The Nigerians National Petroleum Corporation (NNPC) said it transferred the sum of N128.40billion into the federation account in August.
The Corporation disclosed this in its monthly Financial and Operational report released in Abuja on Wednesday.
It said that between August 2017 and August 2018, the federation and joint ventures (JV) received the sum of N879.02billion and N651.4billion respectively.
The NNPC explained that the Federation Crude Oil and Gas Revenue, Federation Crude Oil and Gas lifting, were classified into Equity Export and Domestic crude.
It explained that this crude were lifted and marketed by corporation and the proceeds remitted into the Federation Account.
It noted that Equity Export receipts, after adjusting for Joint Venture Cash Calls, were paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).
The corporation explained that domestic crude oil of 445,000 bpd was allocated for refining to meet domestic products supply, and payments were effected to the Federation Account by NNPC.
This, it said was done after adjusting crude and product losses and pipeline repairs and management costs incurred during the period.
On the crude oil and gas export sales, the report noted that sales for the month of August stood at 470 million dollars.
According to the report, the sales indicate an upsurge of about 78million dollars in relation to July oil and gas export figures of 391.91million dollars.
It further indicated that crude oil export sales contributed 337.62million dollars which represented 71.83 per cent of the dollar transactions compared with 283.43million dollars contribution in the previous month.
“Export gas sales during the period amounted to 132.38million dollars.
“The August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth 5.26billion dollars,” it said.
The report explained that based on the above sales figures, a total export receipt of 450.24million dollars was recorded in August 2018 as receipt against 382.65million dollars in July 2018.
“Contribution from crude oil during the period, amounted to 336.43 million dollars, while gas and miscellaneous receipt stood at 101.33million dollars and 12.48million dollars respectively,” the report noted.
A further breakdown of the figures showed that out of the export receipts, 142.31million dollars was remitted to the Federation Account.
The sum of 307.93million dollars was remitted to fund the JV cost recovery for the month of August, 2018 to guarantee current and future production.
“Total export crude oil and gas receipt for the period August 2017 to August 2018 stood at 5.23billion dollars out of which 3.74 billion dollars was transferred to JV Cash Call as first line charge and the balance of 1.49 billion dollars paid into the Federation Account,” it added.
NAN
The $3.7 billion gas development agreement between oil giant Shell and the Nigerian National Petroleum Company (NNPC) alongside two other companies, is set to transform Nigeria’s midstream oil sector and boosting power generation in the long run.
The deal is part of Nigeria’s efforts to deal with a looming domestic market shortage of the fuel.
The seven projects will add some 3.4 billion cubic feet of natural gas per day to the Nigerian market to avoid a shortage that has been forecast for 2020. The reserves of seven fields to be developed came in at a combined 17.7 trillion cubic feet.
The gas produced under the projects will be used to produce a target amount of 15 GW of electricity by that year.
In Nigeria, which was recently ranked the world’s poorest country in the world by the Brookings Institution, there are still millions of people without access to electricity, and the government is looking for ways to change this. Making better use of its local gas reserves is the option that makes the most sense.
At the same time, Nigeria, which is Africa’s top oil producer, has seen a decline in oil and gas investments resulting from the lack of government incentives and the delay in the approval of the Petroleum Industry Bill that would reflect an energy industry reform push.
The only substantial discovery in the last few years was Exxon’s Owowo, which holds estimated reserves of about a billion barrels of crude. This fact means that the country’s oil reserves have stagnated at 36.18 billion barrels, below the 37 billion barrels estimated in 2010 and a lot below a target of 40 billion barrels set for that year.
What worries Nigerian industry observers is that the investment decline has come despite the rebound in crude oil prices, while elsewhere investments have picked up. They have predominantly blamed the government for the delay in the passing of the crucial law and the lack of incentives to lure investors back in.
The Genesis
Hitherto, Nigeria, most populous nation in Africa, runs a mono-economy with about 90 percent of its revenue derived from sales of oil and oil-related products.
It would appear that successive governments of the largest economy in Africa have only paid lip service to create other avenues for the country to generate revenue in a bid to diversify the economy from the business of crude oil.
Recently, the country paid dearly for this negligence, which eventually plunged it into a recession, considered the worst of its kind in two decades. The reason for the negative downturn in the economy, which lasted one year was due mainly to the lackluster performance of crude oil in the global market which affected price negatively.
