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NNPC pipeline vandalism up by 50% in January, may suspend crude oil production

NNPC has stated that vandalism of its pipelines across the country rose by a phenomenal spike of 50% in January 2020.

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NNPC, petroleum, Kyari, smuggling, , NNPC explains why kerosene price is not stable, NNPC, Why NNPC may sack depot managers in downstream sector , NNPC boss blames failure of refineries on negligence, says there are no excuses , No fuel scarcity during festive period - NNPC , NNPC advances commitment to meet domestic gas demands, NNPC to pay BCE $22.6 million over failed contract , Pipeline vandalism: NNPC GMD invited for questioning , Curbing the menace of smuggling of petroleum products, Amendment of Deep Offshore Act: NNPC allays fears of IOCs , New oil discovery to facilitate massive job creation – NNPC, Shell, NNPC lament Nigeria’s electricity deficit, FG gives reasons for fuel subsidy removal, discloses alternative to kerosene, NNPC makes $434.85 million from oil export sales in January, may suspend crude oil production

The Nigerian National Petroleum Corporation (NNPC) has stated that the vandalism of its pipelines across the country rose by a phenomenal spike of 50% in January 2020.

This information is part of the monthly financial and operations report, which was released on Wednesday, April 22. 2020 in Abuja.

According to the General Manager, Group Public Affairs Division for NNPC, Dr. Kennie Obateru, 60 pipeline points were vandalized compared to 40 incidents recorded in December 2019. Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50% and 17% of the breaks respectively, with the remaining 33% being accounted for by all other routes.

It was, however, noted that NNPC was collaborating with the local communities and other stakeholders to curtail this menace.

(READ MORE: NNPC GMD gives reasons for shutdown of refineries, to get private managers)

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The report also stated that Nigeria recorded crude oil and gas export sales of $434.85 million in January 2020. This represents an increase of 94.30% when compared to the figure in December 2019.

NNPC pipeline vandalism up by 50% in January, may suspend crude oil production

According to the NNPC spokesman, the month’s crude oil export sales contributed $336.65 million as against the $136.36 million for the previous month. It added that the export gas sales in January were $98.2 million, even as it noted that the crude oil and gas transactions from 2019 to January 2020, valued at $5.18 billion was exported.

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It was noted that 1.2 billion litres of premium motor spirit (PMS), known as petrol which translates to 38.68 million litres per day, were supplied for the month of January.

In the gas sector, out of the 253.09 billion cubic feet (BCF) of gas supplied in January 2020, a total of 151.16 BCF of gas was commercialized, consisting of 36.20 BCF and 114.96 BCF for domestic and export market respectively.

(READ MORE: TCN, NNPC partner to boost gas availability, increase power supply)

The report stated that 59.89% of the average daily gas produced was commercialized, while the balance of 40.11% was re-injected, used as upstream fuel gas or flared. The gas flare rate was 7.90% for the month under review compared to 8.46% for the period of January 2019 to January 2020.

READ MORE: Naira crashes further at the parallel market due to dollar scarcity, lowest since 2017

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Out of the 1.167.80 mmscfd of gas supplied to the domestic market in January 2020, about 639.70 mmscfd of gas, representing 54.78%, was supplied to gas-fired power plants, while the balance of 528.10 mmscfd or 45.22% was supplied to other industries.

The gas delivered to gas-fired power plants in January 2020 generated an average power of about 2,683 MW compared with the 2,498MW that was generated in December 2019.

Meanwhile, the NNPC has given a hint that it might suspend crude oil production if the global price slump and low demand persist.

This was disclosed by the NNPC spokesman, Kennie Obateru, during an interaction with the press.

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 State government seals warehouse repackaging expired curry powder

Following an anonymous tip, LASCOPA has sealed off a warehouse where expired curry powder was being packaged.

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Lagos state government seals a warehouse repackaging expired curry powder.

The Lagos State Consumer Protection Agency (LASCOPA), under the aegis of the Lagos State Government, has sealed a warehouse for repackaging unwholesome and expired curry powder.

This disclosure was made this morning in a press release to the general public, which was seen by Nairametrics, via the official website of Lagos State Government.

Acting on an anonymous tip-off from a member of the public, the Special Monitoring Team of LASCOPA, led by its General Manager, Mrs. Kemi Olugbode, paid an unscheduled assessment visit to the warehouse, to verify the claim. The tip turned out to be genuine.

This decision is in line with the State Government’s core mandate of protecting consumers from unwholesome products. The warehouse which was sealed by LASCOPA, for repackaging unwholesome and expired curry powder with the name Chinchilli and Ducross for sale, was said to be owned by Canvest Nigeria Limited. The warehouse is located at Plot 4, Cocoa Industrial Road, Ogba, Ikeja.

The General Manager, speaking after the exercise, said the enforcement team discovered thousands of expired products stored in cartons, while some were found in sacks that were ready to be repackaged for sale in the market.

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(READ MORE: Lagos to remove illegal structures obstructing Lekki Regional Road project)

The Head of LASCOPA, emphasized that the staffs of the company involved in the fraudulent operation have been arrested. Olugbode disclosed that the property will remain sealed until the government commences prosecution of the owners of the warehouse, and all those involved in the illicit activity are apprehended.

