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NNPC Ltd: An All-round Asset to Nigeria

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By Olufemi Soneye
In its editorial of 2nd August, 2024, the BusinessDay newspaper, characteristically, launched another scurrilous and baseless attack on the Nigerian National Petroleum Company Limited (NNPC Ltd). In the editorial entitled: “NNPCL: Liability or Asset to Nigerians?”, the newspaper set out to paint the picture of NNPC Ltd that is a liability to Nigeria instead of an asset that it should be. It chronicled a litany of issues which in its estimation have made the company to lose its place as an asset to the nation. As to be expected, all the issues it raised were either outright lies or unfair misrepresentation of facts. Let’s take a look at them one by one.
According to the newspaper, NNPC Ltd.’s status as an asset is undercut by the opacity of its operations and corruption. The truth, however, is that this is a regurgitation of age-long allegations that have since been overtaken by the emergence of Mr. Mele Kyari as the Group Chief Executive Officer of the company and the transition of the old NNPC as a corporation into a limited liability company under the Petroleum Industry Act.
One of the key thrusts of the Kyari-led management since 2019 has been its focus on transparency and accountability. This was what gave rise to the Transparency, Accountability and Performance Excellence (TAPE) management philosophy under which the company’s audited financial statements began to be published annually since 2019. In fact, the same BusinessDay newspaper that is so bent on hanging the tag of opacity on the company actually honoured Kyari with its “Energy Executive of the Year” award in 2021 for turning the fortunes of the company around and entrenching the culture of transparency in the company. But out of sheer mischief, the newspaper has forgotten so soon and chosen to borrow some ignoble tricks from Josef Goebbel’s playbook, that of repeating the lies of opacity and corruption against the NNPC Ltd frequently with the hope of sustaining the propaganda just so well the public would believe the lies to be the truth.
The next point made in the editorial is that of mismanagement of resources and inefficiency. In its bid to present a semblance of balance, the newspaper acknowledged the role of government interference in the company. A bulk of the legacy problems, such as the age-long lack of maintenance of the refineries, is traceable to government interference. Any old refinery staff member of the NNPC Ltd will tell you that NNPC engineers used to carry out the turn-around maintenance of the refineries until past governments started dabbling in to influence contracts for their cronies.
However, with the PIA, all that is behind as the NNPC Ltd now operates as a limited liability company under the Company and Allied Matters Act (CAMA). As is presently constituted, the company is owned by the government through the Ministry of Finance Incorporated and the Ministry of Petroleum. But the PIA envisages that in no distant time, the company will be listed on the stock exchange with shares owned by Nigerians in their individual capacities. But prior to that time, the management of the company under Kyari has instituted a management system encapsulated in the Performance Excellence element of the TAPE philosophy. Under this, the company has made great strides in moving from a position of loss in 2019 to consistent profitability. This is in spite of the fact that the company contends with monstrous odds in the form of crude oil theft and pipeline vandalism.
The fact is: companies like Saudi Aramco, with which the newspaper tried to benchmark the NNPC Ltd, do not contend with such odds that have very practical implications for crude oil production. The newspaper is only being disingenuous in blaming the nation’s suboptimal crude oil production on inefficiency in the NNPC Ltd when it is common knowledge that the security challenges are not of the company’s making. But even at that, the NNPC Ltd has not fared badly in managing the bad situation to get the results that it has been posting in the past few years. The truth is that the current reality of the NNPC Ltd, in terms of management and performance, does not reflect the picture of mismanagement and inefficiency that the BusinessDay tried to paint in its editorial. The question that arises from all this, which the BusinessDay must answer, is: do companies that have issues with mismanagement of resources and inefficiency make profits as the NNPC Ltd has consistently done in the past three years?
The other issue that has stymied the NNPC Ltd from being an asset to the nation, according to the BusinessDay, is its monopolistic control of the petroleum sector. Supporting its position, the newspapers states: “The corporation’s dominant position as the sole importer of petrol and the primary issuer of import licenses for diesel creates market distortions”. This allegation, coming from a business newspaper like the BusinessDay, is very curious. For the newspaper to state that NNPC Ltd is the “primary issuer of import licenses for diesel” shows how little it knows about the oil and gas industry. It only means that the BusinessDay either does not know the difference between an industry regulator and an operator or it just wants to take its mischief to a ridiculous level, hoping that the public would swallow its lies hook, line, and sinker.
For the avoidance of doubt, NNPC Ltd does not issue import licenses for diesel or any petroleum product for that matter. This is because, NNPC Ltd, as provided in Section 64 of the PIA, is an operator just like any other company that operates in the oil and gas sector, and not a regulator. The PIA makes provision for the establishment of two regulatory agencies in the sector. They are the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The newspaper actually acknowledged these two regulatory agencies in the editorial. But how it came by the idea that the NNPC Ltd issues import licenses to marketers, a clear regulatory function, is really difficult to understand. This, however, goes to show that the newspaper and its editors know very little about the subject matter of their editorial.
On the allegation that NNPC Ltd runs a monopoly in the importation of petrol, here are the facts that the BusinessDay failed to acknowledge in its editorial. When the downstream sector was deregulated on 29th May, 2023, with President Bola Ahmed Tinubu’s declaration that fuel subsidy was gone, every petroleum marketer was automatically empowered to import the product and sell at whatever price(s) they chose. NNPC Ltd only stepped in to close the gap as a supplier of last resort, a role assigned to it by the framers of the PIA to guarantee energy security for the nation. NNPC Ltd did not muscle any marketer out of petrol importation to become a monopoly. Besides, it does not look like the company is making any profit from being the sole importer of petrol which is usually the major objective of monopolists.
In fact, by playing this role of sole importer of petrol at this time when others are not able to import the product, NNPC Ltd has proved to be a huge asset to the nation- much more of an asset than the BusinessDay would want Nigerians and the world to believe!
• Soneye, is the Chief Corporate Communications Officer, NNPC Ltd.

