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NNPC records 34% increase in trading surplus

The Nigerian National Petroleum Corporation (NNPC) on March 23, 2020, released its monthly operational and financial report for December 2019.

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Nigeria plans to support oil price with lower production cost per barrel, NNPC records 34% increase in trading surplus, NNPC begs security agencies to allow petrol tankers commute during lockdown, FG abolishes petrol subsidy regime as full deregulation sets in

The state-owned oil company, Nigerian National Petroleum Corporation (NNPC) on March 23, 2020, released its monthly operational and financial report for December 2019.

The details of the report were explained in a statement signed and released by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru.

Nigerian National Petroleum Corporation, Crude oil, oil production

In the report, the corporation announced an increase in trading surplus of N5.28 billion in its December 2019 operations compared to the N3.95 billion posted in November last year. This represents a 34% increase.

The corporation explained that the 34% increase in trading surplus for the period was as a result of improved performance of some of its entities both in the upstream and downstream sectors.

[READ MORE: NNPC explains cause of Sunday’s deadly explosion in FESTAC area of Lagos)

It noted that the performance was impacted positively by reduced deficit which was posted by NNPC corporate headquarters and adjustments to previously understated revenue from Duke Oil and Integrated Data Services Limited.

The NNPC sold 21.51 billion litres of white products between December, 2018 and December, 2019. “The revenues generated from the sales of white products for the period stood at N2,705.76 billion, with PMS contributing about 97.56% of the sales with a value of N2,639.68 billion,” the corporation said.

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The corporation also noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a revenue of N337.63 billion as it sold about 2.775 billion litres of white products in December 2019 compared to the 0.841 billion litres which was sold in November 2018.

The corporation further disclosed that PPMC made N337.63 billion from sales of white products as of December 2019, when compared to N105.62 billion in November 2018.

This comprises of 2.76 billion litres of petrol, 0.013 billion litres of diesel and 0.003 billion litres of low pure fuel oil

On pipeline vandalism, the Mosimi-Ibadan axis accounted for 31% of the breaks-in, while Atlas Cove-Mosimi network witnessed 19% in November 2018

These figures increased in the latest report with the breakages rising to 35% and 30% respectively, leaving the rest of the country with 35% of the cases of pipeline vandalism.

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[READ ALSO: Crude oil market remains unpredictable- NNPC Boss)

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NNPC, however, reported reduction in the costs of pipeline repairs/Right of way maintenance and gas purchases by Nigerian Pipeline and Storage Company and Nigeria Gas Marketing Company respectively.

According to the corporation, in the gas sector, out of the 239.29 billion Cubic Feet (BCF) of gas supplied in December 2019, a total of 148.32BCF was commercialized, consisting of 34.78BCF and 113.54BCF for the domestic and export market, respectively.

It added that the gas flare rate reduced from 7.78% for December 2019, that is, 598.03mmscfd, compared to an average gas flare rate of 8.56 per cent in December 2018, which is 678.02mmscfd.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway

The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.

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The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.

The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.

That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.

Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.

What the statement from the Lagos State Police Command is saying

The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.

The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.

The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.

The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.

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The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.

 

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COVID-19 Update in Nigeria

On the 10th of April 2021, 84 new confirmed cases and death was recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 163,736 confirmed cases.

On the 10th of April 2021, 84 new confirmed cases and 1 death was recorded in Nigeria.

To date, 163,736 cases have been confirmed, 154,098 cases have been discharged and 2,060 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.8 million tests have been carried out as of April 10th, 2021 compared to 1.7 million tests a day earlier.

COVID-19 Case Updates- 10th April 2021,

  • Total Number of Cases – 163,736
  • Total Number Discharged – 154,098
  • Total Deaths – 2,060
  • Total Tests Carried out – 1,803,177

According to the NCDC, the 84 new cases are reported from 13 states- Lagos (26), Akwa Ibom (16), Rivers (10), Ebonyi (9), Abia (6), Kano (6), Osun (3), Bauchi (2), Delta (2), Edo (1), Jigawa (1), Kaduna (1), and Ogun (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 57,950, followed by Abuja (19,703), Plateau (9,030), Kaduna (8,984), Rivers (6,986), Oyo (6,838), Edo (4,892), Ogun (4,620), Kano (3,924), Ondo (3,226), Kwara (3,120), Delta (2,615), Osun (2,547), Nasarawa (2,378), Enugu (2,259), Katsina (2,097), Gombe (2,034), Ebonyi (2,008), Anambra (1,909), Akwa Ibom (1,794), and Abia (1,677).

Imo State has recorded 1,655 cases, Bauchi (1,538), Borno (1,337), Benue (1,188), Adamawa (1,051), Niger (930), Taraba (910), Bayelsa (871), Ekiti (868), Sokoto (774), Jigawa (525), Kebbi (450), Cross River (385), Yobe (365), Zamfara (234), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.

On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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