Mrs. Olugbode, also encouraged members of the public to support the present administration’s determination to rid Lagos of all illegal activities, by reporting those who are engaged in unwholesome activities that are detrimental to the health of residents.

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FG to seek international cooperation to curb illicit financial flows

FG hopes to strengthen international cooperation in curtailing the menace of illicit financial flows.

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Ghana and south africa, Illicit financial flows: Nigeria lost $157.5 billion between 2003 and 2012 - Buhari , President Buhari says World Bank, IMF data are not reliable, Ahead of Nigeria, Ghana and South Africa top FDI inflows in Africa – Fitch , Nigeria’s Buhari wants MDAs to publicly disclose transactions above N5 million  

The Federal Government has said that there is a compelling need to strengthen international cooperation in the global effort to curtail the menace of illicit financial flows, as current international mechanisms are not strong enough.

This was disclosed by President Muhammadu Buhari in a speech delivered on his behalf by Vice President Yemi Osinbajo on Thursday at the Financial Accountability, Transparency and Integrity (FACTI) Panel Video Conference.

Osinbajo’s spokesman, Laolu Akande, in a statement in Abuja, explained that the event was held at the sidelines of the ongoing United Nations General Assembly (UNGA).

The session also featured presentations by the immediate past President of the United Nations General Assembly, Prof. Tijjani Muhammad-Bande, and Amb. Mona Jul of the Economic and Social Council (ECOSOC).

He said, “The current international mechanisms for asset recovery are not good enough as can be seen in the amount lost to illicit financial flows and the length of time taken before the repatriation of just a small fraction is made.

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“The FACTI Panel report can play an important role in bridging the expectations of source and destination countries as well as in harmonising the process of assets recovery and return. We agree with the Panel on the importance of having a balanced approach that reflects the situation in different regions and the priorities of different stakeholders. I believe that for the global aspiration to recover better from the impact of the pandemics and to yield any inclusive result, we must comprehensively address existing structures that make it impossible for countries to generate and retain a sizeable chunk of their resources. The success of the FACTI panel’s final report will be measured by the clarity of its recommendations in support of global governance reforms.”

According to the President, evidence suggested that the contemporary international tax system used a taxing rights regime that was not fit for purpose.

He added that the system makes combating tax abuses, especially by multinational corporations, difficult for most developing countries.

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“It is my hope that the final report of the FACTI Panel would introduce proposals that would lead us towards a fairer international tax regime .I also hope that the report would contain proposals that would address the continuing advocacy for country-by-country reporting, open disclosure and automatic exchange of information on beneficial ownership, as well as eliminate financial secrecy jurisdictions and tax havens that facilitate base erosion and profit shifting. Profit shifting, harmful tax competition–the so-called “race to the bottom–and the taxation of the digital economy should also receive adequate attention and focus in the report of the Panel. FACTI Panel’s report should assess how effectively we are meeting our commitments to combating the scourge and strengthening cooperation in dispute settlement and peer learning, particularly in assets recovery and return,” he said.

Other leaders who spoke at the forum included the Prime Minister of Norway, Erna Solberg, the Prime Minister of Pakistan, Imran Niazi and Former President of Lithuania, and FACTI Panel Co-Chair, Dalia Grybauskaite.

Ibrahim Mayaki, former Prime Minister of Niger and FACTI Panel Co-Chair, also spoke at the event.

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N4.16 billion unpaid lottery revenue recovered by EFCC

The EFCC has made a recovery of the sum of N4.16 billion for the government from lottery companies.

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Western Lotto, N4.16 billion unpaid lottery revenue recovered by EFCC

The Economic and Financial Crimes Commission (EFCC) has announced that it recovered over N4.16 billion for the government from lottery companies which they had refused to remit.

This was disclosed by the Acting Chairman. Mohammed Umar Abbah on Thursday evening, at the EFCC Headquarters during a meeting with Williams Alo of the Ministerial Task Force for recovery of unpaid revenues from lottery businesses.

READ: CBN Vs NESG: Waving the white flag for the benefit of Nigerians

The EFCC acting chairman said that the lottery companies were not forthcoming with remitting the revenue which had forced the anti-graft agency to intervene.

“We mapped out strategies which resulted in the recovery of over N1.16 billion from lottery companies, operating in Abuja with over N3 billion from their counterparts, operating in Lagos State,” he said.

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READ: Marina set to regain its beauty as FG, Lagos, stop barge operations along coastline

He added that the EFCC would continue with its cooperation with the Federal Government to ensure lottery companies owing the Federal Government are made to cough out revenues they owe the government, which has already been handed over to the lottery trust fund.

“Let me acknowledge the efforts of this Commission for the assistance it has rendered not only to the Federal Government of Nigeria but specifically to the lottery industry in Nigeria. It is in our record that the EFCC has assisted the lottery business in no small way, because a lot of recoveries have been made for us by the EFCC and the money recovered has always been handed over to the lottery trust fund,” Mr. Alo said.

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