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Transparency: EITI rates NNPC Ltd high in compliance

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The Global transparency body, Extractive Industries Transparency Initiative (EITI), has scored the Nigerian National Petroleum Company Limited (NNPC Ltd) very high in its latest global assessment.

The EITI’s Deputy Executive Director, Mr Bady Baldé , made this known when he led an EITI delegation to the Group Chief Executive Officer of  NNPC Ltd, Mr Mele Kyari, in Abuja.

Baldé, in a statement by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, said the delegation’s visit was to communicate the group’s findings in its recent global assessment to the company.

He said NNPC Ltd fared very well among companies in the same category, adding that only Equinox of Norway fared better than NNPC Ltd in the assessment.

He, however, said there was still room for NNPC Ltd to improve; adding that compliance with global EITI standards will help boost the company’s credibility.

The EITI boss also urged NNPC Ltd to remain engaged to play an active role in its Nigerian unit, the Nigeria Extractive Industries Transparency Initiative (NEITI).

Earlier, Kyari highlighted some of the key changes in the operations of the NNPC Ltd,  since its transformation into a commercially focused limited liability company in 2021.

He acknowledged that the NNPC Ltd.’s partnership with EITI/NEITI has made it a much more reliable company.

He expressed disappointment with NEITI for going public with its report that NNPC Ltd failed to remit some monies into the Federation Account instead of seeking clarification on any perceived gap in its assessment.

He explained that NNPC Ltd was holding no public funds back.

He added that what NEITI reported as non-remittance was what was due to the company as payment for taking the burden of fuel subsidy on behalf of the Federal Government.

He disclosed that NNPC Ltd would have released its Audited Financial Statement (AFS) for 2022 since June 2023 but could not do so because it had no substantive Board of Directors at that time.

On his part, the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, called for the reconstitution of the NNPC/NEITI Joint Committee on Reconciliation, adding that the committee could help in straightening grey areas.

Energy

NIPCO Gas to accelerate AutoCNG to foster eco-friendly, sustainable future

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…Bags industry award as Innovative Gas Company

In its bid to prioritise innovation and ecological stewardship in Nigeria, NIPCO Gas Limited has affirmed its determination to drive positive transformation in the country’s energy industry by advocating for cleaner options like AutoCNG to foster a more eco-friendly and sustainable future.

Managing Director of NIPCO Gas Limited, Nagendra Verma, stated this in his acceptance speech on the occasion of conferment of Innovative Gas Company of the Year on the company by Energy Times Newspaper in Lagos over the weekend.

Verma explained that the company has done remarkably well in its efforts to deep deeping gas utilisation as an alternative automotive fuel, and at the same time, focusing on expanding the country’s gas infrastructure.

While speaking on the award bestowed on his company, the Managing Director said that this reflected NIPCO Gas’ humble contributions to the nation’s gas sector within the hydrocarbon industry.

Verma stated, “The accolade of Most Innovative Gas Company of the Year aptly acknowledges our endeavours in the gas sector, marked by the launch of our inaugural Compressed Natural Gas (CNG) station in Benin City, Edo State, in 2009.

“The honour serves as recognition of our steadfast commitment to deepen  gas utilisation as an alternative automotive fuel.

“The distinguished award also underscores NIPCO Gas’s firm unwavering focus to expanding the country’s gas infrastructure.”

NIPCO Gas Limited’s managing director however, opined that the gas company stands as a prominent energy enterprise, devoted to providing dependable and sustainable energy solutions to Nigerian communities.

According to him, “Reflecting our commitment to capitalising on the nation’s gas potential, we have consistently invested substantial human and material resources in developing infrastructures that bolster viable energy alternatives for both motorists and industrial applications.”

While highlighting the recent partnership between NNPC Limited and NIPCO Gas Limited, Verma noted that it was aimed at establishing more CNG stations nationwide. He added that this significant venture would enhance Nigeria’s CNG framework, broaden CNG availability, and foster the transition to a more affordable and eco-friendly fuel alternative for various vehicles.

To him, “The initiative, introduced by NNPC Limited’s Group Chief Executive Officer, Mallam Mele Kyari, is set to offer diverse fuel choices to Nigerians in the wake of the Premium Motor Spirit (PMS) subsidy removal.”

The goal is to create a network of CNG stations throughout the country. “Under the partnership NIPCO Gas has committed construction of 35 CNG Stations initially across states of Nigeria. “Presently, NIPCO Gas Limited has 16 CNG outlets and has successfully converted over 8,000 vehicles to CNG.”

