Connect with us

Business

NNPC Automates Sales of Nigeria’s Equity Oil Share

Published

on

NNPC
  • NNPC Automates Sales of Nigeria’s Equity Oil Share

The Nigerian National Petroleum Corporation (NNPC) has disclosed that its management of transactions involving Nigeria’s equity share of crude oil produced in the country has been automated to up to 98 per cent.

It said with the development, information on how much of Nigeria’s crude oil share was sold, the price, who bought it and where it went, could be accessed at a click of a button by its Crude Oil Marketing Department (COMD).

The corporation also disclosed it would work with Economic and Financial Crimes Commission (EFCC) to checkmate possibilities of sleaze in its operations.

Its Group Managing Director, Mallam Mele Kyari, stated this recently at the 3rd African Anti-Corruption Day and Round Table Discussion on Asset Recovery and Return.

A statement from NNPC’s Group General Manager Public Affairs, Mr. Ndu Ughamadu, quoted Kyari to have explained that the NNPC was committed to a robust relationship with the EFCC.

He said the corporation would assist the anti-graft agency in its work against corrupt practices.

According to the statement, it was in the interest of the NNPC to support the EFCC and entrench accountability and transparency in its system.

Kyari, also stated that President Muhammadu Buhari, has never interfered in the operations of the corporations or compromised any of its processes, and as such, it was imperative for NNPC to embrace openness and accountability in all its activities.

He explained the process of automating its crude oil sales processes started earlier, and was initiated to eliminate the use of discretion in such transaction, adding that it was susceptible to corruption.

“Under the new GMD’s watch as Group General Manager, Crude Oil Marketing Division (COMD), NNPC recorded visible transformation in the management, marketing and sales of the various grades of Nigeria’s crude oil through the infusion of transparency and automation of the processes.

“As part of the reforms, the COMD as at last check had achieved 98 per cent automation of all transactions involving the supply, marketing and sale of Nigeria’s equity crude oil across the world. Today, COMD is enabled to achieve an end-to-end monitoring of every barrel of crude oil sold in the country,” the statement noted.

Furthermore, it stated that the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, who declared the event open, said it was encouraging to see Kyari and his new management team identify with the EFFC and its anti-corruption mandate.

Mustapha, reportedly called on Kyari to keep the government’s anti-corruption drive alive in the NNPC by sustaining the momentum of collaboration with EFCC.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Npower News: Npower Stipend News, Npower News on Permanency

Published

on

npower latest news

Npower News on Permanency and Payment of Allowances

The N-power Youths Congress has made passionate plead to President Muhammadu Buhari to fulfill the campaign promise he made to the 500,000 Npower Batches A and B beneficiaries.

The group led by its national coordinator, Comrade Joseph Enam Magar, to the NUJ Press Center Maiduguri demanded the payment of all outstanding allowances of N30,000 for exited Batch A and Batch B from June 2016 and July 2019, respectively.

Maga said “We are hereby once again reminding the government of their promises to us and that we will never relent until federal government fulfils it’s promises. The State Representatives of Npower Beneficiaries have earlier stated our demands on the previous Press Conference and here we are reinstating the demands again.

“The Batches A and B of N-power Beneficiaries who according to the Minister of Humanitarian Affairs and Disaster Management were disengaged since the month of June and July respectively are not happy for being sent back to the streets.

“We were struggling in different spheres of life to make a living. We were meant to quit the things we were doing before to embrace Npower with the promise of being absolved into the Federal Government scheme at the end of the day.

“We were made to serve our fatherland with a token of 30,000. Most of us have families with children, paying of school fees, electricity bills, pipe borne water, transportation, feeding and other miscellaneous expenses on the grace of 30,000.

“How much is a bag of rice, ground nut oil, etc if I may ask? Some of us have siblings and sick parents whose hopes are attached to the same 30,000.

“To worsen it all, the same 30,000 will not be paid as at when due. Funny enough, our government under the control of Sadiya Farouk, the Ministers of Humanitarian affairs and disaster management want us to save from the 30,000.

“This is an amount that is not up to one quarter percent of what they give to their children for shopping; an amount that does not reach what their children put on as cloths and jewelries on daily basis.”

Speaking further he said,” in addition, we can recall that before the 2019 Presidential Election, we were made to understand by Mr. Afolabi that our voter’s cards determine our permanency. “

“We mobilized ourselves, came out in mass to support this government. We spent our money going to Abuja for the campaign so as to ensure that President Muhammad Buhari regains his office as the president of Nigeria. Npower beneficiaries in various states and Local Governments were equally forced by their focal persons to come out in mass during APC campaign.

“So many states even took attendance and beneficiaries that didn’t show up were penalized. All these were geared towards ensuring that Mr. President, President Muhammadu Buhari excel as the president so that the promises of absorption that was made through Mr. Afolabi will be fulfilled.

“But at the end, our hopes were truncated as we have been pushed back to the streets without absorption or an exit package.”

Continue Reading

Business

MTN Nigeria Picks Karl Toriola as Chief Executive Officer (CEO) Designate

Published

on

Karl O Toriola

MTN Nigeria, Africa’s leading telecommunications company, has appointed Mr. Karl Toriola as the Chief Executive Officer (CEO) designate.

In a statement released on the Nigerian Stock Exchange’s website, the company said the appointment is effective from the 1st of March 2021 to give enough time for an orderly handover.

According to the company, Mr. Toriola is presently the Vice President of West and Central Africa (WECA), excluding Nigeria and Ghana, since 2016.

The statement reads “During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.

“Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive. Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria.

“Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School. In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.”

Continue Reading

Business

NESBITT Acquires Peugeot Nigeria, Plans to Invest $150m in the Company

Published

on

Peugeot

NESBITT to Invest $150 Million in Peugeot Nigeria

Peugeot Automobile Nigeria (PAN) has been acquired by the NESBITT Investment Nigeria, according to the statement from NESBITT.

The new owner planned to invest $150 million into the company in the next three years to revamp the automobile company.

It said the $150 million would help retool and upgrade PAN’s assembly line and boost working capital.

Speaking on the acquisition, Ahmed Wadada-Aliyu, the new chairman of PAN, said the automobile manufacturer would be introducing new brands into the market to establish brand affordability in Nigeria.

PAN under the supervision of the board shall undergo massive restructuring, and in so doing, we shall observe strict governance protocols, transparency, business integrity, efficiency and ethics in our undertakings,” he said.

“In 2019, Nigeria imported at least 400,000 used cars as against 68,000 brand new vehicles. Because of this imbalance, PAN will be introducing new brands of vehicles into the market to re-launch brand affordability in Nigeria such that Nigerians will have access to brand new vehicles.”

“Our biggest concern is the over 50 assembly plants that have not made any matching investments but are enjoying the incentives of the auto policy.”

Continue Reading

Trending