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EFCC Interrogates Former NNPCL CEO Mele Kyari

EFCC Grills Former NNPCL Boss Mele Kyari Over Multi-Billion Dollar Refinery Spending

By Kamal Yalwa: ABUJA, NIGERIA – September 11, 2025 The Economic and Financial Crimes Commission (EFCC) on Wednesday interrogated Mele Kyari, the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), over the controversial spending of billions of dollars on Nigeria’s long-idle refineries. Kyari, who arrived at the EFCC’s headquarters in Abuja early Wednesday morning, had his international passport confiscated and was still being questioned as of 8:30 p.m., sparking speculation that he could be detained overnight. At the centre of the investigation is over $2 billion disbursed for the Turnaround Maintenance (TAM) of Nigeria’s four state-owned refineries, which continue to underperform despite years of public investment. According to EFCC sources, key focus areas include the $1.55 billion allocated for the Port Harcourt Refinery, $740.6 million for Kaduna Refinery, and $656.9 million for the Warri facility. Officials are also scrutinizing more than N4.8 trillion in operating costs reportedly incurred during Kyari’s leadership from 2019 to April 2025, despite the refineries running at minimal or no capacity. Contracts awarded during his tenure are also under review, as investigators try to trace funds allegedly misappropriated. While some former top executives are reported to have refunded portions of the funds voluntarily, Kyari has maintained his innocence and transparency in handling refinery projects. In a prior statement titled “Hard Questions, Honest Answers,” he said: “I have done my part; the EFCC must do theirs. When each of us does our duty – without fear or favour, with honour, respect and commitment – Nigeria moves forward.” Kyari’s invitation by the EFCC comes amid renewed public scrutiny of the nation’s oil sector and longstanding failures to restore refinery operations, despite more than $18 billion having been invested since 2010. Nigeria’s four refineries — two in Port Harcourt, and one each in Kaduna and Warri — have a combined capacity of 445,000 barrels per day but have operated far below capacity for over a decade. During Kyari’s tenure, the Port Harcourt Refinery was ceremoniously reopened in November 2024 after extensive repairs. However, operations were abruptly suspended just six months later, in May 2025, by his successor Bayo Ojulari, who cited unsustainable losses and serious technical setbacks. The EFCC noted that the current phase of the investigation will prioritize the forensic review of TAM-related expenditures before turning attention to what it described as “humongous contracts” approved during Kyari’s administration at NNPCL. The outcome of the probe could set a precedent for accountability in Nigeria’s oil sector, long plagued by allegations of waste, mismanagement, and corruption.

NNPCL CEO Bayo Ojulari Advocates Regional Defence Collaboration at African Security Summit

Fola Badmus3 weeks ago3 weeks ago02 mins

Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Bashir Bayo Ojulari, has called for strengthened regional defence cooperation to protect Africa’s natural resources and ensure shared economic growth across the continent. Ojulari made the remarks on Tuesday while delivering a goodwill message at the 2025 African Chiefs of Defence Staff Summit, held in Abuja. The summit, themed “Combating Contemporary Threats to Regional Peace and Security in Africa: The Role of Strategic Defence Collaboration,” brought together defence leaders from across Africa, as well as top government officials. Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, delivered the keynote address as Commander-in-Chief of the Armed Forces. In his remarks, Ojulari highlighted the success of NNPC Ltd.’s efforts to combat crude oil theft through strategic partnerships with security and intelligence agencies. He noted that such cooperation has significantly improved pipeline availability, reaching near 100% in some regions. “NNPC Ltd. remains committed to working with military and intelligence agencies in Nigeria and looks forward to broader frameworks from this summit to support Africa’s energy security and prosperity,” Ojulari said. He emphasized that cross-border defence collaboration is crucial for safeguarding Africa’s energy infrastructure and maintaining economic stability in the face of evolving security threats. The summit comes at a time when many African nations are grappling with transnational security challenges, including oil theft, insurgency, piracy, and illegal resource exploitation.

NNPCL Restates Commitment to Oil, Gas Development in Northern Nigeria

Fola Badmus2 months ago2 months ago01 mins

The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its commitment to the exploration and development of oil and gas resources in northern Nigeria. Yusuf Usman, a director at NNPCL, gave the assurance on Wednesday during a government-citizen engagement session organized by the Sir Ahmadu Bello Foundation in Kaduna. Usman disclosed that the company has drilled four wells in the Kolmani area of Bauchi State and is currently assessing the appropriate technology for the next phase of drilling operations. He also announced that five Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG) plants are under construction in Kogi State as part of President Bola Tinubu’s CNG Initiative. The plants are expected to improve gas supply and accessibility across the northern region.

