Tag Archives: Mele Kyari

Economy Today, Naira Redesign & Other Crisis

Fuel queues will ease out soon — Mele Kyari.

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The Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said that the prolonged queues across the filing stations in the country as a result of fuel scarcity was not unique to Nigeria.

Kyari, who spoke on a Channels Television’s interview, 2023 Verdict on Tuesday night, admitted things were out of control, branding the fuel scarcity in the country as a “glitch” to be resolved soon.

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The NNPCL boss blamed the development on paucity of supply, saying they were on top of the situation.

He thus apologized to Nigerians on the crisis and assured it would ease soon.

“Having fuel queues is really not something that is local to any one country. It happens everywhere – whenever you have either breaches of pipes, pipeline issues, and so on,” Kyari said.

“We don’t hope that this happens to our country but you must have guarantee of supply in your country, which is why we are focused on delivering our refineries rehabilitation projects, so that ultimately this product becomes close to us.

“We have no benefit in doing this. We are families. We are members and part of this community. We are very proud of this country.

“We would like this country to prosper. We don’t want Nigerians to suffer and of course as a matter of condition, we don’t think that anyone should go through this thing.

“Now, this hasn’t happened. The refineries’ rehabilitation is not completed. The Dangote Refinery hasn’t taken off. Both of them will happen; once that happens, you have the safety and security of supply near you.

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“I’m not saying that you’re going to have zero queues within the next one week. No, I can’t guarantee that because a number of things are out of our control.”

“I apologise for the situation. On behalf of all of us, the stakeholders in the oil and gas industry. Definitely, not surely exclusive. Having said this, it is unfortunate. It’s a glitch and we are responsible to resolve this glitch.

Nigerians have been thrown into untold hardship courtesy of severe fuel scarcity in the country, with attendant implications for the economic activities of Nigerians

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Business Today

N170/Litre of fuel not sustainable – Mele Kyari.

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The Group Chief Executive Officer (GCEO), Nigeria National Petroleum Company (NNPC) Ltd, Mele Kyari, has said the current petrol pump price of N170 per litre cannot be sustained any longer.

Kyari disclosed this on Wednesday when he delivered a keynote address at the legislative transparency and accountability summit.

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The event was hosted by the House of Representatives committee on Anti-corruption.

His statement is coming against the backdrop of the current petrol scarcity across the country.

Speaking at the summit, Kyari stated that selling petrol at N170 was no longer sustainable.

He stated that the market conditions have caused the landing cost of petrol to go up three times higher than the value of the current pump price in the Nigerian market.

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“It is not possible for you to buy fuel at N170 when your actual cost is thrice that value.

“For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump,” he said.

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Kyari further added that the subsidy cost for petrol hovers at about N290 per litre in parts of the country, adding that subsidy costs about N19 billion a day

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Economy Today

NNPC Reforms: Mele Kyari alleges threat to life.

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The group managing director of the Nigeria National Petroleum Company (NNPC) Ltd, Mele Kyari, has alleged that he is receiving death threats due to the ongoing reformation of the NNPC.

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Mr Kyari made the allegation on Wednesday in Abuja at the Legislative Transparency and Accountability summit organised by the House of Representatives Committee on Anti-Corruption.

Mr Kyari said due to the implementation of the Petroleum Industry Act (PIA), many ongoing changes are affecting the old order.

He said the company had taken down several illegal oil refineries affecting the volume of oil production in the country.

The GMD said due to the activities and effects of the illegal refineries, daily crude oil production had been reduced by 700,000 barrels.

“Without mincing words, I want to say that this industry is on a threshold of change, there is massive change going on, and it is very expensive and of personal cost to many people, including myself.

“There is a threat to life; I can say this, I have several death threats, but we are not bothered about this, we believe that no one dies unless it is his time,” he said.

The speaker of the House of Representatives, Femi Gbajabiamila, said over six decades, the oil and gas industry had played a critical role in the economy of Nigeria.