The case of Nigeria, however, became worse as production dropped as a result of criminal activities in the Niger-Delta region, dealing huge blow on revenue. And as a result, the executive arms of government from the federal to the local government level were unable to meet basic responsibilities like payment of wages and provision of basic infrastructures for the people.
The only feasible way out especially for states was to go neck deep into debt as most of them seek assistance from all sources possible to keep the structures of governance running while the gloomy days of the recession last.
Allegation
The state governments represented by their finance commissioners have been at loggerheads with the Nigerian National Petroleum Corporation (NNPC) over remittance of proceeds from oil sales meant to be shared on a monthly basis through FAAC. Just in the month of June 2018, the states accused the NNPC of shortchanging them by N20 billion. According to the Chairman of the Finance Commissioners Forum, Mr. Mamood Yunusa, the NNPC only remitted N127billion as its contribution to what the FAAC was meant to share instead of the expected N147 billion.
But the commissioners for finance from the 36 states of the federation, who met in Abuja, insisted that the states would not accept anything short of the NNPC fully remitting N20 billion outstanding to the Federation Account.
Yunusa gave a breakdown of the components the remittance from NNPC for the month of May, which was shared in June.
“Based on all provable assumption parameters, the Nigerian National Petroleum Corporation (NNPC) is to remit N60 billion as Royalty based on the verbal admission of the Department of Petroleum Resources (DPR) and based on the MTEF (Medium Term Expenditure Framework) submitted by NNPC.
The Petroleum Profit Tax (PPT) expected was to be 1.46 multiplied by 60 billion amounting to N87.6 billion, which means a total of N147 billion was expected in the federation account as against N127 billion paid by NNPC”, he said.
He also disclosed that at the inconclusive FAAC meeting recently,
“NNPC claimed it spent N3.5 billion on product leakages, pipeline vandalism, but the Department of Petroleum Resources (DPR), an agency that is supposed to keep such record, claimed ignorance of the amount.”
Yunusa also observed that the states got more revenue from NNPC when crude oil was $50 per/barrel, adding that they now receive far less when the commodity is almost $80/barrel, wondering why such should be the case.
He argued that as equal stakeholders in the business, NNPC owes the states a duty to Nigerians in the spirit of openness and transparency and by the Act that established it to be open and transparent to all stakeholders.
“States as stakeholders in a federation account are not expected to take NNPC’s account hook, line, and sinker but are allowed by law to ask questions for clarity.”
Meanwhile, according to the NNPC, average international Brent crude price has been on the increase since the beginning of 2018. Brent price rose to $69.08/b in January 2018 as against $64.37/b in December 2017. Over the last 12 months, the price has risen to about 26.57 percent. The continuing efforts by OPEC and non-OPEC producers to stabilize the market and crude inventory pulls in the middle of healthy economic growth and improving oil demand supported the oil price.
The OPEC Reference Basket increased for the 5 consecutive months in January 2018 to average $66.85/b (an increase of 7.7 percent), the highest monthly average since November 2014. NYMEX WTI also increased by $5.71 to $63.66/b.
Financials
Group operating revenues for the months of December 2017 and January 2018 were N406.83 billion and N323.19 billion respectively. These represented 110.63 percent and 87.89 percent respectively of a monthly budget. Similarly, operating expenses for the same periods were N413.64 billion and N324.76 billion respectively, which also represented 130.22 percent and 102.24 percent of the budget for the months respectively.
This 30th edition of the report, which is the latest one published, indicated a trading deficit of N1.56 billion, which is comparatively lower than the previous month’s deficit of N6.81billion. This represented N5.25billion decrease in trading deficit compared to the December 2017 performance. This improvement is attributable to the decreased cost in upstream activities especially NPDC and a relative decrease in PPMC operation’s cost.
Antecedents
In December 2011, the Nigerian government permitted a forensic report conducted by KPMG to be published. The audit, commissioned by the Ministry of Finance following concerns over the NNPC’s transparency, detailed the NNPC’s sharp business practices, violation of regulations, illegal deductions of funds belonging to the state, and failure to account for several billions of naira that should go to the federation account.
Auditors found that between 2007 and 2009 alone, the NNPC over-deducted funds in subsidy claims to the tune of N28.5 billion. It has not been able to account for the sum ever since.