Senate Gives NNPCL 21 Days to Explain N210 Trillion in Unreconciled Funds

Fola Badmus2 months ago2 months ago03 mins

The Nigerian Senate has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide explanations for N210 trillion in unreconciled financial records flagged in its audited accounts. The directive was handed down to NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, on Monday during a session with the Senate Committee on Public Accounts. Ojulari appeared before the committee after previously failing to honor four separate invitations. Committee Chairman Senator Ahmed Wadada (Nasarawa West) disclosed that the discrepancies were identified in 19 audit queries raised by the Office of the Auditor General for the Federation. The flagged figures span the years 2017 to 2023 and comprise N103 trillion in liabilities and N107 trillion in assets. “The committee has not said the N210 trillion was stolen or missing,” Wadada clarified. “This is part of our constitutional mandate to examine the audited accounts of public institutions.” Ojulari, who has been in office for just over 100 days, apologized for his earlier absences and asked for more time to review the complex financial queries. He initially requested a four-week extension, but the committee granted him three weeks. “I still need time to do further digging,” he said. “Your explanation now changes my perspective about the issues.” He is expected to submit written responses and appear again before the committee, along with other top officials of the NNPCL. Lawmakers emphasized the gravity of the matter, stressing the importance of transparency in the operations of the national oil company. “NNPCL is in possession of Nigeria’s economic prosperity. We must ensure transparency,” said Senator Victor Umeh (Anambra Central). Senator Babangida Hussaini (Jigawa North West) described the audit findings as “germane and critical,” while Senator Tony Nwoye (Anambra North) called for a fair hearing, noting that some of the discrepancies might be due to errors in the audit process.

Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices Petrol Price Hits ₦945/Litre at NNPC Stations Amid Soaring Global Oil Prices

NNPCL Slashes Petrol Price to N910 per Litre in Abuja Following Dangote Refinery’s Adjustment

Fola Badmus3 months ago3 months ago02 mins

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets in Abuja. News360 Nigeria reports that NNPCL stations at locations such as Zone 6, Kubwa Expressway, and Wuse Zone 4, on Saturday, lowered their pump price from N945 to N910 per litre — a N35 decrease. The move brings significant relief to motorists grappling with high fuel costs in recent weeks. This reduction comes just four days after Dangote Refinery cut its petrol ex-depot price from N880 to N840 per litre, citing a drop in global crude oil prices. Independent marketers have also responded, adjusting their pump prices accordingly. In Abuja, prices have dropped to between N930 and N940 per litre, down from N945–N975, while Lagos motorists now pay around N890, a reduction from the previous N925 per litre. Industry watchers see the development as a potential signal of further fuel price stabilisation, depending on global market trends and domestic supply improvements.

NNPC Raises Petrol Price to N955 in Abuja, N915 in Lagos

World Bank: SERAP tells NNPCL to Account for Missing N500BN

Fola Badmus4 months ago4 months ago011 mins

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited “to account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.” SERAP urged Mr Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.” SERAP also urged Mr Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay. The World Bank had last week disclosed that out of the N1.1trn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget. In the Freedom of Information request dated 17 May 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended]’” SERAP said, “The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.” According to SERAP, “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 [as amended]” The letter, read in part: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country. “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest. “The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability. “The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth. “SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL. “SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL. “The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities. “The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption. “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations. “According to our information, the World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. “The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government but the NNPCL reportedly failed to do so. “SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power. “Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution. “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. “These commitments ought to be fully upheld and respected. “Explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators. “The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country. “The missing oil revenue has further damaged the already precarious economy and contributed to very high levels of deficit spending by the government. “Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services. “Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to…

