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.

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.

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.

Former NNPCL GM found guilty of taking $2.1M bribe from a Swiss oil company by U.S court.

A U.S. District Court in California has scheduled December 1, 2025, for the sentencing of Paulinus Iheanacho Okoronkwo, a former General Manager of the Nigerian National Petroleum Company Limited (NNPCL), who was found guilty of taking a $2.1 million bribe from a Swiss oil firm.

Okoronkwo, 58, was indicted in January 2024 by the U.S. Attorney’s Office in the Central District of California. He faced multiple charges, including three counts of unlawful monetary transactions, one count of tax evasion, and one count of obstruction of justice.

According to prosecutors, the former NNPCL official received $2,105,263 in October 2015 from Addax Petroleum, a Swiss subsidiary of Chinese energy giant Sinopec. 

The payment was routed through his Los Angeles law firm and disguised as consultancy fees. The U.S. Department of Justice described it as a bribe aimed at securing favorable drilling rights in Nigeria.

Court documents showed that Addax executives misrepresented the transaction, misled auditors, and even dismissed staff who questioned the deal.

Nearly $1 million of the funds was used by Okoronkwo as a down payment for a home in Valencia, California, while he failed to report the income in his 2015 federal tax filings.

In 2022, during a federal investigation, he further obstructed justice by falsely claiming the money belonged to a client. Following a four-day trial, a jury convicted him on all counts.

Presiding Judge John F. Walter stated that Okoronkwo faces up to 25 years in prison — 10 years each for the unlawful monetary transactions and obstruction of justice, and five years for tax evasion.

Okoronkwo, once a practicing lawyer in Los Angeles’ Koreatown, remains free on a $50,000 bond pending sentencing. He was dismissed by NNPCL in 2024 after his indictment, according to former presidential aide Bashir Ahmad, who confirmed the company had cut ties with him.

PETROAN Set For Nationwide Shutdown Over Alleged Monopoly

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced a planned three-day nationwide shutdown of fuel lifting and dispensing starting Tuesday, September 9, 2025.

According to PETROAN President Billy Gillis-Harry, the action is to resist alleged monopolistic practices in the downstream petroleum sector, safeguard workers’ rights, and prevent the dominance of a single player in the industry.

The group warned that aggressive policies linked to Dangote Refinery could push depot owners, modular refineries, and transport operators out of business, leading to job losses and worsening economic hardship.

PETROAN urged President Bola Tinubu and other key stakeholders to intervene, adding that a 120-man compliance team will oversee safety during the shutdown.

Ref: Channels TV
#PETROAN #Petrol #Nigeria #NNPCL #FuelCrisis #BreakingNews

In his column, Azu Ishiekwene warns that NNPCL boss Bayo Ojulari may be “walking into a trap” with his promise to revive Nigeria’s moribund refineries.

Although crude oil production has risen under his watch, Ishiekwene argues that Ojulari’s pledge to unions risks repeating decades of failed, costly “turnaround maintenance” projects that enriched contractors and politicians while leaving refineries idle.

He notes that past rehabilitation efforts — including billions paid under Buhari’s administration — delivered little, while refinery workers still drew huge salaries. Instead of making hasty promises, Ishiekwene urges Ojulari to publish the ongoing refinery review and avoid falling prey to vested interests.

#NNPCL #RefineryCrisis #NigeriaEconomy

BREAKING: A coalition of Niger Delta Youth leaders today staged a protest at NNPCL Towers in Abuja with a call on the Group Chief Executive Officer of the oil giant, Engr. Bashir Bayo Ojulari to quit over alleged corruption and mismanagement.

Niger Delta Group Issues 7-Day Ultimatum Over Refinery Shutdown, Alleged NNPCL Mismanagement

Ref: August 23, 2025

The Nigerian oil and gas industry is facing renewed tension as the Niger Delta Ethnic Nationalities Youth Leaders Forum has accused the management of the Nigerian National Petroleum Company Limited (NNPCL) under Bayo Ojulari of corruption, job cuts, and the shutdown of the Port-Harcourt Refinery.

At a press briefing in Abuja on Friday, the group, led by Sir Jothan Lokpobiri Snr and Engr. Dr. Legborsi Yamaabana, issued a seven-day ultimatum demanding Ojulari’s removal and prosecution.