In May 2008, Willbros Group Inc, a US company, admitted to making corrupt payments totaling over $6.3 million to officials at the NNPC and its subsidiary NAPIMS, in return for assistance in obtaining and retaining contracts for work on the Eastern Gas Gathering System (EGGS).
In July 2004, ABB Vetco Gray, a US company, and its UK subsidiary ABB Vetco Gray UK Ltd admitted to paying over $1 million in bribes to officials at NNPC subsidiary NAPIMS in exchange for obtaining confidential bid information and favorable recommendations from Nigerian government agencies.
In November 2013 after a report was published by Swiss Non-governmental advocacy organization – Erklärung von Bern – allegations of heavy fraud surfaced, placing the NNPC under suspicion of siphoning off $6.8 billion in crude oil revenues.
Unremitted Funds
On 9 December 2013, a letter from the then Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, to the then President Goodluck Jonathan, dated 25 September 2013 revealed that the NNPC had not remitted over $49.8 billion proceeds of crude oil sales to the government surfaced. On 13 December 2013, NNPC responded that no money was missing. Reconciliation Committee (comprising representatives of (i) CBN (ii) NNPC (iii) DPR (iv) FIRS (v) OAGF (vi) The Budget Office of the Federation (vii) Federal Ministry of Finance (viii) Federal Ministry of Petroleum Resources) was set up.
The reconciliation committee estimated unremitted funds at $10.8 billion on 18 December 2013, while CBN changed its claim to $12 billion. CBN then informed Senate committee on finance on 4 February 2014 that NNPC needed to account for $20 billion as the CBN could only confirm receipt of $47billion out of $67billion revenue for the period under review.
The then finance minister recommended the conduct of an independent Forensic Audit and PwC was officially appointed by the office of the Auditor General of the Federation (AuGF) to conduct a forensic audit into the allegations.
Among the conclusions reached by PwC at the end of their work, as stated in their report, which was made public are:
1. Total cash remitted into the Federation accounts in relation to crude oil liftings was $50.81billion and not $47billionn as earlier stated by the reconciliation committee for the period from January 2012 to July 2013.
2. NNPC has provided information on the difference leading to a potential excess remittance of $0.74 billion (without considering expected remittances from NPDC). Other indirect costs of $2.83 billion which were not part of the submission to the Senate Committee hearing have been defrayed to arrive at this position.
3. A major consideration centres on the ownership of oil and gas assets controlled by NPDC. Subject to additional information being provided, we estimate that the NNPC and NPDC should refund to the federation account a minimum of $1.48billion as summarised in the next page.
No staff of the NNPC or Ministry of Petroleum has so far been punished, though on Thursday, 20 February 2014, the whistle-blowing CBN Governor was suspended from office by the President.
Reactions
Expectedly, there have been arguments and counter-arguments after the FAAC meeting in June, which ended in a deadlock. Nigeria’s Finance Minister and Chairman of FAAC, Mrs. Kemi Adeosun, while briefing journalists in Abuja after the meeting agreed with the position of Yunusa that governments comprising federal and states as major stakeholders in the business are entitled to their full benefits.
“For the purpose of this briefing, we operate the NNPC as a business. We have invested public capital in that business, and we have expectations of return. And when that return falls lower than our expectations, then the owners of this business, which in this case are the federal government and states, need to act,” she said.
Adeosun, like the state commissioners of finance, said the amount of money NNPC proposed as return on investment for the month of May was unacceptable.
A major bone of contention was the cost which the NNPC claimed it incurred in the business in the month of May, which reduced the amount it could remit to the federation account, which both the federal and state governments said was not realistic.
“NNPC claimed it spent N3.5 billion on product leakages, pipeline vandalism, but the Department of Petroleum Resources (DPR), an agency that is supposed to keep such record claimed ignorance of the amount,” Yunusa lamented.
The allegations notwithstanding, the helmsman at NNPC, Dr. Maikanti Baru, said the corporation had done nothing wrong to be castigated.
He noted:
“The Nigerian National Petroleum Corporation (NNPC) has been faithfully remitting all revenues accruing to it to the Federation Account.”
Baru told members of the Senate Committee on Petroleum (Upstream), who visited his office recently to carry out their oversight function that, allegations of non-remittance of funds had become a recurring decimal over the years. He attributed the problem to the nature of the corporation’s operations, which involved credit lines requiring constant audit and reconciliation.