Opinion

The vermin of untamed Social Media use among Nigerian Youths

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The social media
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BY EMUOBOHWO RICHES OGHENEYOMA

With the help of social media, life has become easier through the dissemination of information through platforms like instagram, TikTok, facebook, Snapchat and twitter now renamed X.  Through the help of social media people have been able to learn various skills without going anywhere to acquire them.

Social media technologies appear to have affected many young people’s way of thinking so much that they even take everything as a joke, they do anything just to go viral on social media. Because of what they have watched online they no longer have respect for their elders to the extent that if you are not their parents you cannot correct them. Our youth no longer dress decent because of what they have seen or watched on social media, they want to dress just like their role model on social media. Social media has influenced our youth to embrace immoral dressing. Some influencers on social media, sometimes do not do as they have said online causing problems in the life of our youths.

Social media has led many of our youths into criminal activities like killing their loved ones just to make money and meet up with what they see online, some even start stealing to be able to buy what they see online, some even pressure their parents because they couldn’t afford that lifestyle for them. Our young girls are selling their body to men in order to buy the trending things online like clothes and phones just to meet up with social media trends.

Our youth no longer see their naked pictures and videos trending online as a big deal they even use it as a medium to go viral on social media, some even send their naked pictures to men just for money.

Students no longer take their studies serious because of social media, they want to do the latest trend on social media.  They wake up every morning just to do blog, making them not to perform very well academically. They even sacrifice their night sleep which is not good medically just to watch videos on social media causing damages to their eyes from their phone screen.

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Social media has made some youths to have low self-esteem, they do not have confidence in themselves because of the pressure on social media. Some youth have made attempts to commit suicide because of the pressure in social media.

I know social media has done a lot of things in the society like passing information but we cannot forget the fact that it has done more harm than good to the youths in the society. It is rare  to find well-mannered youth because of the negative impact of social media. Some even start taking drugs because of peer-pressure from social media.

