Oil & Gas
Senate rejects NNPCL’s Explanations on unaccounted N210trillion …threatens to subpoena former GMDs
By Our Correspondent
The Senate Tuesday through its committee on Public Accounts , rejected written explanations forwarded to it by management of the Nigerian National Petroleum Company Limited ( NNPCL) on unaccounted N210trillion from 2017 to 2023.
The Committee headed by Senator Aliyu Wadada Ahmed ( Nasarawa West) had on the strength of 19 different queries raised against NNPCL by Office of the Auditor – General of the Federation in the financial reports of 2017 to 2023 , directed NNPCL to account for N210trillion financial infraction as contained in the reports .
Though the management of NNPCL in line with the directive, responded to the 19 queries through written explanations but failed to physically appear before the Committee on Tuesday ( November 11, 2025) as earlier suggested and agreed .
Irked by the development , the committee through its Chairman at the session , slammed the Group Chief Executive Officer ( GCEO) of NNPCL, Engineer Bayo Ojulari for offensive evasiveness which according to him, will not make the committed recognise any representation from NNPCL again ,
He said : ” Today, November 11, 2025, was a date chosen by NNPC. it is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose.”
“The public has been waiting for this. It is important that we keep Nigerians informed. Even though we cannot conclude today in the absence of NNPC officials, the committee must share our findings based on the responses already submitted by NNPC.”
He revealed that NNPC’s financial submissions raised serious red flags — particularly claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables, totaling ₦210 trillion between 2017 and 2023.
“NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables — amounting to ₦210 trillion. On question eight, NNPC’s explanation on the ₦107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this”, he said
He further questioned how NNPC could pay ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only ₦24 trillion in crude revenue between 2017 and 2022.
> “Cash call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid ₦103 trillion in one year, when it only generated ₦24 trillion in revenue over five years? Where did NNPC get that money?
“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the Treasury. This will be concluded when NNPC appears before us.”
He added that the committee also outrightly rejected the ₦107 Trillion receivables which stand for assets in accounting.
“NNPC claimed of ₦107 trillion as receivables — part of which they said was held in defunct banks. However, no bank or amount was named.
“This lack of transparency is unacceptable. By the time you combine both figures — ₦103 trillion and ₦107 trillion — NNPC must account for ₦210 trillion.
“If the present management of NNPC is finding it difficult to provide acceptable answers, it is better they say so. The committee will not hesitate to subpoena former officials of NNPC and NAPIMS.
“NAPIMS, by law, is a department under NNPCL and cannot maintain an independent account. Yet, NAPIMS has been operating as if it were a separate entity”, he stressed .
He warned that any future absence of NNPC’s Group Chief Executive Officer (GCEO) before the committee would no longer be tolerated.
> “At any point this committee invites NNPC, the Chief Executive must appear in person. Being out of the country will no longer be accepted as an excuse. The next invitation will require the GCEO’s physical presence.”
In their separate remarks , all members of the committee present at the session , supported the decisions announced by the Chairman .
Oil & Gas
Fuel Price Hike: A Brutal Economic Assault on Nigerians- HURIWA demands immediate Presidential Action
By George Mgbeleke
The Human Rights Writers Association of Nigeria (HURIWA) issues this hard-hitting and unequivocal condemnation of the latest increase in petrol prices across Nigeria, describing it as a cruel, insensitive, and economically destructive decision that has further weaponized poverty against already suffering citizens.
In a statement signed by National Coordinator,HURIWA,Comrade Emmanuel Nnadozie Onwubiko,” the abrupt hike in petrol prices—triggered by Dangote Refinery’s increase of gantry price by ₦75 per liter and swiftly mirrored by filling stations now selling between ₦1,365 and ₦1,370 per liter in Abuja—represents nothing short of an economic ambush on Nigerians. It is a calculated economic exploitation and hemorrhage unleashed on the impoverished and massively deprived citizens who also seems to have lost the sense of national outrage legally demonstrated through pteaceful protests against this attempt to send millionsbof households into unmitigated absolute poverty in addition to the 130 million absolutely impoverished households.