“While the process of audit and reconciliation of accounts is on, a lot of accusations of short payments and non-remittances are usually traded, we endeavour to keep our cool on these allegations because we know that we remit whatever is due to the Federation Account,” he explained.
Baru acknowledged the disagreement between FAAC and NNPC over expenses incurred on generating revenue, stating that such allegations usually arose from disagreements over expenses borne by the corporation on behalf of the federal government.
But while the stalemate persists, one major concern is that civil servants in the 36 states will be the ones to bear the brunt as salaries might be delayed.
Adeosun was quick to express this concern, saying, “The consequence of this is that salaries might well be delayed in many states as a result of this.”
But the NNPC did not agree with the position of the Minister as a statement signed by its Head of Corporate Affairs, Mr. Ndu Ughamadu, said it was mere excuse on the part of state governments to claim they will not be able to pay salaries due to issues of remittance.
The statement read:
“The governors’ (under the umbrella of the Governors’ Forum) antics of rushing to the press at the earliest opportunity of FAAC meeting are most unfortunate, using this as an unfortunate excuse not to pay salaries. “It is a ploy to set the public against the NNPC. Yet, it is the same Governors’ Forum that approved the cash call exit to restore investor confidence and boost crude oil production, thereby generating more revenue for them to share. Again, all crude oil proceeds go straight into the CBN and not to the NNPC accounts”.
Intervention
Adeosun, however, hinted that steps were being taken to address the matter. According to the Finance Ministry and the NNPC, the Vice President, Prof. Yemi Osinbajo will mediate on the issue.
“Further negotiations and interactions are going on with the NNPC as we speak. However, we did brief both Mr. President and Mr. Vice President on the deadlock and asked for their support and their forbearance in this, because the consequence of this is that salaries might well be delayed in many states as a result of this,” Adeosun said.
Besides, the NNPC said it was taking proactive steps to settle the problem of undue expenses. On efforts by the NNPC to ensure that Joint Venture (JV) and Production Sharing Contract (PSC) partners do not run excessive bills at the expense of the nation, the GMD explained that apart from the establishment of an Efficiency Unit in the corporation to ensure value for money across all operations, NNPC had also done a lot in renegotiating contracts as well as benchmarking costs in keeping with international best practices, adding that the effort had yielded significant results in terms of reduction in the cost of crude oil production per barrel in the industry.
Solution
Meanwhile, economic experts believed that governors should not be too dependent on revenue sharing to pay salaries and execute projects in their respective states. Figures made available by the National Bureau of Statistics have shown that most of the states depend on FAAC to survive while little or nothing is done to generate revenue internally.
Internally Generated Revenue (IGR) growth by the 36 states dropped to 16.12 percent from N801.95billion to N931.23billion in the fiscal year 2017. On the average, each state generated an IGR of N25.17billion monthly in 2017, compared to average debt profile of N90.5billion, which leaves each with an N65.3billion deficit in fiscal 2017.
The Economic and Financial Crimes Commission, EFCC, on Thursday, told the Federal High Court in Abuja that former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu, did not declare the $9,772,800 and £74,000 that was recovered from his guest house in Kaduna.
Yakubu The anti-graft agency told the court that Yakubu who was GMD of the NNPC between 2012 and 2014, stashed the “loot” which is over N3billion, in a fireproof safe inside the house. It said the foreign currencies were found after investigators at its Kano Zonal office, engaged an expert that cracked the code the defendant used to lock the safe.
EFCC brought one of its lead detectives in Kano State, Mr. Sambo Muazu, to testify before the court. In his Evidence-In-Chief, Muazu, told the court that he took statement from the ex-NNPC boss who he said later filled an EFCC assets declaration form. The witness who was led in evidence by the prosecution counsel, Mr. Ben Ikani, said the defendant, while filing the form, failed to list the recovered monies among his assets.
Muazu said EFCC had upon its discovery of the funds, investigated some contracts that were signed while Yakubu was the GMD of NNPC. According to the witness,
“In 2015, we commenced investigation into two categories of contracts which were awarded by NNPC and its subsidiaries.
“The first category relates to Strategic Alliance Agreement (SAA) between NNPC’s subsidiary, the Nigerian Petroleum Development Company (NPDC) Limited and Atlantic Energy Drilling Concept Limited (AEDCL). The contract was signed between NPDC and AEDCL.
“The first SAA was on Oil Mining Lease (OML) 26, 30, 34, 40 and 42. The second SAA was on OML 60, 61, 62, and 63.