It has therefore become imperative for the various arms of government ans security agencies to put in place a regulatory framework that will checkmate social media abuse among the youths in the country in order to prevent or eliminate the negative consequences.

•  Written by RICHES EMUOBOHWO, a 200 Level Student of Delta State University

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Opinion

Enugu State, Governor Mbah and The Road Revolution

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Enugu Works Commissioner reads riot act to construction firms
Governor Peter Mbah and other functionaries during road project inspection
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By Samson Ezea

There is no meaningful development without infrastructure, and no infrastructure impacts the daily lives of the people more directly than roads. Roads connect communities, drive commerce, reduce travel time, improve security, attract investments, and open up rural areas for economic growth. In Enugu State today, one of the most visible signatures of Governor Peter Ndubuisi Mbah’s administration is the aggressive push in road construction and reconstruction across the state. From urban renewal projects to strategic rural link roads, the administration has continued to redefine the state’s infrastructural landscape.

Recently, I had cause to travel to Nsukka. I began my journey from Independence Layout through the Enugu–Port Harcourt Expressway and passed through Abakpa Junction. What immediately caught my attention was the impressive level of work on the second lane of the Enugu–Onitsha Expressway, which has already been opened for use, as well as the ongoing construction of the flyover bridge at Abakpa Junction.

On getting to Penoks Junction, I became even more excited seeing the extent of the dualisation project stretching from the junction down to the flyover bridge at T-Junction as part of the ongoing dualisation of the Penoks–Opi–Nsukka Road by Governor Mbah’s administration. Unlike in the past, when journeys to Nsukka were stressful and time-consuming, I arrived in less than 40 minutes.

Apart from the already completed sections, construction work is progressing rapidly on other parts of the road, particularly from the Opi Nsukka Junction axis towards Enugu. Just like every other road, Governor Mbah’s administration has constructed and reconstructed in the state, one remarkable feature of the project is the provision of proper drainage systems on both sides of the road to ensure easy flow of erosion and floodwater. This was largely absent on the old road and had contributed significantly to its deterioration over the years.

Beyond eliminating the usual traffic congestion and gridlock associated with the route, the economic benefits and long-term impact of the dualisation of this strategic road cannot be overemphasized. It is a major gateway linking Enugu State to northern Nigeria and other parts of the South-East.

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Also, during the grand finale of the Tomorrow Is Here Movement, the vibrant support group of Governor Mbah’s administration, held at Owo Junction last month, I took time to travel through the ongoing 44.5-kilometre dual carriage road being constructed from scratch from Owo Junction through Ubahu down to Ikem. The road, when completed, will serve as another major access route connecting Enugu State to Northern Nigeria, while opening up several rural communities to development and economic opportunities.

Across Enugu State, from urban centres to rural communities, I have personally driven through several strategic roads either under construction or undergoing rehabilitation by Governor Mbah’s administration, roads I never even knew existed from my undergraduate days in Enugu till date.

Despite the huge backlog of infrastructural deficits inherited from decades of neglect by successive administrations, even before the creation of Enugu State in 1991, Governor Mbah’s administration has performed remarkably well in critical infrastructure development, particularly in roads, schools, hospitals, and related sectors. These projects are gradually transforming the developmental outlook of the state and positioning Enugu as an emerging investment destination.

From the outset, it was obvious that Governor Mbah came prepared for governance. This became even clearer on August 31, 2024, when he commissioned the Enugu State ultra-modern Mega Asphalt Plant, one of the best in the South-East region. The plant was established specifically to tackle the high cost and logistical challenges associated with road construction, especially asphalt production, which constitutes a major component of road projects.

The establishment of this important facility has significantly accelerated the pace and quality of road construction across the state.
Aside from occasional delays caused by the rainy season, most of the roads awarded by the administration are progressing steadily. Importantly, none of the projects awarded by Governor Mbah’s government has been abandoned. Construction activities are ongoing on virtually all of them, earning commendations from residents and indigenes alike.