“Within hours, marketers adjusted their pumps upward, confirming the absence of any meaningful regulatory safeguards to protect the public from coordinated exploitation.
“This development is not just another price increase; it is a direct attack on the survival of millions. Nigerians are already suffocating under the weight of a catastrophic cost-of-living crisis, with food prices, transportation costs, electricity tariffs, and basic commodities skyrocketing beyond reach. This latest fuel hike will multiply suffering, deepen hunger, and accelerate the collapse of fragile livelihoods across the country.”
Continuing HURIWA warned that the consequences will be immediate and devastating. “Millions of small businesses—the backbone of Nigeria’s informal economy—are now on the brink of extinction. Barbing salons, welding workshops, small-scale manufacturers, transport operators, and countless petty traders who depend on petrol for daily operations will be forced to shut down. This will trigger a dangerous surge in unemployment, particularly among youths and women, thereby worsening social instability and insecurity.
“It is both shocking and unacceptable that Nigeria, a leading crude oil-producing nation, has become a global symbol of energy injustice, where citizens pay exorbitant prices for a resource their country abundantly produces. The justification being pushed—rising crude oil prices linked to tensions in the Middle East—is not only weak but fundamentally dishonest. Countries directly affected by these tensions have not imposed such punishing fuel costs on their citizens, yet Nigerians are being forced to bear the brunt of global volatility without any form of protection.”
HURIWA strongly condemns Dangote Refinery for what appears to be an opportunistic and calculated exploitation of international geopolitical tensions as a convenient excuse to increase prices. “The timing and scale of this hike raise serious questions about market fairness, transparency, and the dangerous emergence of monopolistic tendencies in Nigeria’s downstream petroleum sector.
“Equally disturbing is the apparent silence and inaction of the Federal Government. The failure to regulate, moderate, or even respond decisively to these relentless price hikes sends a troubling message that the suffering of Nigerians is no longer a priority. This perception of indifference is fueling anger, frustration, and a growing loss of public trust.
“We therefore demand immediate and decisive intervention by President Bola Ahmed Tinubu to halt this reckless escalation of petrol prices. The government must urgently implement price stabilization mechanisms, enforce strict regulatory oversight, and ensure that no private entity is allowed to exploit Nigerians under the guise of market forces.
“Furthermore, HURIWA calls for a transparent audit of pricing structures within the petroleum sector and the establishment of policies that prioritize the welfare of citizens over corporate profit.
“Nigeria stands at a dangerous tipping point. The continuation of these harsh policies will not only wipe out businesses but will plunge millions further into poverty and despair. The government now faces a stark choice: defend the welfare of its citizens or remain complicit in the deepening hardship they endure. The time for silence is over. The time for action is now.”
Oil & Gas
Waltersmith showcases expanded refinery to NCDMB, NMDPRA …plans for condensate refinery, industrial park
By David Owei
The Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe on Thursday joined the Authority Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Saidu Mohammed, to visit the Waltersmith modular refinery at Ohaji- Egbema, Imo State.
The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day (bpd) to 10,000 bpd.
NCDMB invested equity in the Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018 and helped catalyze the investment, leading to the commissioning of the first phase of the plant in November 2020.
NCDMB also participated in the expansion, which is now completed and operational, producing AGO (diesel), Household kerosine (HHK), HFO (Heavy Fuel Oil) and Naphtha.
The refinery has to date supplied over 1.1 billion litres of refined products to local and regional markets, helping to strengthen Nigeria’s and West Africa’s energy security and contributing immensely to the national economy. The refinery supplies most of its products to the South-East and South-South parts of the country, while the HFO gets to West African sub-region.
The Director Legal Services NCDMB, Dr Naboth Onyesoh represented the Executive Secretary and conveyed the Board’s delight at the success of Waltersmith modular refinery. He described the firm as a model in local content implementation, especially in direct and in-direct job creation, capital retention, industrialization, import substitution and value addition to crude oil and gas resources.