“The investigation was sequel to intelligence report received by the EFCC relating to suspicious fund transfers from AEDCL’s account in Nigeria to a sister company called Atlantic Energy Holdings (AEH)
“Also, additional transfers from Atlantic Energy Brass Development Limited (AEBDL) to the same Atlantic Energy Holdings. The AHL’s accounts are based in Switzerland.
“There were also transfers from Atlantic Energy Holdings account in Switzerland to the Nigerian accounts of the two sister companies – AEDCL and AEBDL. “It was on the basis of these suspicious transactions that we commenced investigation.
“In the course of investigation, it became necessary to seek clarification from Engr. Andrew Yakubu. He was accordingly invited, and we interacted with him. And thereafter, we reduced the interaction into writing.
“The two SAA were executed between the end of 2011 to 2014 April, during which Engr. Andrew Yakubu was the Group Managing Director of NNPC. He was in office from June 2012 to August 2014.
“After our interaction and his statement recorded, he declared his assets sometime between July and August 2015.
“The EFCC has a standard assets declaration form. A copy of that form was given to Engr. Andrew Yakubu. He filled the form, declaring his assets.
“He was asked to declare his assets based on the allegations that the company Atlantic Energy Drilling Concept was allowed to lift crude oil worth over $1billion without fulfilling the necessary obligations on their path.
“It was on this basis that investigation was conducted and thereafter, some individuals were charged to court.”
Yakubu is answering to a six-count charge EFCC preferred against him. It will be recalled that the former NNPC boss was undergoing medical treatment in the United Kingdom when the EFCC, acting on a tip-off, raided his guest house situated at Sabon Tasha, Kaduna State, and recovered the alleged loot which was in foreign currencies.
The defendant who was granted N300million bail with two sureties in the like sum, earlier asked the high court to order EFCC to return the seized money to him, insisting that it was part of monetary gifts he received on various occasions.
A Federal High Court in Kano had on February 13, 2017, granted interim order forfeiting the recovered monies to the federal government. FG had in the charge marked FHC/ABJ/ CR/ 43/ 2017, alleged that Yakubu failed to declare the money in the assets form he filed at the EFCC on August 18, 2015, and thereby committed an offence contrary to section 27(3) (a) of the EFCC (Establishment) Act 2004 and punishable under section 27(3) (c) of the same Act.
In count three and four of the charge dated March 9, FG, alleged that Yakubu had between 2012 and 2014, without going through a financial institution, received cash payments of $9, 772, 800 and £74, 000, and thereby committed an offence contrary to section 1 of Money Laundering (Prohibition) Act 2012 and punishable under section 16(2) of the Act.
In count five and six, FG alleged that Yakubu had with intent to avoid a lawful transaction under the law, transferred at various times in Kaduna, aggregate sums of $9,772, 800 and £74, 000, when he reasonably ought to know that the said funds formed part of the proceed of some form of unlawful activity and thereby committed an offence contrary to section 7(4) (b) (ii) of the Advance Fee Fraud Act, 2006.
Ibe Kachikwu, the Minister of State for Petroleum Resources, has given reason why petroleum marketers allegedly responsible for hoarding fuel during the Yuletide season can’t be punished by government.
The Minister said there was no single evidence that marketers were hoarding petroleum products and as such, they could not be punished.
Kachikwu made the disclosure after a Federal Government delegation led by the Chief of Staff to President Muhammadu Buhari, Abba Kyari, and fuel marketers as well the heads of the Department of State Services and the Nigeria Immigration Service, and representatives of other paramilitary services met at the Presidential Villa, Abuja.
Addressing State House Correspondents after the meeting, Kachikwu said the parley was not a fault-finding one but meant to find a lasting solution to the problem of fuel scarcity.
According to the Minister, “This is a major concern that Nigerians should not be made to suffer, that Nigerians do not get through the kind of thing they went through this December.
“We want to find a lasting solution and that is what the committee will come out with in the resolutions tomorrow (Wednesday).
“The thing is even the Nigerians, who have suffered, will want to be sure that we find a lasting solution and find evidential basis upon which to punish people.
“This is a democratic government. I don’t have one (evidence) yet; if you have one, I will like to have it.”
