Oil & Gas - Abia ThinkTank News

Aug

11

2025

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By Abia ThinkTank

Nigeria’s N54.99 Trillion Budget Suffers Setback As Oil Drops To $66 Per Barrel

Economy, News Flash, Oil & Gas

Nigeria’s N54.99 Trillion Budget Suffers Setback As Oil Drops To $66 Per Barrel The execution of Nigeria’s N54.99 trillion budget suffered a major setback as the crude price dropped to $66 per barrel from $70 per barrel, indicating a 5.7 percent decrease, yesterday. This was even as Nigeria’s oil output, including condensate and foreign exchange, stood at 1.8 million barrels per day and more than N1,500 per dollar, respectively. The nation’s budget was based on 2.06 million barrels per day (bpd), N1,500 per dollar, and $75 per barrel oil output, exchange rate, and oil price, respectively. However, in an interview…

Aug

04

2025

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By Abia ThinkTank

NNPC CEO’s Fate Hangs In The Balance Over Deals With Atiku’s Son-In-Law

News Flash, Oil & Gas, Politics

NNPC CEO’s Fate Hangs In The Balance Over Deals With Atiku’s Son-In-Law The days of Bashir Bayo Ojulari as the group CEO of the Nigerian National Petroleum Corporation (NNPC) Limited are numbered, TheCable has been informed. Although there are reports that he has resigned, TheCable learnt from insiders that he has not thrown in the towel yet, “but only a miracle will keep him in office at this stage”. President Bola Tinubu, who appointed him to replace Mele Kyari only four months ago, is said to be “livid” over security reports on Ojulari’s activities so far in office. The NNPC…

Jul

29

2025

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By Abia ThinkTank

NNPC Resumes Oil Drilling In Northern Nigeria

News Flash, Northern Nigeria, Oil & Gas, Politics

NNPCL Resumes Oil Drilling In Northern Nigeria The Governor of Gombe State, Inuwa Yahaya, said the Nigerian National Petroleum Company Limited (NNPC Ltd) has resumed crude oil drilling at a field in the boundary of Bauchi and Gombe states. Mr Yahaya said this at the ongoing two-day Interactive Session on Government-Citizens Engagement at the Arewa House, Kaduna. The forum, organised by the Ahmadu Bello Memorial Foundation, was to assess President Bola Tinubu’s administration’s performance in the northern region in the first half of the administration’s term. Mr Yahaya recalled how Mr Tinubu almost missed the flag-off ceremony of the oil…

Jul

18

2025

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By Abia ThinkTank

Tinubu, APC Spent $18 Billion To Repair Refineries, Then Quietly Sold Them Without Audit – ADC Alleges

FGN, News Flash, Oil & Gas, Politics

Tinubu, APC Spent $18 Billion To Repair Refineries Then Quietly Sold Them Without Audit – ADC Alleges The African Democratic Congress (ADC) has demanded a full audit of Nigeria’s refineries, citing recent reports that allege that successive governments have spent nearly $18 billion on the rehabilitation of the three major refineries in the country. In a statement by the ADC’s national publicity secretary and coalition spokesperson, Mallam Bolaji Abdullahi, the party questioned whether the Tinubu administration has been deceiving Nigerians, having recently spent over $2.8 billion on the refineries, before declaring that they were moribund. The full statement read: The…

Jul

15

2025

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By Abia ThinkTank

Nigerian Marketers Reduce Fuel Prices As FGN Shuts Down Economy In Honour Of Buhari

Abia State, Business, Economy, FGN, News Flash, Oil & Gas

Nigerian Marketers Reduce Fuel Prices As FG Shuts Down Economy In Honour Of Buhari Nigerian petroleum products marketers have announced a reduction of premium motor spirit prices, starting from today, Tuesday. This comes as the economy shuts down today owing to the public holiday declared by the federal government to honour ex-president Muhammadu Buhari. The national president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to DAILY POST in an interview on Monday. According to him, the decision to cut the petrol price comes after members of IPMAN held a meeting in Abuja on Monday in…

Jul

12

2025

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NNPC Refineries May Never Work Again Despite $18 Billion Spent – Dangote

Economy, Business, FGN, Oil & Gas

NNPC Refineries May Never Work Again Despite $18 Billion Spent — Dangote The president of the Dangote Group, Alhaji Aliko Dangote, has said that Nigeria’s state-owned refineries, located in Port Harcourt, Warri, and Kaduna, may never operate properly again despite about $18 billion invested in their rehabilitation. Alhaji Dangote disclosed this while hosting members of the Global CEO Africa, who visited the Dangote Petroleum Refinery yesterday. He said the 650,000-barrel-per-day (bpd) refinery was constructed after the government of late President Umar Yar’adua declined to sell the refineries to him. He said, “The refineries that we bought before, which were owned…

Jul

01

2025

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By Abia ThinkTank

Dangote Refinery Slashes Petroleum Price Below N850

Business, Economy, FGN, News Flash, Oil & Gas

Dangote Refinery Slashes Petrol Price Below N850 The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre. Spokesman for the Dangote Group, Anthony Chiejina, confirmed the price adjustment to The PUNCH on Monday night, saying the new rate took effect on June 30. “PMS price has been reduced from N880 to N840 per litre effective 30th June,” Chiejina said. AttNews recalls that the Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of…

Jun

24

2025

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By Abia ThinkTank

EFCC Arrests Ex-NNPCL Top Official For Alleged $7.2bn Fraud

Crime, Economy, News Flash, Oil & Gas

EFCC Arrests Ex-NNPCL Top Official For Alleged $7.2bn Fraud Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, over an alleged $7.2 billion fraud linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries. Also in the custody of the EFCC is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery. Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries. Isa and all the key officials involved in the maintenance…

Jun

21

2025

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By Abia ThinkTank

Dangote Refinery Increases Petrol Ex-Depot Price

Business, News Flash, Oil & Gas

Dangote Refinery Increases Petrol Ex-depot Price Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector. Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre. The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country,…

Jun

19

2025

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By Abia ThinkTank

Shocking Revelation! N200 Trillion Missing In NNPC Accounts, Senate Raises Alarm

Crime, Economy, National Assembly, News Flash, Oil & Gas

Shocking Revelation! N200 Trillion Missing In NNPC Accounts, Senate Raises Alarm The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has raised serious alarm over discrepancies involving trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC), describing the revelations as mind-boggling and worrisome. During the investigative session on Wednesday, where the Chief Financial Officer, Dapo Segun, appeared before the committee, the absence of detailed records justifying massive legal and auditing fees was flagged, as well as contradictions in receivables reportedly worth over N210 trillion between 2017 and 2023. The panel said, “Legal…