JULIUS BERGER UNDER FIRE OVER REPEATED GAS PIPELINE RUTPTURING, NEMA CALLS FOR PENALTIES

‌ • Schools send pupils, teachers home • Julius Berger should be punished, says NEMA Chukwudi Akasike, Samson Folarin, Deji Lambo, Okechukwu Nnodim and Daud Olatunji Residents of Arepo and Magboro in the Obafemi Owode Local Government Area of Ogun State, as well as motorists and commuters, were in panic on Wednesday after a gas pipeline belonging to the Nigerian National Petroleum Corporation was ruptured by employees of Julius Berger Nigeria Plc, who were working on the Lagos-Ibadan Expressway. The incident occurred around 9.30am in front of PUNCH Place, headquarters of Punch…

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81BIL SPENT ON REFINERIES BETWEEN JANUARY AND AUGUST WITHOUT REFINING A SINGLE BARREL OF OIL- NNPC

A total of N81.41bn was expended on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil all through this period, latest data obtained from the Nigerian National Petroleum Corporation showed. Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company posted a cumulative revenue of N6.54bn during the eight-month period. With a revenue of N6.54bn and a total expense of N81.41bn, the facilities ended up with a deficit of N78.87bn, according to figures contained in the just-released…

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HOW NNPC STAFF RECEIVED 257BIL SALARIES AND WAGES IN 2019

Staff of the Nigerian National Petroleum Corporation, NNPC, received N357.098 billion as salaries, wages and other benefits in 2019, according to the corporation’s recently released audited financial statement. The NNPC Group had disclosed that its staff strength, as at April 20, 2020, stood at 6,621, both at its headquarters and across all its subsidiaries, division and offices nationwide. The NNPC has 13 divisions and Strategic Business Units, SBU, nationwide. Though the NNPC recruited 1,050 new employees, February 2020, a number of senior management staff of the NNPC were also disengaged…

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NNPC RAISES ALARM AS PETROL QUEUES RESURFACE IN ABUJA

Okechukwu Nnodim, Abuja Petrol queues surfaced in parts of Abuja on Monday evening and intensified on Tuesday morning. But the Nigerian National Petroleum Corporation tweeted on Tuesday morning that it had enough product that would last the country for about 60 days, adding that there was no need for panic buying. The PUNCH had reported that the vandalism of petrol trucks by angry protesters forced oil marketers to temporarily suspend the movement of petroleum products, a development which warranted disruptions in supply. Reacting to the queues that surfaced in Abuja and…

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OIL MARKETERS DENY NNPC STORY, ‘WE DIDN’T RECEIVE 5.35BIL SUBSIDY ON OIL, NOTHING WAS PAID TO ANYBODY’

Oil marketers on Monday expressed surprise over the resurfacing of petrol subsidy in June 2020 as disclosed by the Nigerian National Petroleum Corporation in its latest operations report. According to marketers of petrol, the government had since March this year declared that the downstream oil sector had been deregulated and as such there was no need for petrol subsidy. The Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria told our correspondent in Abuja that they had not received any subsidy payments from…

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NNPC EATS ITS WORDS PAYS 5.4BIL FOR FUEL SUBSIDY

By Michael Eboh Subsidy on Premium Motor Spirit, PMS, also known as petrol, has once again resurfaced, as the Nigerian National Petroleum Corporation, NNPC, weekend, said it incurred N5.35 billion as under recovery in June 2020. Under-recovery, also known as subsidy, occurs when the pump price of petrol is lower than the actual cost price of the commodity. In this case, the NNPC, through its subsidiary, NNPC Retail or through oil marketers, sell the product to motorists at a particular price, which is lower than the cost of the product,…

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NNPC BLOWS 100MIL DOLLARS TO INSURE NON-EXISTING OVERSEAS ASSETS, REPS INVESTIGATE

From Victor Oluwasegun, Abuja An investigative hearing into the $100 million premium allegedly paid by Nigerian National Petroleum Corporation (NNPC) and Joint Ventures (JVs) for non-existing assets overseas as well as the implementation of insurance policies of other Ministries, Departments and Agencies (MDAs) began yesterday. Rep. Darlington Nwokocha, Chairman, House Committee on Insurance & Actuarial Matters, flagged off and presided over the 10-day investigative hearing/pre-forensic Audit meeting. He explained that the exercise was necessitated by alleged breaches on insurance by insurance business by practitioners; low retention capacity of dollar-denominated insurance business…

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DESPITE CLOSURE, UNPRODUCTIVITY AND NATIONAL LOCKDOWN, NNPC SPENT 10BILLION NAIRA ON REFINERIES IN APRIL

Despite not processing petroleum products for years, the federal government has continued to spend hugely on the nation’s three petroleum refineries. NNPC, in a full report of its operations for April 2020, said that all the refineries were still down, but N10.47 billion was spent in the month under review, further doubling down on the losses incurred as a result of the non-functioning national assets located in Warri, Port Harcourt and Kaduna. Minister of State, Petroleum, Mr. Timipre Sylva, had last weekend decried the huge losses incurred in running the…

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NNPC HAS SACKED 850 WORKERS, NUPENG, PENGASSAN ALLEGE

The Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association said on Monday that the Nigerian National Petroleum Corporation had sacked 850 contract workers at the nation’s refineries. The unions disclosed this in a joint statement signed by the National President, NUPENG, Williams Akporeha, and his counterpart in PENGASSAN, Mr Ndukaku Ohaeri, as well as their general secretaries. The statement was entitled ‘NUPENG and PENGASSAN strongly react to comments by Minister of State for Petroleum Resources, Timipre Sylva, on refineries and oil…

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