Mele Kyari

By Anas Abbas

The former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, on Wednesday appeared at the headquarters of the Economic and Financial Crimes Commission (EFCC) in Abuja.

Kyari, who had previously been placed on the agency’s watchlist, arrived at the commission around 2:30 p.m. for questioning.

Daily Trust reported from sources within the EFCC that the former NNPCL boss is being interrogated over the management of funds allocated for the maintenance of Nigeria’s refineries during his tenure.

“Yes, he is in our office. He will face interrogation by our team of crack investigators,” a senior official of the commission confirmed.

It will be recalled that a Federal High Court in Abuja recently ordered the freezing of all bank accounts linked to Kyari at the request of the EFCC.

By Uzair Adam

The Federal High Court in Abuja on Tuesday ordered the temporary freezing of four Jaiz Bank accounts linked to the immediate-past Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, following allegations of fraud.

Justice Emeka Nwite granted the order after the Economic and Financial Crimes Commission (EFCC) lawyer, Ogechi Ujam, moved an ex parte motion.

Ujam explained that investigations were still ongoing and more time was needed to conclude the process.

In his ruling, Justice Nwite held that the application had merit and should be granted. He adjourned the matter until September 23 for a progress report.

According to the EFCC, the affected accounts are registered under Kyari’s name and two other entities—Guwori Community Development Fund and Guwori Community Development Foundation Flood Relief.

The anti-graft agency alleged that the accounts contain over N661 million suspected to be proceeds of unlawful activities.

The commission further told the court that preliminary investigations revealed the funds were disguised as payments for a book launch and NGO activities, while the accounts were managed through Kyari’s family members acting as fronts.

The EFCC said the action became necessary to preserve the funds pending the conclusion of investigations and possible prosecution.

By Abdullahi Mukhtar Algasgaini

The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion.

In a world press conference held at the NNPC Towers in Abuja on Monday, the Chief Financial Officer of the Company, Mr.

Umar Ajiya said the release of the AFS is a testament to the Company’s commitment to transparency and accountability.

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Ajiya stated.

Ajiya added that posting such impressive returns demonstrates NNPC Ltd’s commitment to sustaining profitability and supporting the attainment of national energy security as stipulated by the Petroleum Industry Act (PIA) 2021, and by extension, as expected by the Company’s shareholders.

Explaining that the NNPC Ltd. will announce its Initial Public offer (IPO) once the shareholders and Board make a decision, he also debunked claims on subsidy payment, saying the Company was only taking care of PMS importation shortfall between it and the Federation.

Speaking earlier at the press conference, the Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure said that the excellent performance came as the fruit of the PIA 2021, and the commitment of the Board, Management and staff of the company.

Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions.In her remarks at the briefing, the Executive Vice President, Upstream, Mrs.

By Abdullahi Mukhtar Algasgaini

The Nigerian National Petroleum Company Limited declared a state of emergency on oil production.

This was a move towards increasing Nigeria’s crude oil production and growing its reserves.

Group Chief Executive Officer of NNPCL, Mele Kyari, disclosed this in a keynote address at the opening of the 23rd edition of the Nigeria Oil and Gas Conference and Exhibition Week in Abuja, on Tuesday.

“We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do at the level of assets. We have engaged our partners. And we will work together to improve the situation,” Kyari stated.

Nigeria’s absurd crude supply crisis and loses N636bn revenue as oil production dips NNPC withdraws suit against ExxonMobil, Seplat $1.28bn deal.

According to him, a detailed analysis of assets revealed that Nigeria could conveniently produce two million barrels of crude oil per day without deploying new rigs.

Still, the major impediment to achieving this is the inability of players to act in a timely manner.

He added that the “war” will help NNPCL and its partners to speedily clear all identified obstacles to effective and efficient production, such as delays in procurement processes, which have become a challenge in the industry.