NNPCL Earns ₦336bn from Crude Sales to Dangote, Foreign Buyers

Fola Badmus5 months ago5 months ago04 mins

The Nigerian National Petroleum Company Limited (NNPCL) generated ₦336.37 billion from crude oil sales in the first quarter of 2025, with Dangote Petroleum Refinery accounting for over 32 percent of the transactions. Internal documents submitted at the Federation Account Allocation Committee (FAAC) meetings and obtained by The PUNCH revealed that crude supplies to the refinery totaled ₦107.44 billion, with unit prices ranging from $74.87 to $80.34 per barrel. These transactions were settled in naira using exchange rates recommended by the African Export-Import Bank (Afreximbank), between ₦1,501.22/$ and ₦1,562.91/$. This naira-based crude supply arrangement is part of the Federal Government’s initiative to support local refining, conserve foreign exchange, and reduce fuel import dependency. Initially introduced in July 2024, the naira-for-crude policy directed NNPCL to sell crude oil to Dangote Refinery in naira for an initial six-month phase. While the refinery briefly suspended sales in naira in March 2025 due to currency mismatch concerns, the Federal Executive Council reaffirmed the agreement, emphasizing its importance as a sustainable long-term policy. Following the policy’s reinstatement, Dangote Refinery slashed its ex-depot petrol price to ₦835 per litre—its third reduction in six weeks—underscoring the benefits of local crude supply. During Q1 2025, the refinery received seven cargoes totaling 915,821 barrels from the Okwuibome field operated by Sterling Oil (SEEPCO), under a Production Sharing Contract. However, SEEPCO has faced scrutiny over alleged expatriate quota abuse and anti-labour practices, prompting investigations and sanctions from the Nigerian Content Development and Monitoring Board (NCDMB). Despite these controversies, SEEPCO’s operations continue to play a vital role in Nigeria’s oil sector. The NNPCL’s sales documents listed crude shipments to Dangote Refinery with transaction values ranging from ₦5.69 billion to ₦34.18 billion. These shipments contributed significantly to local supply while leveraging domestic exchange rates. The total value of the crude lifted by Dangote Refinery was $70.54 million, equivalent to ₦107.44 billion, all settled in naira. In addition to domestic sales, NNPCL also realized ₦228.94 billion from exporting 1.95 million barrels of crude oil to international refiners, sourced from Egina, Erha, and Forcados Blend fields. These export transactions, executed under Production Sharing Contracts with companies like Total, ExxonMobil, and Pan Ocean, were priced between $74.90 and $78.94 per barrel. The export exchange rates provided by the Central Bank of Nigeria were slightly lower than those used for Dangote’s domestic purchases, reflecting the volatility in the foreign exchange market and the challenge of balancing forex earnings with domestic energy priorities.

SWAN Congratulates Kida On Appointment As NNPCL Board Chairman

Fola Badmus6 months ago6 months ago03 mins

The Sports Writers Association of Nigeria (SWAN) has congratulated Engr. Ahmadu Musa Kida on his recent appointment as the Board Chairman of Nigerian National Petroleum Company Limited (NNPCL). President of SWAN, Mr. Isaiah Benjamin, in a letter to Engr. Kida, dated April 3, 2025 and signed by the Association’s Secretary-General Amb. Ikenna Okonkwo, described his appointment as well deserved. Kida, an oil and gas mogul is the incumbent President of Nigeria Basketball Federation (NBBF). The SWAN President said Engr. Kida’s track record in the Nigeria’s oil and gas sector has been prominent in the past and recent times. “Before becoming the new NNPCL board chairman, you have made notable achievements in the industry, while occupying various positions as his career gradually blossomed. “One thing that stands you out is your passion for development and your commitment in making great impacts at all times. You deserves all the accolades. More importantly, we believe you will use your new position to touch more lives especially in sports. “Yes, your appointment is about the oil and gas sector, but that can attract a lot for Nigerian sports. Recently, not much has been heard about NNPCL channeling it’s Corporate Social Responsibility programmes to the sporting industry which has the capacity and direct effect on numerous young people that constitute greater part of the country’s population. “So we believe your presence as a known figure within the sporting fraternity will turn things around,” part of the letter said. Meanwhile, SWAN has commiserated with the Board of Nigeria Taekwondo Federation (NTF) over the loss its President, Alhaji Abdullahi Saidu. In a letter of condolence to NTF, SWAN President Mr. Benjamin through the Association’s Secretary-General Amb. Okonkwo expressed sadness for the demise of Alhaji Saidu. He then prayed Allah to give his family, Taekwondo community and the entire sporting arena the fortitude to bear the irreparable loss.