News

NNPC’s revenue hits N894.6bn, records N141.96bn surplus

Published

2 years ago

December 13, 2021

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The Nigerian National Petroleum Company (NNPC) Limited has announced a trading surplus of 141.96 billion in June 2021, compared to a deficit of 37.46 billion in May 2021.

The company’s Group General Manager, Group Public Affairs Division, Malam Garba Deen Muhammad, announced this in a statement yesterday in Abuja.

The statement said the feat is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).

A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

The statement noted that in June 2021, the NNPC Group’s operating revenue, compared to May 2021, decreased by 9.07 per cent, or N89.27 billion, to stand at N894.64 billion.

Similarly, expenditure for the month decreased by 29.32 per cent, or N299.44 billion, to stand at N721.93 billion.

Thus, in the period under review, expenditure as a proportion of revenue was 0.81 per cent, compared to the figure in May, which stood at 1.04 per cent.

READ NNPC cuts price for marketers to end petrol scarcity

The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).

The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC), which also added to the improved bottom line.

According to the report, surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

To ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, a total of 1.63 billion litres of PMS translating to 54.50mn litres/day were supplied in June 2021. The report indicated that in June 2021, 47 pipeline points were vandalised, representing 26.56 per cent decrease from the 64 points recorded in May 2021.

READ Fuel Scarcity: Queue to end in a few days, says NNPC

Port Harcourt Area accounted for 43 per cent, while Mosimi and Kaduna areas accounted for 51 per cent and 6 per cent, respectively, of the vandalised points.

In the Gas sector, a total of 223.77 billion cubic feet (bcf) of natural gas was produced in June 2021, translating to an average daily production of 7,459.88 million standard cubic feet per day (mmscfd).

For the period of June 2020 to June 2021, a total of 2,890.11 bcf of gas was produced, representing an average daily production of 7,321.36 mmscfd during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84 per cent, 20.26 per cent and 19.90 per cent, respectively, to the total national gas production.

The 71st edition of the MFOR highlights NNPC’s activities for the period of June 2020 to June 2021.

In line with its commitment to transparency and accountability, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website, independent online news portals and in national dailies.

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News

Abuse of office: Emefiele challenges jurisdiction of Lagos court to try him

Published

11 mins ago

April 29, 2024

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The Lagos High Court sitting in Ikeja has deferred till the end of trial, its ruling on the application filed by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, challenging the jurisdiction of the court to try him on the charges brought against him by the Economic and Financial Crimes Commission (EFCC).

Through his lawyer, Senior Advocate of Nigeria, Olalekan Ojo, Emefiele submitted that he cannot be tried in the high court of any state in Nigeria for alleged acts of abuse of his office as this raises issues of constitutionality and legality.

The former CBN governor also noted that counts 1-4 of the 26 counts charge filed by the EFCC against him are unconstitutional as they are not contained in any law in Nigeria.

His counsel asked the court to make an order striking out counts one to four of the charge on the grounds that:

READ Fuel Scarcity: Queue to end in a few days, says NNPC

. the Honourable Court has no jurisdiction to try the offence of abuse of office in relation to the office of the Governor of the Central Bank of Nigeria which the 1st Defendant occupied at all times material to the commission of the offences and

ii. the 1st Defendant’s/Applicant’s acts said to constitute arbitrary acts resulting in abuse of office are not offences known to law as mandatorily required by section 36(12) of the Constitution of the Federal Republic of Nigeria 1999 as amended.

The EFCC through its counsel, Senior Advocate of Nigeria, Rotimi Oyedepo, however, countered these arguments.

Citing decided cases of the Supreme Court, he asked the trial judge, Justice Rahman Oshodi, not to defer or prevent the trial of the case on the basis of objections challenging the particulars of the counts of the information.

“That approach is intended to take us back to where we are coming from as this were the basis for Section 1 of the Administration of Criminal Justice Act, ACJA and the purpose for which Administration of Criminal Justice Law, ACJL was intended. The intention of our collective resolution as a nation was to to prevent undue delay in our criminal cases.

