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Fuel Supply: Do Not Panic, NNPC Urged

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FUEL SUPPLY: PLEASE DO NOT PANIC

FUEL SUPPLY: PLEASE DO NOT PANIC

The Nigerian National Petroleum Corporation (NNPC) Limited has called on motorists to avoid engaging in panic buying of petroleum products assuring that there is enough stock to serve the country all through the festive season and beyond.

NNPC made this known in a statement issued by Garba Deen Muhammad, its Group General Manager, Group Public Affairs Division on Monday.

The clarification may not be unconnected to the growing queues in various filling stations in parts of the Federal Capital Territory (FCT) following speculations of the possible scarcity of products as the yuletide season is fast approaching.

The general public is hereby advised not to engage in panic buying Premium Motor Spirit, more commonly known as petrol.

The NNPC has over 1.7 billion litres of petrol in stock and more product is expected to arrive in the country daily over the coming weeks and months.

It is, therefore, unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond.

The NNPC is also not aware of any plan by the government to cause an increase in the pump price of petroleum. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week.

In view of these assurances, therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country.

The NNPC is also engaging all stakeholders to ensure the smooth supply and distribution of products to every part of the country during the festive season and beyond.

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Mele Kyari Has Transformed NNPC, Says PPRAC

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Mele Kyari Has Transformed NNPC, Says PPRAC

…As GMD Wins 2020 Zik Leadership Award
 
The Group Managing Director/CEO of NNPC Ltd, Mallam Mele Kyari has been commended for transforming the fortunes of the NNPC from a position of loss-making into a profit-making venture.
 
The Public Policy Research & Analysis Centre (PPRAC) gave this commendation while conferring its “2020 Zik Prize for Public Service Leadership’’ on the GMD, at the Eko Hotel, Lagos, at the weekend.
 
At a well-attended event also witnessed by the Emir of Kano, Alh. Aminu Ado Bayero; Emir of Lafia, Justice Sidi Bage (rtd), and several other dignitaries, Kyari received the latest recognition from the Kebbi State Governor, Abubakar Atiku Bagudu.
 
Speaking on behalf of the Centre, Chief Mac Wabara said Mallam Kyari was recognized following his distinguished leadership role and sterling achievements in the NNPC, which are all evident through the various reforms he instituted at the Corporation through transparency and accountability.
 
He said: “Mele Kyari continues to seamlessly transform the operations of NNPC, including deepening domestic gas utilization, rehabilitation of the nation’s refineries, and public disclosure of NNPC accounts, the first in NNPC’s 44 years of existence.”
 
He added that Kyari’s greatest achievement, no doubt, was turning around the fortunes of the NNPC, from a loss of position, into a profit-making entity.
 
“Under Kyari’s watch at the NNPC, the company declared a profit after tax of N287bn in 2020 after losses were reduced from N803bn in 2018 to N1.7bn in 2019. This is unprecedented in the history of the NNPC,” Wabara stated.
 
He further explained that Mallam Mele Kyari also consistently played a huge role in the enactment of the Petroleum Industry Act (PIA), stressing that with the coming of the legislation, the NNPC is now well-positioned to operate efficiently, like its global peers.
 
Responding, Mallam Kyari said in the last two years, the NNPC has automated its processes and systems; reduced its costs of operations, and focused on delivering value to Nigerians, in line with his Management vision of Transparency, Accountability & Performance Excellence (TAPE).
 
He added that the enactment of the Petroleum Industry Act (PIA) has placed a huge responsibility on the NNPC to do things differently and be much more accountable to its shareholders, the over 200 million Nigerians.
 
He said the Zik Leadership award will spur him and his Management team to work harder towards becoming an International National Oil Company that is at par with its global peers.
 
Other recipients of the prestigious Zik Leadership Award include the Lagos State Governor Babajide Sanwo-Olu; Nasarawa State Governor, Engr. Abdullahi Sule; former Secretary to the Government of the Federation, Chief Anyim Pius Anyim; Minister of State for Health, Senator Olorunimbe Mamora; Director-General and CEO of the Nigerian Maritime and Safety Agency (NIMASA), Dr. Bashir Jamo and MD/CEO of the Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji.
 