While receiving the award, Verma said, “Receiving this award motivates us to further contribute to the industry’s expansion in every aspect. Our commitment to the nation’s progress, particularly in the gas segment of the hydrocarbon industry, remains steadfast.

“This accolade is a tribute to the dedication of my colleagues at NIPCO Gas Limited, whose relentless pursuit of excellence has significantly shaped our company’s impressive growth over time.”

In his welcome address at the event,  the Chairman Editorial Board, Energy Times, Alhaji Yakubu Lawal, said the award is meant to appreciate and recognise those individuals and companies whose works have in one way or the other impacted on the nation’s development  coting  NIPCO as pioneers  in the  Auto CNG sector.

While speaking on NIPCO Gas Limited’s award prize, Lawal said, “NIPCO has performed excellently which led to NNPC & Federal Government partnering with her to grow gas infrastructure to enable motorists and industries alike to have access to gas as auto fuel.

“The company’s expertise would add value to the nation’s efforts  to harness the abundant gas resources  in the country as alternative fuel to petrol,” he alluded.

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Dangote refinery to begin petrol sales in Q4, 2024 — Expert

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Dangote refinery will start supplying petrol in the fourth quarter of 2024, according to Standard and Poor’s Global Commodities, S & P.

Kelly Norways, an African energy expert at the S&P, disclosed this in a podcast titled ‘Exploring West Africa’s oil product flows in a changing refining landscape.’

She said the Dangote refinery will significantly reduce energy imports across the West African sub-region, putting the figure for petrol as 290,000 barrels daily from 2024 to 2026.

“We are starting to see signs of activities, but all eyes are on when we will start to see gasoline production commence from that project.

“There is significant pressure from the Nigerian government for a significant volume of that supply to be sent to the domestic market.

“When we see that start scale-up is still subject to debate. Dangote has recently been espousing some punchy timelines.

“They have most recently been saying that they are looking to produce gasoline by May. But in reality, our analysts expect that it would be something like the fourth quarter of this year in a more realistic timeline,” he said.

The Dangote refinery was officially commissioned in May 2023 but has been unable to operate at full capacity. However, it began receiving crude oil around December and finally started distributing diesel to marketers in the local market in March.

Last week, the refinery announced the reduction in diesel price to N1,000 per litre from N1,600 per litre.

Meanwhile, the Dangote refinery and oil marketers have hinted at the commencement of petrol sales next month.

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FG plans to achieve 6000 megawatts by end of 2024 – Minister

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Minister of Power, Mr Adebayo Adelabu says the Federal Government plans to increase power generation from 4000 Megawatts to  6000 by the end of 2024 to boost electricity.

Adelabu said this in Abuja on Monday, when the members of the Senate Committee on Power visited the Ministry.

The minister said the Federal Government plans to achieve the 6000 megawatts of power using the hydro and solar plants to increase supply of electricity to households and businesses.

He described as unfortunate and sad, situation that the highest electricity currently being generated stood at only 5800 megawatts.

“The infrastructure are lying there, without adequate maintenance, the turbines are getting rust.

”With proper investment put in place, we can generate 6000 megawatts before the end of 2024,”he said.

The minister also said that the Federal Government was also going to transform the Electricity Distribution Companies, (DisCos) ad,ding that they were the last mile in the power supply industry.

According to him, if they don’t perform, it means the entire power sector is not performing.

“We are putting pressure on the Nigerian Electricity Regulatory Commission (NERC) to ensure that the DisCos sit up and if they have to withdraw their licenses for not performing, why not.

“We are unbundling the DisCos along state lines as some of them are too big for efficiency and effectiveness.

“Some of them are serving so many states, so we are rearranging and restricting the DisCos along state lines, so that each state government will know the distribution company responsible for their states,”he said.

The minister said it was time the federal and state governments start exercising their rights in the management and operations of the power sector.

“We have left it for the private sector for too long and they have messed it up.

“We also plan to franchise the DisCos, so that we can have smaller DisCos that are ready to invest,”he said.

Earlier, Sen. Eyinnaya Abaribe, Chairman of the Committee, said they were in the ministry for an oversight function.

Abaribe said that the oversight visit became necessary to find out the challenges that have led to poor supply of electricity to Nigerians and also the reasons for the consistent collapses of the national grid.

He said the committee in pursuant to the rules and regulations of the National Assembly had already invited the ministry of power and its parastatals  for an investigative hearing on the increase in tariff by April 29.

Abaribe said, “This is with regards to payment for power by Nigerians, so, we won’t want to discuss that before the date.”

”’The committee has already invited the minister and his agencies to discuss the issue of increase in tariff extensively with the committee.”

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