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“I urge my lord to refuse this invitation, trial has commenced, this application to prevent the trial today is unlawful, illegal and unconstitutional and I urge the court not to depart from the decision of the apex court as to do so would amount to judicial rascality,” Oyedepo stated.

News

JUST IN: Obaseki increases minimum wage to N70k in Edo

Published

24 mins ago

April 29, 2024

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Godwin Obaseki, governor of Edo, has approved a new minimum wage of N70,000 for civil servants in the state.

The governor made the declaration on Monday while inaugurating the Labour House.

Obaseki named the Labour House after Adams Oshiomhole, senator representing Edo north and immediate-past governor of Edo.

Details later…

READ NNPC distributes one billion litres of fuel nationwide

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‘Breach of law’ — Oshiomhole condemns Ododo for ‘rescuing’ Yahaya Bello during EFCC siege

Published

2 hours ago

April 29, 2024

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Adams Oshiomhole, senator representing Edo north, has faulted Usman Ododo, governor of Kogi, for his interference in the saga involving Yahaya Bello and the Economic and Financial Crimes Commission (EFCC).

The EFCC is accusing Bello, immediate-past governor of Kogi, of money laundering and corruption to the tune of N80.2 billion.

BACKGROUND

On April 17, EFCC operatives laid siege to Bello’s Abuja residence in a bid to arrest him for grilling.

While the operatives were at Bello’s residence, Ododo arrived at the scene.

Shortly after Ododo left the residence, the EFCC operatives ended their siege. There were reports that Ododo had surreptitiously whisked Bello away in one of the cars in his convoy.

Amid the drama, the Kogi high court delivered judgment in a fundamental rights enforcement suit, restraining the commission from “harassing, threatening to arrest or detaining” the former governor.

On the same day, the EFCC obtained a warrant of arrest against Bello from a federal high court in Abuja.

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Subsequently, the anti-graft agency declthe former governor wanted, while the Nigeria Immigration Service (NIS) placed Bello on a watchlist.

Bello was also absent for an arraignment that was initially scheduled for April 18, citing fear of arrest.

‘WRONG USE OF IMMUNITY’

Speaking on Saturday at the national integration conference, Oshiomhole said Ododo’s “rescue” of Bello and the former governor’s refusal to show up in court constitutes a breach of the law.

The conference which had ‘Revisiting the national question: Nigeria’s elusive search for national integration’ as its theme, was organised by the Kukah Centre.

The senator also urged citizens to speak up against breaches of the law — irrespective of who is involved.

“If you are afraid, given the fact that you are very vocal, you are independent, you cannot be dismissed, you cannot be promoted or demoted… if you are afraid to mention the name of a former governor who breached the law and a sitting governor who used his immunity to cover a governor that lost immunity, where will the courage come from?” Oshiomhole said.

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“This sophistry of saying we can name the child of a poor man who steal(s) a goat but we are afraid to mention the name of a big man who breached the law, that for me is at the root of our problems.”

‘ALL CHILDREN MUST HAVE ACCESS TO EDUCATION’

Bello had also allegedly paid $760,910 in advance fees to the American International School Abuja (AISA), for five of his children from the coffers of the Kogi state government.

The children are in grade levels 2 to 8 at the school.

Oshiomhole said during his spell as Edo governor, his colleagues denied children of the poor access to education.

“As a former governor, I was a member of the national economic council (NEC) where some state governors argued that they did not have the resources to pay 50 percent subsidy in order to ensure that the children of the poor go to school even when those governors are sending their own children abroad,” Oshiomhole added.

READ Petrol subsidy entirely removed: NNPC denies dispute with marketers

The former Edo governor said leaders must possess the political will to implement laws they enact.

“What I consider to be the most important investment, namely, that never should a child be born in this country and be denied access to go to school,” he said.

Kogi ranked 27th across states in Nigeria with the highest number of out-of-school children (ages 6–15).