Audit Queries: Reps Summon CBN, FIRS, NNPC Bosses, Others   The House of Representatives has summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Comptroller-General of Nigeria Customs Service, Hameed...

Fuel Consumption, Smuggling Gulp 54 million Litres Per Day – NNPC     Nigerians and neighbouring countries that benefit from smuggling consume 54 million litres of petrol, the Nigerian National Petroleum Corporation has said. The Group Managing Director of the NNPC, Mele Kyari, said this at an interactive...

Refineries Earn N3.45bn, NAPIMS Makes N1.02trn – NNPC     The nation’s refineries generated a total revenue of N3.45bn in 2018 but their salary expenses and other expenses gulped N160.13bn, the Nigerian National Petroleum Corporation has said. It also disclosed that its investment arm made a profit of...

NNPC Releases Audited Financial Statements   The Nigerian National Petroleum Corporation (NNPC), as part of measures to improve transparency and accountability in its operations, has published its audited financial statements online for 2018. This is viewed as a reaction to the criticism that has been on the...

Oil: Nigeria Has Highest Personnel Cost In Global Petroleum Industry   Stakeholders have raised concerns over the country’s production costs, noting that Nigeria has the highest personnel cost among global operators, thus making it difficult to produce oil at a profitable price of below $10/barrel. According to...

Some Nigerian Operators Producing Oil At $93/barrel - NNPC     The Nigerian National Petroleum Corporation has said some of its partners are producing a barrel of crude oil in the country at $93, a development it described as unacceptable. The Group Managing Director, NNPC, Mallam Mele Kyari,...