Established in 1994 by the PPRAC and now in its 26th edition, the Zik Prize in Leadership is aimed at highlighting Dr. Nnamdi Azikiwe’s legacy of patriotic fervor and nationalist vision.
 

Mele Kyari Has Transformed NNPC, Says PPRAC
Mallam Mele Kyari, GMD/CEO NNPC.

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Seplat Energy’s Subsidiary, Westport Oil Raises $50m Offtake Facility

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Seplat Energy’s subsidiary, Westport Oil raises $50m offtake facility

Olushola Okunlade Writes

Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited.

The London Stock Exchange has announced that its wholly owned subsidiary, Westport Oil Limited, has successfully raised a US$50 million offtake linked reserved based lending facility due April 2027.

In a note at the Nigerian Exchange, Seplat said the offtake facility is subordinated to the US$110 million senior reserve based lending facility.

“The offtake facility carries initial interest of Libor + 10.5% payable semi-annually and is scheduled to commence repayment from March 2023,” the note said.

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Quest Electricity Nigeria Pays N19bn for Yola DISCO, to Invest N28b in Two Years

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Quest Electricity Nigeria Pays N19bn for Yola DISCO, to Invest N28b in Two Years

Olushola Okunlade Writes

Quest Electricity Nigeria Ltd. has paid N19 billion to acquire Yola Electricity Distribution Company (YEDC), the Bureau of Public Enterprise (BPE) has said.

YEDC was successfully privatised and handed over to the core investor in 2013, but it declared a force majeure in 2015, citing security concerns in the Northeast region and the Federal Government had to repossess it.

Mr Alex Okoh, the Director-General of the Bureau of Public Enterprises (BPE), said this in a statement issued, on Monday in Abuja, by Amina Othman, Head, Public Communications of BPE.

He said the company would invest N28 billion to transform the company over a period of two years.

According to the statement, Okoh made the remarks at the signing ceremony of the Share Sale and Purchase Agreement (SSPA), for the privatisation of Yola Electricity Distribution Company (YEDC).

He also said the new investor was committed to improving the quality of life of the inhabitants in the North East geopolitical zone, through aggressive investment drive, thereby providing an economic tool for combating the insurgency in the region.

The DG said this investment would be utilised to carry out an extensive upgrade of the company’s electricity distribution network.

He added that it was expected that the investment would deliver results within a five-year period.

He said the results included reduction in Aggregate Technical, Commercial and Collections (ATC & C) losses from the current level of 80 per cent, which was the highest in the industry, to 29 per cent which translated to a 51 per cent loss reduction.

He stated that the customer base increased from 396,650 to 596,650, a 50 per cent growth and a significant increase in energy supplied from 1,305 Gigawatt Hours (GWh), to 1,714GWh.

He said similarly, as a result of the aggressive investment drive by the investor, it was expected that the increase in energy supply would stimulate economic growth and development in the region.

This, he said, would be through the creation of new industries and opportunities, attracting much needed investment and boosting job creation.

He acknowledged the rigorous process of the negotiation, which took place in the wake of the COVID-19 pandemic and its crippling impact on economic activities as well as the challenging operational environment in the North East region of the country.

Okoh, however, said it was a testament to the commitment and doggedness of the parties to deliver on the transaction and the high collaborative spirit between the Federal Government and the core investor.

 “Moreover, it is a clear indication that there is still a significant level of interest on the part of investors in the Federal Government’s reform and privatisation programme.

“Notwithstanding the challenges in the power sector and the reaction that has trailed the privatisation process, this continued interest shows that the Federal Government took the right decision in reforming the power sector,” he said.

Mr Adamu Mele, the Chairman of Quest Electricity Ltd., acknowledged the insecurity in the company’s area of franchise, but assured that it would work round it to transform the distribution company within a short time through infrasctrucure upgrade.

The BPE recalled that following the approval of the National Council on Privatisation (NCP) for the privatisation of YEDC and the conclusion of a competitive and transparent bidding process, Quest Electricity emerged preferred bidder, with a bid price of N19 billion.

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