Even as political activities ahead of the 2027 general elections intensify, with many politicians focusing more on strategies for electoral victory, Governor Mbah appears determined to allow his performance speak for him. This perhaps explains why the administration has continued to award more strategic road projects across the state.
Among the recently flagged-off projects is the 52.2-kilometre Nsukka–Leija–Aku–Akpakumeze–Eke-Ebe Road, inaugurated during the Enugu North Mega Endorsement Rally in May 2026. Other newly awarded projects include:
Beach Junction–Ovoko Afor Road, Nsukka
Enyichiru Barracks Junction Road, Nsukka – 1.2km
Mechanic Road Barracks Junction, Nsukka – 1.15km
Ugwuachara Road, Nsukka – 1.55km
Ezeagu–Umumba–Orie Engine Ebenebe Road – 10.1km
Enugu United Palm Plantation (EUPP) Access Road at Ibite Olo, Ezeagu – 14.5km
Umabi–Umuaga Link Road – 3.6km
Eke Obinagu–Obodo Nike–Umuode–Oruku–Aguikpa–Amaechi Idodo Road – 18.23km
Obodo Ukwu–Inyi Road – 5.6km
Ehuhe–Achi–Umabi Road – 13.05km
Amanpunato Achi–Amoli Road – 16.47km
Altogether, these projects cover over 151 kilometres of roads across different parts of the state.

These are not just ordinary roads; they are economic lifelines. They will boost agriculture, enhance rural commerce, improve access to healthcare and education, reduce travel time, and strengthen connectivity between rural communities and urban centres.
That is why it is amusing to read the propaganda and misinformation being circulated by some sponsored social media hirelings attempting to downplay the achievements of Governor Mbah’s administration in road construction. Their aim may be to score cheap political points ahead of the 2027 elections, but facts remain sacred.
Even to the blind, it is obvious and indisputable that Governor Mbah’s administration has done remarkably well in road construction and reconstruction across Enugu State. The administration has not abandoned any road project awarded so far and continues to initiate new projects despite growing political distractions.

The construction of the Mega Asphalt Plant at the early stage of the administration clearly demonstrated foresight, seriousness, and preparedness to tackle the long-standing challenge of deplorable roads across the state.
However, one undeniable reality remains: the infrastructural decay inherited over several decades is enormous.

Even if Governor Mbah were given another eight years focused solely on road construction, it would still be difficult to completely erase the backlog of dilapidated roads across the state. That is simply the magnitude of neglect accumulated over the years.

Nevertheless, the progress made so far deserves recognition and appreciation. Road construction is highly capital-intensive and requires careful planning, technical expertise, and time to ensure durability and quality delivery. Therefore, development should not only be assessed based on whether roads in one’s immediate community have been reconstructed. Governance must be viewed from a broader perspective.

In all fairness, Governor Peter Mbah’s administration has shown commitment, vision, and determination in addressing Enugu State’s infrastructural challenges. The ongoing road revolution across the state is not merely about laying asphalt; it is about opening up communities, stimulating economic growth, improving the quality of life of the people, and laying a solid foundation for future generations.

Indeed, the roads are speaking for the administration.

• Ezea writes from Independence Layout, Enugu State

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Business

Amukpe-Escravos pipeline and the real cost of ignoring current value, By Sufuyan Ojeifo

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Nigeria’s oil infrastructure has a habit of telling uncomfortable truths. Not just about barrels and flow rates, but about how a country chooses to value what it cannot afford to lose, and what it risks when it gets that calculation wrong.

Take the Amukpe-Escravos Pipeline, for example. A syndicate of lenders, led by Sterling Bank, is pushing back against efforts to revive a collapsed transaction involving a 40% stake in the asset. Their argument is not complicated. It is rooted in numbers and contractual discipline.

To be clear, a deal that fell apart in 2024 is being reconsidered using a valuation from that same year. However, since then, the asset has proved its worth. Independent assessments now place that stake closer to $600 million. The earlier benchmark sits far below that. The gap is not cosmetic. It is material. And if left unaddressed, it becomes a cost.