He said the industry had provided millions of jobs, directly and indirectly, adding that income from the oil and gas sector has funded government administration to hundreds of billions of dollars over the years.

He, however, said the world was changing towards a future where the economic value of oil and gas is far diminished from what it used to be.

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“Amid this evolving paradigm, the oil and gas industry still faces unique challenges at home. Due to theft and various acts of economic sabotage, we are experiencing a massive decline in crude oil production and export volume.

“Our country is the victim of bad actors determined to achieve great personal wealth at our collective expense.

“At a time of severe financial constraints, the perpetrators of this brazen heist threaten our ability to meet the demands of governance and nation-building.

“Their actions effectively amount to treason against our country, for which they must be held accountable,” he said.

Earlier, the chairman, House Committee on Anti-Corruption, Shehu Garba, said the oil and gas sector accounts for 80 per cent of Nigeria’s foreign exchange income.

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He said it also accounts for 50 per cent of the nation’s total revenue, saying that anything that affects the sector affects the nation.

The lawmaker said the PIA is a watershed as it would address many challenges limiting the sector’s ultimate performance.

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Economy Today

Oil theft: Don’t fault NNPC – Mele Kyari.

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The Group Managing Director of NNPC Limited, Mele Kyari has blamed petroleum subsidy for the high rate of smuggling of the products across the border.

Mr Kyari, while speaking at a summit organized by the House of Representatives Committee on Anti-Corruption, said as long as there is subsidy, smuggling and round-tripping will persist.

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He stated that NNPC Limited cannot be held accountable for the matter.

“As long as arbitrage is there, you will continue to have these issues and you cannot hold NNPC accountable for it because it is a value chain that involves everything and everybody,” he said.

He also revealed that there are threats to his life by those who are opposed to changes caused by the implementation of the Petroleum Industry Act.

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“There is threat to life, I can say this, I have several death threats but we are not bothered about this, we believe that no one dies unless it is his time.

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But this is the cost of change, when people move away from what they are used to something that is new that will take away value and benefit from them, they will react,” he said.

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Criminal Case

Oil theft: NPA boss speak on reason vessels operate is undetected.

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The Managing Director of the Nigerian Ports Authority, Mohammed Bello-Koko has explained that rogue vessels engaged in crude oil theft on Nigerian waters go undetected because they turn off their Automatic Identification System (AIS).

Koko briefed State House correspondents on Tuesday in Abuja, saying such ships evade arrest because they switch off their onboard automated identification system which displays the vessel’s position in the vicinity. Watch Clips Here

He noted that the authority does not have the required technology to detect their origin or destination.

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Speaking against the backdrop of a recent incident where an oil tanker evaded arrest in Nigeria after illegally lifting crude oil, Koko said the NPA is now in the process of procuring the technology called the Vessel Tracking Service (VTS) to enable it to identify, locate and monitor all vessels in the nation’s waters. Watch Clips Here

According to him, the agency has been trying to acquire the VTS for about 10 years now and has just identified a certified consultant, while also working with the Nigeria Liquefied and Natural Gas (NLNG) Company to help with critical detection.

He further assured that the technology will be procured before the end of the administration of President Muhammadu Buhari. Watch Clips Here

Oil theft has made the headlines in recent times with the former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi; and Governor Nasir El-Rufai of Kaduna State demanding the unbundling and privatisation of the Nigerian National Petroleum Company (NNPC) Limited. Watch Clips Here

Worried by the ugly trend, the Federal Government in August awarded a pipeline surveillance contract to a company led by former militant leader Government Ekpemepulo aka Tompolo, a situation that received criticisms from many Nigerians, including human rights lawyer, Femi Falana who described the response as a “colossal embarrassment” to security agencies in the country.

In August, the Group Chief Executive Officer of the NNPC, Mele Kyari, justified the government’s decision to award the multi-billion naira pipelines surveillance contract to Tantita Security Services led by Tompolo. Watch Clips Here

Tompolo’s firm recently made startling revelations on crude oil theft in the Niger Delta area. He said about 58 illegal oil points have been discovered so far since the operation to end oil theft on the waterways of Delta and Bayelsa states began

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NDC asks Buhari to sack Mele Kyari, probe NNPC missing crude barrels.