They alleged that Ojulari diverted $21 million in NNPCL funds to a private account linked to his associate, Abdullahi Bashir Haske, who is already under EFCC investigation; sabotaged the Port-Harcourt Refinery—which resumed operations in December 2024 after a $1.5 billion overhaul—by shutting it down in May 2025 to allegedly sell off at scrap value; and illegally sacked over 400 workers, many of them Niger Delta youths.

“These actions are unforgivable crimes against the Niger Delta and the Nigerian state. Ojulari must not only vacate the office — he must face justice,” the statement read.

The Forum also insisted that the next NNPCL boss must be appointed from the Niger Delta, saying the region that produces the nation’s oil wealth should not continue to be marginalised.

Warning of mass action if their demands are ignored, the group said: “This is not a threat, but a warning born of deep concern. The fragile peace in the Niger Delta is being endangered by Ojulari’s conduct and federal silence. We will not sit by while our people are betrayed.”

#NNPCL #NigerDelta #Refinery #Corruption

Alleged Fraud: Court Freezes Ex-NNPCL GMD Mele Kyari’s N661m in Jaiz Bank Accounts.

A Federal High Court in Abuja has ordered the temporary freezing of four bank accounts linked to former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kolo Kyari, over alleged fraud and money laundering.

Justice Emeka Nwite issued the order on Tuesday while ruling on an ex parte application filed by the Economic and Financial Crimes Commission (EFCC). The commission’s counsel, Ogechi Ujam, had sought a 60-day freeze, but the judge limited it to 30 days, subject to renewal.

The EFCC told the court that its preliminary investigation traced ₦661.4 million suspected to be proceeds of unlawful activities to the accounts domiciled in Jaiz Bank.

The accounts were allegedly used to launder funds under the guise of a book launch and the activities of a non-governmental organisation, Guwori Community Development Foundation.

According to the anti-graft agency, records show that Kyari controlled the accounts directly and through family members acting as fronts. The commission said the funds originated from suspicious inflows from NNPCL and oil companies dealing with the corporation. The court directed that the money remain frozen pending further investigation and possible prosecution.

The Federal High Court in Abuja has ordered the temporary freezing of four Jaiz Bank accounts linked to former NNPCL GMD, Mele Kyari, over alleged fraud.

Justice Emeka Nwite granted the EFCC’s ex parte motion, directing that the accounts remain frozen pending the conclusion of investigations into conspiracy, abuse of office, and money laundering.

According to EFCC investigator Amin Abdullahi, preliminary findings revealed that two accounts were in Kyari’s name, while two others belonged to Guwori Community Development Foundation Flood Relief. Investigators alleged that over ₦661 million, suspected to be proceeds of unlawful activities, were funneled through the accounts disguised as NGO activities and a book launch.

The case was adjourned to September 23 for further hearing.

#EFCC #NNPCL #FraudCase

Do you want me to make the hashtags more generic for trending (like #Nigeria #Corruption #BreakingNews) or keep them case-specific like above?

EFCC Recovers Billions in Refinery Fraud, Moves Against Ex-NNPCL Officials.

The Economic and Financial Crimes Commission (EFCC) has recovered over ₦5 billion and $10 million linked to massive fraud in the turnaround maintenance of Nigeria’s refineries in Port Harcourt, Kaduna, and Warri.

Investigations revealed that contractors and senior officials of the Nigerian National Petroleum Company Limited (NNPCL) siphoned billions through inflated contracts, over-invoicing, and questionable payments. The anti-graft agency is now preparing charges against some former and serving NNPCL executives.

According to EFCC insiders, the commission is also pursuing the recovery of an additional ₦10 billion and $13 million traced to fraudulent contractors engaged in refinery projects.

It is understood that the chairman of the EFCC, Ola Olukoyede, is personally overseeing the probe. He is said to have expressed frustration that Nigeria’s refineries remain comatose despite huge public funds committed to their rehabilitation.

Documents reviewed by investigators show that over $1.5 billion was allocated to the Port Harcourt refinery, $740 million to Kaduna, and $656 million to Warri. Yet, none of the facilities has operated optimally for decades, leaving the country dependent on imported petroleum products.

A senior EFCC official confirmed that former management teams of the refineries have been interrogated several times. “A total sum of $10 million and ₦5 billion has so far been recovered from contractors and government officials indicted in the fraud. More recoveries are underway,” the source disclosed.