The original $243 million offer did not collapse by accident. It was terminated in October 2024 after Conpurex Limited failed to meet payment obligations, breached key terms, and sought to shift risk back to the seller. By the time the Technical Committee closed the process, confidence had already drained out of it. That much is settled.

Ordinarily, that should have been the end. Instead, there are moves to return to a September 2025 approval linked to that same process. The lenders describe this as an administrative carryover. Their response is simple. Start again. Set aside the old approval. Bring in an independent adviser. Return the asset to the market and let current value speak.

What is striking is not just the position itself, but how unusual it sounds in the Nigerian context. In a system where strategic assets have too often travelled through corridors of convenience, an insistence on valuation and process can sound almost rebellious. It should not be so.

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Because this is not entirely about one pipeline. It is about whether a terminated deal remains terminated. Whether contracts still mean what they say. Whether performance counts for anything once the paperwork has been filed away. And, crucially, who bears the cost when value is ignored.

The numbers, as always, are blunt. A 2025 independent valuation, referenced in the March 2026 edition of Africa Oil+Gas Report, places the 40% stake at a mid-case of $372 million, a high case of $544 million, and an upside of $641 million. These are not speculative figures. They reflect an asset that has quietly done its job in a difficult environment.

With a capacity of 160,000 barrels per day and uptime consistently above 95%, the Amukpe-Escravos Pipeline has become one of the more reliable evacuation routes in a system where reliability is often in short supply. While other corridors struggle with theft and disruption, this one works.

That fact matters a great deal. Because when an asset proves itself under pressure, its value does not stand still. It moves. To price it as though nothing has changed is not just a technical choice. It is a financial one. And every financial choice has consequences.

It says performance can be ignored. It says time does not count. It says administrative continuity can outrun economic reality. To be fair, the earlier process gave enough warning signs. Lenders questioned the assumptions. Coordination was weak. When Continental Oil and Gas stepped back, Conpurex entered without a clean transition and soon began to reopen settled terms, shifting obligations and introducing new conditions that unsettled the commercial balance. The eventual termination was not dramatic. It was inevitable.

What unsettles stakeholders now is the possibility that a process that ran its course may still shape the outcome. If a concluded transaction can reappear without a clear restart, the line between closure and continuity begins to blur. Once that line blurs, contractual uncertainty follows. And when certainty weakens, serious capital takes notice.

This is where the issue widens beyond the pipeline itself. Back in March, Africa Oil+Gas Report described the Amukpe-Escravos matter as no longer just a transaction story, but a test of how Nigeria governs, values, and safeguards strategic oil infrastructure. That reading feels even more relevant now.

Because what is at stake is not simply who acquires a stake in a pipeline. It is how the country signals to those willing to invest in its most critical assets. It is about whether value is recognised only in theory, or protected in practice. It is about whether losses are acknowledged, or quietly absorbed.

The lenders’ position is often described as resistance. It is better understood as discipline. Reset the process. Revisit the approval. Bring in independent oversight. Return the asset to the market through a transparent and competitive process that reflects present realities. Ensure capable counterparties. Align all stakeholders.

These are not extravagant demands. They are the basics. Nigeria has seen too many assets drift from promise to regret. Too many structures that once worked reduced to cautionary tales. When something works, when something proves resilient in a difficult system, the least that can be done is to treat it with the seriousness it has earned.

Moments like this do not announce themselves as turning points. They arrive quietly, dressed as routine decisions.

But they reveal everything. For an economy seeking disciplined capital and trying to rebuild confidence, the signal matters. Let the process be reset. Let valuation reflect reality. Let the outcome show that when Nigeria recognises value, it also knows how to protect it, and what it stands to lose when it does not.

Until then, the lenders’ position stands as a reminder that in a system where too much has been taken for granted, some lines are too important to be crossed and must be held.

● Sufuyan Ojeifo publishes THE CONCLAVE online newspaper.

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