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The Niger Delta Congress (NDC) has expressed outrage over “revelations of grand theft” made by the Office of the Auditor-General of the Federation (OAuGF) against the Nigerian National Petroleum Corporation (NNPC).

In a statement on Wednesday, NDC spokesman, Ovunda Eni cited the 2019 audit report which indicted the corporation and the Ministry of Petroleum Resources for “missing 107,000,000 barrels of crude oil”.

Eni said the findings have thwarted the attempts of NNPC leadership to blame the reduction in crude oil earnings on artisanal refiners and illegal bunkerers as a ruse.

The NDC accused the state-owned company of engaging in what appears to be an officially sanctioned and well organised larceny of crude on a scale that artisanal refiners and their collaborators are currently incapable of.

Eni noted that a breakdown of the 100 million barrels of crude oil not accounted for in 2019 amounts to over N2 trillion lost to “criminal activities in the NNPC and the Ministry of Petroleum Resources”.

The funds, according to him, would have been directly beneficial to the Niger Delta people “who own the resources and the generality of Nigerians”.

The statement said the figure in question is worth a quarter of Nigeria’s 2019 budget estimate, over 60% of expected crude oil earnings for 2019, and over 85% of 2019 combined earnings of the six Niger Delta states from the Federation Account.

“That such high level theft of an entire quarter of Nigeria’s crude production could go unnoticed and unaddressed for over two years not only shows the depths to which the nation has sunk, but also proves the NDC position that the NNPC in times past and under the leadership of Mele Kyari has operated solely as a criminal enterprise backed by the government.

“The NDC would like to state that the actions of the NNPC under Kyari are unacceptable to the nationalities of the Niger Delta who bear the brunt and carry the weight of Nigeria’s political economy, and calls for the immediate sack and prosecution of the entire leadership of the NNPC by the Minister of Petroleum and President Muhammadu Buhari.

“We believe that any action short of this will prove to the world that the NNPC did not work alone but hand-in-glove with the Ministry of Petroleum, manned by the President himself and his Minister of State for Petroleum; even this won’t be a surprise to us”, Eni added

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Africas

Fuel Scarcity: Buy only quantity needed – NNPC rolls out measures

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The Nigeria National Petroleum Corporation Ltd. (NNPC) has begun loading of trucks at all depots to clear current scarcity being experienced across the nation.

NNPC noted that there was availability of 1.7 billion litres of petrol currently in stock.

The NNPC Group Managing Director, Malam Mele Kyari said this to journalists in Abuja, after meeting with the National Union of Petroleum and Natural Gas Workers (NUPENG) and Petrol Tanker Drivers (PTD).

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The Depot and Petroleum Marketers Association of Nigeria (DAPMAN) and Major Oil Marketers Association of Nigeria (MOMAN) were also present at the meeting.

Kyari noted that the additional fuel would end the persistent queues which continued in Abuja and other parts of the country, with fewer stations dispensing the product.

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“Currently, we have over 1.7 billion litres of fuel in our hands both in marine and on land.

“This means that we have the capacity to load out excessively from all depots. We have put in place measures to ensure 24hrs loading in all depots.

“This will ensure that scarcity created by panic buying will now be freed so that normalcy will return to filling stations across the country,” he said.

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Kyari stated that very soon, the scarcity will be resolved, adding that neither the Federal Government nor the NNPC had any plan to raise the pump price of petrol.

He appealed to marketers not to sell petrol above the price approved by the government.

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He noted that the NNPC would carry out necessary sanctions allowed by law on any defaulting depot owner in order for Nigerians to buy the product at the approved price.

He, however, apologized to Nigerians for the pains experienced at fuel stations and appealed to consumers to buy only the quantity they needed at fuel stations.

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