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NNPC engages DSS, EFCC to curb hoarding of petroleum products

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…..Apologizes to Nigerians for hardship in accessing fuel
By Yemie ADEOYE
 
ABUJA-THE Nigerian National Petroleum Corporation, NNPC has engaged the Department of State Services (DSS) and Economic and the Financial Crimes Commission (EFCC) in a renewed effort to arrest hoarding and diversion of petroleum products by some unscrupulous marketers. The engagement of the security agencies is also meant to assist in the monitoring of nationwide fuel truck-out to retail outlets.
 
While apologizing to commuters, motorists and the general public for the noticeable hardship faced in accessing petrol across the country, the NNPC assured that it was doing everything possible to normalize the fuel supply and distribution situation.  
 
fuel scarcity

fuel scarcity

Speaking during a working visit to the NNPC depot in Suleja in Niger State and some filling stations in Abuja and environs to evaluate the current fuel supply situation, the Group Executive Director Commercial and Investment of the Corporation, Dr. Babatunde Adeniran said any marketer found wanting in the sale of petroleum products including the NNPC Retail outlet dealers, would be sanctioned appropriately.

 
Dr. Adeniran noted that there would be no sacred cows as the Corporation was working round the clock by supplying sufficient petroleum products to marketers to ensure that Nigerians enjoyed a yuletide season without the pain of fuel queues.
 
“We must all make sure that petroleum products get across to Nigerians at the regulated price especially as the yuletide season approaches. We have enough products and we want to plead with the Petroleum Tanker Drivers (PTD) not to be involved in the diversion of petroleum products in order to avoid causing untold hardship to motorists,” Dr. Adeniran enjoined.
 
Providing insight on the role of the security agencies in curbing product diversion, the Managing Director of the Pipelines and Products Marketing Company, Mrs. Esther Nnamdi-Ogbue said the DSS and EFCC have been mobilized to bring to book any marketer involved in sabotaging the efforts of the Federal Government in making petroleum products available to motorists across the country.
 
“We have invited the EFCC and DSS to join us in this campaign of monitoring the movement of petroleum products and they have our mandate to sanction any errant marketer. Enough is enough,” Mrs. Nnamdi-Ogbue cautioned.
 
She urged Nigerians and other motorists to desist from panic buying assuring that there are sufficient petroleum products to satisfy local consumption.

Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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