Mr. Abdulrazak Isa, Chairman of Waltersmith Petroman, said the visit was organised to showcase the completed facility to NMDPRA’s new leadership and its partner, NCDMB and unveil its next developmental phase. He said the company had grown from owning one oil field at inception three decades ago, to expanding to several fields, including owning stakes in Renaissance Africa Energy Ltd, which acquired the entire assets of Shell Petroleum Development Company of Nigeria (SPDC) in March 2025.
He further announced the firm’s plan to commence two further phases of expansion, which will include the construction of 30,000 barrels per day condensate refinery and an industry park, which will accommodate other gas based firms. He said the firm will develop a gas line that will deliver 100 million standard cubic feet of gas per day, and provide an embedded captive power, to attract industries to co-locate in the industrial park.
Plans are afoot to conclude the partnership agreement for the condensate refinery by the 4th quarter of 2026 he said, adding that feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields.
The Chairman underlined the company’s determination to invest in the petrochemical sector, leveraging on its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.
He sought approvals from the NMDRA for the various stages of the upcoming developments.
The Authority Chief Executive expressed his delight at the success of the facility and promised the agency’s support to the company’s expansion plans.
He said the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.
He described Waltersmith as an octopus in the midstream sector and challenged the company to hasten the development of the condensate refinery.
Mohammed also commended NCDMB for partnering with Waltersmith to develop the project, which had become a run-away success.
Oil & Gas
Nigeria loses $226bn Revenue Since Suspension of Oil Production in Ogoniland, Says PINL •Advocates community-led, environmentally grounded approach
By Our Correspondent
Pipeline Infrastructure Nigeria Limited (PINL), the surveillance firm in charge of the Trans-Niger Pipeline (TNP), has disclosed that Nigeria has lost an estimated $226.734 billion in revenue from the suspension of crude oil production across 96 wells in Ogoniland over the past 32 years.
PINL made the disclosure at its April monthly stakeholders’ meeting in Port Harcourt, Rivers State on Wednesday, describing the resumption of oil operations in the region as a strategic national priority, but stressed that the process must be anchored on community participation, environmental sustainability, and transparency.
Ogoniland, covered under Oil Mining Lease (OML) 11, holds the potential to produce over 500,000 barrels of crude oil per day. Operations were halted in 1993 in the area following widespread unrest and environmental concerns linked to decades of exploration activities.
Dr. Akpos Mezeh, General Manager, Community and Stakeholder Relations at PINL, said the scale of accumulated losses demands urgent attention.
“Available data shows that over $226.734 billion has been lost due to the suspension of crude oil production from 96 oil wells in Ogoniland over the past 32 years. This clearly underscores both the economic cost of inaction and the immense opportunity that lies ahead,” he said.
PINL outlined four conditions it considers essential to a successful resumption: host communities must be involved as critical stakeholders across all phases of the process; environmental clean-up and restoration efforts already underway must be sustained; a community-based security framework drawing on PINL’s pipeline surveillance model across the Niger Delta should be adopted; and economic inclusion must be prioritised, with residents benefiting directly through employment, contracts, and capacity development.
Mezeh said the company’s stance reflects wider sentiment across the region. “The position of PINL aligns with growing calls from stakeholders in the Niger Delta for the Federal Government to restart oil production in Ogoniland in a manner that balances economic benefits with environmental justice and community interests,” he said.
PINL affirmed it’s readiness to contribute directly to the effort. “At PINL, we stand ready to support this process by applying our experience in stakeholder engagement and infrastructure protection to ensure a peaceful, secure, and sustainable resumption,” Mezeh added.
According to him, observers note that any successful resumption will depend on rebuilding trust among stakeholders, resolving environmental grievances, and ensuring host communities have a central role in decision-making.
PINL maintained that, with the right approach, restarting production in Ogoniland could significantly boost Nigeria’s output, increase national revenue, and contribute to broader economic growth.
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