The commission is also examining fresh allegations of contract inflation amounting to $40 million, allegedly involving NNPCL officials and contractors tasked with procuring equipment for rehabilitation projects.

With investigations concluded on several suspects, the EFCC is set to file charges against ex-officials of the NNPCL and refinery managers implicated in the multi-billion-naira fraud.

BREAKING NEWS: NNPCL has reduced the price of petrol to ₦890 per liter in Abuja and ₦865 per liter in Lagos.

Source: Nigeria stories

NNPCL Boss Bayo Ojulari Resumes Work Amid Resignation Rumours.

The Group Chief Executive Officer of the Nigeria National Petroleum Company (NNPC) Limited, Bayo Ojulari, officially resumed duties on Monday amid widespread speculation about his alleged resignation.
Breaking: NNPCL Boss Bayo Ojulari Resumes Work Amid Resignation Rumours
Naija News understands that Ojulari arrived at the NNPC headquarters at about 9:35 am, dispelling social media rumours suggesting that he had stepped down from his position.

A top security source confirmed to Vanguard that Ojulari was already engaging in his normal official activities.

“The GCEO is in the office performing his duties as usual. Reports of his resignation making the rounds on social media are entirely false,” the source stated.

The source further revealed that an internal memo had been circulated within the NNPC, advising staff members to disregard the unverified claims.

Ojulari, who assumed leadership of the state-owned oil company, continues to oversee strategic operations critical to Nigeria’s petroleum industry.

The clarification comes as NNPC navigates ongoing reforms and restructuring aimed at boosting efficiency and sustaining market confidence.

Meanwhile, reports earlier suggested that President Bola Tinubu, who appointed Ojulari just four months ago to replace Mele Kyari, is reportedly “livid” over damning security reports detailing questionable financial dealings linked to the NNPC boss.

Naija News reports that Ojulari is under investigation by the Economic and Financial Crimes Commission (EFCC) over alleged multimillion-dollar transfers to AA&R Investment Group, a company involved in energy, agribusiness, logistics, and ICT.

Senate Gives NNPCL 21 Days To Explain ₦210 Trillion Financial Discrepancies, Slam Company’s Approach.

The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) 21 days to address financial discrepancies amounting to ₦210 trillion.
Senate Gives NNPCL 21 Days To Explain ₦210 Trillion Financial Discrepancies, Slam Company’s Approach
NNPCL GCEO, Bayo Ojulari
Naija News reports that the ultimatum was issued following the company’s Group Chief Executive Officer (GCEO), Bayo Ojulari’s plea for more time to properly respond.

Appearing before the committee on Tuesday, Ojulari, who has spent just over 100 days in office, requested additional time to study and reconcile the issues flagged in NNPCL’s audited financial statements spanning 2017 to 2023.

“I have been in office for barely 100 days and I need time to fully understand the issues,” Ojulari said.

“Given the explanation I’ve heard today, my perspective has changed. I need to carry out further internal review and reconciliation to provide the answers the committee requires.”

The NNPCL GCEO assured lawmakers that he would assemble a dedicated team to work on the Senate’s queries.

The committee raised concerns over ₦103 trillion in liabilities and ₦107 trillion in assets, describing both figures as troubling and largely unverifiable.

Chairman of the Committee, Senator Aliyu Wadada, said the numbers were unacceptable without clear substantiation.

“The amount is mind-boggling. The liability figure cannot be substantiated and is therefore not acceptable to this committee. Even the receivables making up the asset component cannot be verified,” Wadada stated.

He explained that the ₦210 trillion in question was extracted directly from NNPCL’s audited accounts and demanded that the company provide concrete explanations for its liabilities and assets.

News Brief: Senate Gives NNPCL 21 Days to Clarify ₦210trn Discrepancies

The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a 21-day ultimatum to explain financial discrepancies amounting to ₦210 trillion, involving ₦103 trillion in liabilities and ₦107 trillion in assets.

The NNPCL Group CEO, Bayo Ojulari, pleaded for more time, stating he needed to thoroughly review the company’s audited accounts from 2017 to 2023. Lawmakers, however, described the figures as troubling and largely unverifiable.

Senator Aliyu Wadada, who chairs the committee, insisted that the inconsistencies raise red flags and must be substantiated with concrete details within the given timeframe.

#NNPCLAudit #SenateProbe #FinancialTransparency #NigeriaOilSector