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NNPC refutes Thisday’s story on investigation, arrest of officials

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ABUJA-FOLLOWING the report published on the front page of 7th June 2015 edition of Thisday titled, “Oil Traders, NNPC Officials Interrogated, Watch-listed in Major Investigation” the NNPC has refuted the entirety of the story claiming its an attempt aimed at dragging the corporation into disrepute.
This was contained in a statement issued by the corporation and signed by its spokesman Ohi Alegbe and made available to Biztellers via electronic mail. 
NNPC Towers Abuja

NNPC Towers Abuja

“The attention of the Management of the Nigerian National Petroleum Corporation (NNPC) has been drawn to a story published on the front page of 7th June edition of Thisday titled, “Oil Traders, NNPC Officials Interrogated, Watch-listed in Major Investigation”, in which mischievous falsehoods were concocted to spruce up an otherwise baseless story to deliberately misinform the public and cast the Corporation in unflattering colours.

 
In the second paragraph of the story, the newspaper reported that: The probe, which started at EFCC is also being looked at by the DSS in the last two weeks, has led to the interrogation, arrest, watch-listing and seizure of international passports of some NNPC officials and oil trading firms by the DSS,” creating the impression that NNPC officials and indeed the Corporation may have been indicted for some criminal act or wrongdoing.”
 
The statement further reads that the controversial story listed the NNPC officials involved to include the Managing Director of the Nigerian Petroleum Development Company (NPDC), Mr. Anthony Muoneke; Group General Manager, Crude Oil Marketing Division, Mr. Gbenga Komolafe; and Executive Director (Commercial), Pipelines and Products Marketing Company (PPMC), Mr. Frank Amego.
 
“We therefore wish to state in most unequivocal terms,   That the NNPC officials named in the said publication are scheduled and delegated Management Staff of the Corporation who only carried out their legitimate official assignments within the NNPC and were only invited to shed light on same by the law enforcement agencies.
 That the invitation of the officials is nothing unusual as NNPC regularly interfaces with other government agencies to provide information on relevant activities of the Corporation.
 
That none of the NNPC officials was arrested nor detained by the EFCC or the DSS in connection with investigation into the crude swap programme and the Offshore Processing Agreements.
 
 That none of the NNPC officials has had his international passport seized by any of the law enforcement agencies mentioned in connection with the investigation.
 
We wish to call on Thisday Newspapers and indeed all media houses and media practitioners to always verify their facts in keeping with the tenets of the journalism profession before going public with them.”

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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Business

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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Oil

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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