Oil & Gas

Jun
24
2025
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By Abia ThinkTank
EFCC Arrests Ex-NNPCL Top Official For Alleged $7.2bn Fraud

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…
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Jun
21
2025
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By Abia ThinkTank
Dangote Refinery Increases Petrol Ex-Depot Price

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,…
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Jun
19
2025
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By Abia ThinkTank
Shocking Revelation! N200 Trillion Missing In NNPC Accounts, Senate Raises Alarm

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…
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May
12
2025
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By Abia ThinkTank
Again, Dangote Refinery Slashes Petrol Price

Again, Dangote Refinery Slashes Petrol Price

Economy, News Flash, Oil & Gas
Again, Dangote Refinery Slashes Petrol Price Dangote Petroleum Refinery has slashed the gantry price Premium Motor Spirit, PMS, also known as petrol to ₦825 per litre from N835 per litre as competition continues in the domestic market. Last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre. Checks by Vanguard indicated that the latest adjustment is targeted at giving customers more value as well as consolidate its leadership position in the domestic market. AttNews reported that an economist and energy sector analyst Kelvin Emmanuel stated that the Dangote…
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May
04
2025
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By Abia ThinkTank
$3bn Refinery Fraud: N80bn Found In Sacked MD’s Bank Accounts

$3bn Refinery Fraud: N80bn Found In Sacked MD’s Bank Accounts

Crime, News Flash, Oil & Gas, Presidency
$3bn Refinery Fraud: N80bn Found In Sacked MD’s Bank Accounts The Economic and Financial Crimes Commission has arrested the recently sacked managing directors and some top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The officials were arrested over alleged mismanagement of funds earmarked for the rehabilitation of the facilities. The total amount under investigation is $2,956,872,622.36. Findings by Saturday PUNCH showed that the EFCC is probing the sum of $1,559,239,084.36 allocated to the Port Harcourt refinery, $740,669,600 released for the Kaduna refinery, and $656,963,938 approved for the Warri refinery.…
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May
01
2025
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By Abia ThinkTank
Governor Alex Otti’s Strategic Push For ABIA State’s Modular Refinery: Economic And Social Imperatives – By Dr. Chukwuemeka Ifegwu Eke

Governor Alex Otti’s Strategic Push For ABIA State’s Modular Refinery: Economic And Social Imperatives – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, Oil & Gas
Governor Alex Otti’s Strategic Push for Abia State’s Modular Refinery: Economic and Social Imperatives The Abia State Government, under Governor Alex Otti’s leadership, has prioritized the establishment of a 10,000-barrel-per-day modular refinery within the Abia Industrial and Innovation Park (AIIP) in Ukwa West Local Government Area. Approved by the Federal Government and developed by H.I.S. Refinery and Petrochemical Company Limited, this project is poised to transform the state’s economic landscape while addressing systemic social challenges. Construction is set to begin fully in May 2025, following the completion of land compensation and site preparation, marking a critical step toward industrialization and…
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Apr
06
2025
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By Abia ThinkTank
NNPCL Unveils 8-Man Senior Management Team

NNPCL Unveils 8-Man Senior Management Team

FGN, News Flash, Oil & Gas
NNPCL Unveils 8-Man Senior Management Team The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of a new eight-man Senior Management Team, following the recent naming of its Group Chief Executive Officer (GCEO) and Board of Directors. A statement released on Friday by NNPCL spokesperson Femi Soneye, noted that the newly constituted team will be led by the GCEO, Bashir Bayo Ojulari. The appointments, which take immediate effect, reflect the company’s ongoing strategic realignment aimed at boosting efficiency and enhancing performance in Nigeria’s evolving energy landscape. The new senior management team comprises:Rowland Ewubare – Group Chief Operating Officer…
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Apr
01
2025
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By Abia ThinkTank
Filling Stations Hike Petrol Price Amid Dangote-NNPCL Crude Dispute

Filling Stations Hike Petrol Price Amid Dangote-NNPCL Crude Dispute

News Flash, Business, Oil & Gas
Filling Stations Hike Petrol Price Amid Dangote-NNPCL Crude Dispute Filling stations in Lagos, Nigeria’s commercial capital city, have increased the price of a litre of petrol from ₦860 to ₦930, making consumers pay at least ₦70 more than what it used to cost them to buy a litre of the premium commodity days ago. The price increase has also become effective in parts of the country like Abuja and major northern cities with oil outlets now selling a litre of petrol between ₦950 to ₦970, depending on the filling stations. This represented a sharp increase of about ₦70 to ₦90…
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Mar
23
2025
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By Abia ThinkTank
Another Explosion Rocks Gas Facility In Rivers State

Another Explosion Rocks Gas Facility In Rivers State

Accident, News Flash, Oil & Gas
Another Explosion Rocks Gas Facility In Rivers State Barely a week after a major explosion occurred on the Trans Niger Pipeline in Bodo, Gokana Local Government Area of Rivers State, another explosion has reportedly struck the Soku oil facility in Akuku Toru Local Government Area. The Youths and Environmental Advocacy Centre (YEAC-Nigeria), a grassroots NGO with strong networks across the Niger Delta, confirmed the latest explosion on Sunday. In a statement signed by its Executive Director, Dr. Fyneface Dumnamene Fyneface, YEAC said it received reports from its youth volunteers about an early morning explosion at the Soku oil facility operated…
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Mar
23
2025
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By Abia ThinkTank
Petrol Marketers May Sell In Dollars If Naira-For-Crude Deal Fails – IPMAN

Petrol Marketers May Sell In Dollars If Naira-For-Crude Deal Fails – IPMAN

Business, News Flash, Oil & Gas
Petrol Marketers May Sell In Dollars If Naira-For-Crude Deal Fails – IPMAN The National Publicity Secretary of the Independent Petroleum Marketers of Nigeria (IPMAN) Chinedu Ukadike has said that petrol marketers may be forced to retail petroleum products in dollars following the decision of the Dangote Petroleum Refinery to end the sale of petroleum products in Naira and sell in the dollar. This follows the expiration of the first phase of the Naira-for-Crude arrangement between the federal government and local refineries, including Dangote. In a telephone interview with Nairametrics, Ukadike said he was shocked by the announcement by the Dangote…
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