Oil and Gas
NNPC records N211. 62bn from products sales in February – Report
The Nigerian National Petroleum Corporation (NNPC) says it recorded ₦211.62 billion sale of white products in February.
The corporation disclosed this in its Monthly Financial and Operation Report (MFOR), released in Abuja on Tuesday. adsbygoogle || []).push({}); js">
The white products are Kerosene, Diesel and Premium Motor Spirit (PMS), also known as petrol.
The sales, it said, were made by the Petroleum Products Marketing Company (PPMC), the corporation’s downstream subsidiary company in charge of bulk sales and distribution of petroleum products.
It noted that the ₦211.62billion figure was significantly higher compared to the previous month’s record, which stood at ₦151.79billion.
It also indicated that total revenues recorded from the sales of white products for the period, February 2019 to February 2020, stood at about ₦2.6 trillion.
According to the report, petrol contributes about 98.06 per cent of the total sales value of about ₦2.5trillion.
The report stated that about 1.7billion litres of white products were sold and distributed by PPMC in the month of February compared with about 1.2 billion litres sold in January.
“This comprised about 1.7 billion litres of PMS and 1.09million litres of AGO.
“Also, there was sale of 0.01million litres of special product, Low Pour Fuel Oil (LPFO) in the month.
“Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21billion litres, and PMS accounted for 20.8billion litres or 98.73 per cent,” it said.
The report further noted that during the period under review, a total of 32 pipeline-points either malfunctioned or were vandalised.
This, it said, represented about 47 per cent decrease from the 60 points recorded in January.
“These comprised of 22 pipeline breaches, eight weld failures and two pipeline ruptures.
“Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent, and all other routes accounted for the remaining 6 per cent,” it said
On natural Gas off-take, commercialisation and utilisation, it noted that out of the 241.74 Billion Cubic Feet (BCF) of gas supplied in February, 146.54BCF was commercialised.
This consist of 35.83BCF and 110.71BCF for the domestic and export market respectively.
The report noted it translated to a total supply of 1,235.56 million Standard Cubic Feet per day (mmscfd) of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month.
The report further said that 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064MW, compared with January, when an average of 640mmscfd was supplied to generate 2,683MW.
The report also indicated an increased trading surplus of ₦3.95billion compared to the ₦1.87billion surplus posted in January.
The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company (NGC), as a result of its low expenses put at over 100 per cent.
Other reasons cited in the report for the increased trading surplus were the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters. (NAN)
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- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Former EFCC Chairman Abdulrasheed Bawa Justifies PMS Subsidy Removal in a New Book
By AbdulRahman Obaje
The Former chairman of Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has justifies the removal of Petroleum Motor Spirit (PMS) by the current administration of President Bola Ahmed Tinubu in his new explosive book on Nigeria’s fuel subsidy fraud.
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Bawa, in his groundbreaking new book titled ‘The Shadow of Loot & Losses: Uncovering Nigeria’s Petroleum Subsidy Fraud’., give a powerful exposé providing the most authoritative account yet of Nigeria’s multi-trillion-naira fuel subsidy scandal, exposing the inner workings of one of the country’s most pervasive financial crimes.
In the book published by CableBooks, an imprint of Cable Media & Publishing Ltd, Bawa Drawing from his firsthand experience as a key investigator on the EFCC’s special team that probed the 2012 subsidy fraud, reveals the staggering scale, complexity, and audacity of the schemes used to siphon public funds under the guise of fuel subsidy payments. His insider narrative chronicles how billions of naira were recovered and several culprits brought to justice, while also shedding light on how entrenched corruption allowed the fraud to flourish for years.
He details multiple fraudulent strategies as ghost importing and over-invoicing whereby Companies submitted claims for fuel that was never imported or inflated shipment volumes to receive excessive subsidy payouts.
Manipulation of bills of lading which is By altering shipping documents, fraudsters exploited international price fluctuations to claim higher subsidies.
Round-tripping and double claims whereby Single shipments were often used to obtain multiple subsidy payments.
He further revealed that there was also the problem of diversion and smuggling whereby subsidised fuel was frequently diverted to black markets or smuggled out of Nigeria for profit.
In a statement, Bawa said, “The Shadow of Loot & Losses is not just a chronicle of fraud, it is a call to action — a demand for transparency, accountability, and reform in Nigeria’s public finance management, especially in the oil sector.”
These practices, Bawa explains, were enabled by forged documents, weak regulatory oversight, and systemic collusion between corrupt government officials and private sector actors.
Having served as EFCC chairman from 2021 to 2023, Bawa brings rare credibility and insight into the institutional challenges and political dynamics that have shaped the anti-corruption fight in Nigeria. His book is both a revelation and a reckoning — offering evidence-based analysis and personal reflections on one of the most controversial chapters in Nigeria’s recent history.
President Bola Ahmed Tinubu had announced removal of fuel subsidy during his inauguration speech citing that the economy can no longer sustain it.
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Oil and Gas
Nigeria’s Oil Production Reaches 1.53m bpd in January, Meets OPEC Quota
By AbdulRahman Obaje
For the first time since it was set for the 2024 period, Nigeria has met the Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd.
According to OPEC’s monthly oil market report, Nigeria’s crude oil production reached an average of 1.
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The report explained that the country’s production increased by 3.6% from December’s output of 1.48 million bpd. This development solidifies Nigeria’s position as Africa’s largest oil producer, surpassing Algeria, which produced 907,000 bpd in January.
Vangaurd reports that the quota, initially set in November 2023, was extended to 2026 due to Nigeria’s struggles to meet the target in 2024. However, the recent increase in production indicates a positive turnaround.
OPEC gathers oil production data from two sources: direct communication with Nigerian officials and secondary sources such as energy intelligence platforms. While direct figures confirm that Nigeria met its quota, secondary sources report a slight decline of 2% in January to 1.49 million bpd from 1.52 million bpd in December.
The report also highlights that Nigeria’s oil production is expected to rise further as the Dangote Refinery nears full capacity. Once fully operational, the refinery will process 650,000 barrels of crude daily, potentially stabilising petroleum supply and lowering fuel prices.
“…the oil sector remains central to the economy, and the Dangote Refinery reaching full production capacity should help stabilize the petroleum product supply and possibly lower petrol prices,” OPEC said.
On February 10, Edwin Devakumar, Vice-President of Dangote Industries Limited, stated that the refinery is expected to reach full operations within 30 days. Meanwhile, Minister of State for Petroleum Resources (Oil).
Heineken Lokpobiri reaffirmed the federal government’s plan to increase crude oil production to three million barrels per day by 2025.
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Oil and Gas
Dangote Crashes Ex-depot Petrol Price to N890 Per Litre
By Our Reporter
The Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, February 1, 2025.
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The Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, Mr Anthony Chiejina, said this in a statement on Saturday.
Chiejina said that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
The News Agency of Nigeria (NAN) quoted Chiejina as saying that this latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.
Chiejina said with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide,” he said.
He said the reduction would drive down the prices of goods and services as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.
The refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.
Dangote refinery reiterated its support for the economic revival spearheaded by President Bola Tinubu.
According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
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