while Sobaz Depot hit ¦ 900 per litre —the highest recorded so far this month.”

“The hike in depot prices would likely crash once the Dangote Petroleum Refinery completes its rehabilitation because the plant has the capacity to impact the domestic market.”

However, the retail prices of petrol have increased by 6.8 percent to N955 per litre, from N890 per litre sold last week.

The NNPCL, and stations owned by Independent Marketers in Lagos and Abuja showed that the petrol was dispersed between N900 and N955 per litre.

Also, petrol marketers across Abuja, the nation’s capital, on Tuesday increased their pump price by over N50 per litre following a similar increase by NNPC Limited.

Adamawa State Command of the Nigeria Security and Civil Defence Corps, NSCDC, has intercepted a trailer containing stolen pipes belonging to the Nigerian National Petroleum Company Limited, NNPCL.
@DailyPostNGR

The Group Chief Executive of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has attributed the recent scarcity in cooking gas to a temporary loading and disruption during the strike action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

Nigerian Govt, PENGASSAN, Dangote Refinery reach truce.

The Federal Government, on Tuesday, brokered a truce between the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, and the management of Dangote Petroleum Refinery.

The Minister of Labour and Employment, Dr Muhammad Maigari-Dingyadi, made this known in a statement on Wednesday at the end of a two-day conciliation meeting in Abuja.

The meeting, which held on Monday and Tuesday, brought together the National Security Adviser, Ministers of Finance, Budget and Economic Planning, and State for Petroleum (Gas), alongside the DSS, NIA, NNPCL, NMDPRA, NUPRC and labour leaders.

Recall that the conciliation was convened after PENGASSAN directed its members to stop gas supply and withdraw services from the refinery.

PENGASSAN had alleged that the company terminated the employment of more than 800 of its members, which triggered the industrial action.

Meanwhile, Dangote Refinery explained that the disengagement of workers was due to an ongoing restructuring exercise in the company.

According to the communiqué, the meeting resolved that unionisation is a fundamental right of workers under Nigerian law and must be respected by the company.

Why Must Dangote Bully Everybody Out Of Business? They Did It In Sugar And Cement Ogbeifun Reveals.

Brown Ogbeifun, also known as Dr. Louis Brown Ogbeifun, a former President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has accused the Dangote Group of stifling competition and showing disregard for workers’ rights.

Speaking on Channels Television on Monday, September 29, 2025, Ogbeifun, who is also a retired Manager of Employee Relations at the Nigerian National Petroleum Corporation (NNPC) and ex-President of the Institute of Chartered Mediators and Conciliators (ICMC), emphasized that unionization was a right recognized by Nigerian labor laws.

“Let us get it straight. It is the right of the union to organize by labor laws. What we are seeing here today is an organization that has no respect for human dignity, for worker dignity,” he said.

Responding to questions on whether there had been any engagement with Dangote Refinery before the unions moved to strike action, Ogbeifun insisted that there had been efforts but alleged that some workers were fired simply for joining unions.

“It is not about PENGASSAN or NUPENG. The question is the kind of thing that happened in Dangote as it grew. Why must Dangote organization bully everybody out of business? They did it in sugar. They did it in cement. You saw what happened to BOA in cement. Must we build a monopoly around Dangote organization?” he asked.

Ogbeifun acknowledged Aliko Dangote’s contributions to Nigeria’s economy, especially in oil and gas, but maintained that the group’s approach to labor relations and market dominance raises concerns.

He further stressed that the situation reflects a wider systemic failure:“Both organizations can come together PENGASSAN, NUPENG, and the Dangote Group. What we are seeing today is failure of the conflict resolution system in the country.”

Dangote Refinery Suspends Petrol sales in Naira, Cites Dollar Crude Obligations.

The Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in naira, saying the move is necessary to avoid a currency mismatch with its crude oil purchase obligations, which are currently denominated in U.S. dollars.

In a circular sent to customers on Friday, the company explained that while it has continued selling products in naira, the value of such sales has already exceeded the amount of naira-denominated crude it has received. To realign its operations, it said sales will now be restricted to dollars until it gets further crude supplies priced in the local currency from the Nigerian National Petroleum Company Limited (NNPC).

The refinery, owned by billionaire industrialist Aliko Dangote, stressed that the decision is a temporary adjustment. “As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira,” the company assured.

Dangote Refinery also dismissed online reports suggesting that the halt was linked to alleged ticketing fraud. It described such claims as “malicious falsehood,” insisting its systems remain robust and free of fraud issues.

Reaffirming its commitment to the Nigerian market, the company said: “We remain dedicated to serving the market efficiently and sustainably. We appreciate your understanding and cooperation during this period.”