In order to halt the untold hardship presently affecting Nigerians due to the ongoing fuel crisis, the President of the Senate, Dr. Abubakar Bukola Saraki, on Thursday, directed the Senate Committee on Petroleum Resources (Downstream) to cut short its recess and immediately convene a meeting with industry stakeholders.
According to the report by Punch, Chairman of the Senate Committee on Petroleum Resources (Downstream), Senator Kabiru Marafa, revealed this today in Abuja.
Following the directive, the Committee has summoned the Minister of State for Petroleum, Dr. Ibe Kachikwu, Group Managing Director of the Nigerian National Petroleum Corporation, Mr. Maikanti Baru and other relevant stakeholders in the petroleum sector to a crucial meeting on Thursday, January 4, 2018.
He further added that the meeting, which will be held in the Senate Hearing Room 221 and its proceedings aired live on the Nigerian Television Authority, is meant to address the lingering fuel scarcity bedevilling the nation in the last few weeks with a view to putting a complete stop to the unsavoury development.
The Senate, which is presently on Christmas and New Year break is billed to resume Committee work for budget defence on January 9, and commence plenary on January 16.
Ibe Kachikwu, Minister of State for Petroleum Resources, on Thursday attributed the ongoing fuel scarcity to shortfall in supply of petroleum products across the country.
He said the Nigerian National Petroleum Corporation, NNPC, was making efforts to ensure that queues at filling stations disappeared in a couple of days.
Speaking during a news briefing in Abuja, the Minister assured that there was adequate storage facility for imported products.
Kachikwu added that emergency measures were in place to ensure that the products were available during the Yuletide and post-January.
He said, “Presently, queues in Lagos have reduced. We know that Lagos, Abuja, Benue, Port Harcourt were among the worst-hit areas.
“Benue has been dealt with; Port Harcourt is quite moderated. Apart from these areas, other places in the country are probably liquid.
“The major problem is the gap in terms of volume, because NNPC is the only one importing the product to the country.”
The minister further disclosed that four vessels laden with petroleum products would “berth in a few days and a total of 20 cargoes are also expected with petroleum products’’.
Demands for Nigeria’s crude oil blends have remained quite high from countries in Western Europe and Asia, a report of the Nigerian National Petroleum Corporation (NNPC) has disclosed.
According to the July 2017 edition of the monthly financials and operations report of the NNPC which was released yesterday in Abuja by the corporation, Western European countries like the Netherlands, Spain, France, and Britain as well as India and Indonesia in the Asian and Far East have in the last one year, between May 2016 and May 2017, bought more of Nigeria’s crude oil.
An appendage to the main report stated that within the periods, about 240 million barrels of Nigeria’s crude oil were sold to countries in Western Europe 177 million barrels to Asian and Far East countries, 106 million barrels to African countries, 92 million barrels to North America, and 18 million barrels to South American countries.
It said South Africa, Ivory Coast and Togo were the dominant importers from Africa with about 42 million barrels, 17 million barrels, and 12 million barrels imported respectively by them within the period.
Similarly, the report disclosed that within the month of July this year, the corporation made loss of about N12 billion from its operations. It attributed the loss to the shutdown of its Kaduna and Warri refineries as well as the unavailability of some units at its Port Harcourt refinery. Operational difficulties at both the Trans Niger Pipeline (TNP) and Que Iboe and Bonga terminals were also linked to the July deficit.
“The 24th publication recorded a trading deficit of N11.87 billion which is an additional loss of N6.68 billion relative to the previous month’s deficit of N5.19 billion.
“The unimpressive performance of the downstream is mainly due to high crude oil inventory and the shutdowns of KRPC and WRPC during the period; also the unavailability of some of the major secondary units in PHRC in July 2017 accounted for the non-production of some light ends product with the corresponding increase in OPEX as a result of several maintenance interventions.
“Other drags to this month performance includes shut down of Trans Niger Pipeline and production shut-in to Que Iboe terminal and Bonga terminal,” the report said.
Meanwhile, the Nigerian Association of Road Transport Owners (NARTO) has disclosed that the NNPC has paid off about N80 billion freight bills owed them by the Petroleum Equalisation Fund (PEF).
NARTO President, Kassim Ibrahim Bataiya, stated this when his association paid a courtesy visit on NNPC’s Group Managing Director, Dr. Maikanti Baru, in Abuja.
A statement from the Group General Manager, Public Affairs of NNPC, Mr. Ndu Ughamadu, stated this.
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