Mele Kyari, Group CEO of Nigerian National Petroleum Corporation Limited, agreed on Wednesday to a televised public hearing in the Senate. This follows a series of charges charging the state-owned oil corporation of sabotage in the country’s oil industry. Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, also supported Kyari’s statement, saying the planned public hearing should be televised live so that Nigerians can learn who is allegedly sabotaging the sector’s economy. Kyari, speaking at the National Assembly Complex in Abuja, demanded that the corporation be exempt from any acts of sabotage.
He stated, “There is nothing for the NNPCL to undermine because our goal is to maximise value and earnings for the government. We are not opposed to domestic refineries as the legislation regarding protocols and procedures are clear.As asked by the Minister of State for Petroleum, the upcoming public hearing on alleged sabotage in the industry should be televised live so that Nigerians can learn the truth about the situation on the ground.” “We are faithful, loyal, and dedicated to the greatness of our country. We are neither criminals, thieves, or saboteurs, as false narratives suggest.”
According to the NNPCL CEO, the company is now profitable after 43 years of losses due to effective management and compliance with PIA, CAMA, and other regulations.Today, output has climbed from 1.4 million barrels per day months ago to 1.65 million barrels per day, and it is expected to reach 2 million barrels per day soon. The same goes for Ahmed. “A lot of negative stories and narratives have been written and published against us in the NMDPRA on how we are carrying out our regulatory functions without us telling our own story.”The upcoming public hearing would provide an opportunity to inform Nigerians about who is sabotaging whom. The investigation should be public and televised live.”
Senator Heineken Lokpobiri, Minister of State (Petroleum), was also present in the Senate and stated that the public has received a lot of disinformation about the responsibilities played by his ministry and other agencies in making it more inclusive for prospective investors. According to him, the committee’s upcoming public hearing will provide Nigerians with the truth about what is going on in the industry. Lokpobiri asked: “Please do us a favour by televising the planned investigative hearing on the alleged economic sabotage in the Petroleum Industry live.”
In his presentation, the Group Chief Strategy Officer, Dangote Refinery, Aliyu Sulaiman, said out of the 5m crude oil they got in recent times, the NNPCL gave them 60%, 20% imported and 20% purchased.
He commended the NNPCL for making the huge supply to the refinery but added that the refinery is a baby that should be supported by all relevant stakeholders to grow and not die.
However, the National Chairman, Depot and Petroleum Marketers Association of Nigeria, Abdulkabir Aliyu, said Dangote declared N133 billion profit on sugar sales in Nigeria within the last six months.
He said such a feat was made possible for the Chairman of the Dangote Industries, Aliko Dangote, allowing him to monopolise the sugar business in Nigeria.
The Petroleum sector, he added, should not be allowed to be monopolised by any person or company, saying, “Monopoly kills business.”
Similarly, the National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Shettima, in his presentation, loudly admonished the committee against monopoly in the petroleum sector.
He said, “The current value chain in the downstream should be sustained to allow other investors to participate.
“NNPCL is doing its best but should please improve on the supply of products to retail outlets across the country to end the incessant queue at filling stations.”
In his remarks, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the increase in the crude would stabilise the country’s foreign exchange market while expressing confidence in the leadership of the Senate ad-hoc Committee investigating the alleged economic sabotage in the Nigerian Petroleum Industry, to conduct an unbiased and impartial investigation.