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NNPC Unveils Africa’s biggest Public Sector System Application Product

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By Joseph BAMIDELE

 ABUJA-A major milestone in the drive to transform the Nigerian National Petroleum Corporation, NNPC, into a first grade national oil company was attained on Wednesday with the official cut-over (launch) to the System Application Products also known as SAP, to effectively launch the Corporation into the league of major globalcompanies that run the SAP business solution.
The Solution which came on live after rigorous user acceptance tests, internal and external quality assurance reviews is designed to help the Corporation standardize and streamline its systems and processes in line with global best practices.
Speaking at the occasion, the Group Managing Director of the NNPC Engr. Andrew Yakubu explained that after test-running the SAP in parallel with the existing SUN System for over 14 months, the Management is convinced that the Solution will help the Corporation achieve a seamless integration of its processes and systems.
“In addition, the philosophy of the SAP solution compels the adoption of a central procurement organization to enable seamless Process-to-Pay, engender transparency, drive value for money and process efficiency,’’ the GMD said
 To midwife this process, Engr. Yakubu announced the formation of a supply chain organization for the NNPC Corporate Headquarters on a pilot basis. He also stated that procurement of goods and services in all NNPC Strategic Business Units and Corporate Service Units must be routed through the Supply Chain Organization.
Engr. Yakubu called on staff members to brace up for the minor teething problems which are expected in major technology initiative of this magnitude.
Aptly described by SAP Africa, representatives of the Patent owners in Africa, as the biggest public sector SAP deployment in the continent, the system will also help NNPC access information real time, maintain a single data source, facilitate integration and collaboration across operating companies, compare and analyze detailed financial performance across the organization, achieve visibility of hydrocarbon value chain, seamless reporting with international oil companies, skill development of NNPC among other benefits.
The Cut-Over to SAP event which also coincided with the 100 days in office of the current NNPC Management provided an opportunity for the Corporation to take stock of some remarkable milestones within the period.
The GMD noted that despite the myriads of challenges in the downstream sector, the NNPC has continued to sustain the supply and distribution of petroleum products across the country even at great peril to its staff members and facilities.
He stated that the recent violent attack on NNPC pipeline repair crew at Arepo in Ogun State which resulted in the death of some personnel is of serious concern noting that Management is doing everything possible to prevent future occurrence.

“Also worrisome is the increasing cases of kidnap of staff members and families, piracy and other forms of harassment. The NNPC Management is however working with security agencies to ensure safety of personnel and family members,’’ he said.

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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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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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