#BBB NEWS| Fuel At N145/Liter No Longer Sustainable - NNPC

Former and present Group Managing Directors of the Nigerian National Petroleum Corporation have expressed fears that the current pump price of N145 per litre is no longer feasible.

They said the amount does not correspond with the price-determining components of the commodity and the fluctuations of the foreign exchange rate.

They stated this after a one-day meeting they held with the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja.

The NNPC in its statement said, “They (the GMDs) noted that the petrol price of N145/litre is not congruent with the liberalisation policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority charges, etc remaining uncapped.”

#BBB NEWS| Buhari Appoints Emmanuel Kachikwu As New NNPC Managing Director [PHOTO]

Earlier today Emmanuel Ibe Kachikwu of Onicha-Ugbo, Delta State became the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC).

According to a statement by the Special Adviser for Media and Publicity to the President, Mr. Femi Adesina, Mr. Kachikwu who was formerly the Executive Vice Chairman and General Counsel of Exxon-Mobil (Africa), will take over from Joseph Dawha whose current tenure as the GMD expired on July 29th, 2015.

Mr. Kachikwu is a graduate of law from the University of Nigeria, Nsukka and the Nigerian Law School. He also holds a masters and doctorate degree in law from the Harvard Law School.

Adesina’s statement also noted that President Buhari has approved the appointment of Umaru Danbatta as the new Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission, NCC.

#BBB NEWS| PUNCH: NNPC Must Die, Says El-Rufai

The NNPC (Nigeria National Petroleum Corporation) must die!” These were the words of the Governor of Kaduna State, Mallam Nasir el-Rufai, in Abuja on Monday.

A visibly angry el-Rufai, while speaking at the 7th Wole Soyinka Centre Media Lecture Series, lambasted the national oil firm for being run like a parallel government, adding that he was hopeful that the current administration of President Muhammadu Buhari would “kill” the corporation.

The governor called for the setting up of another national oil firm as he argued that the present NNPC would kill Nigeria if it was allowed to continue running.

“If you don’t kill the NNPC, it will kill Nigeria,” el-Rufai said.

According to him, the oil firm is riddled with corruption and until it is destroyed completely and rebuilt from the scratch, there will be no headway for Nigeria.

#BBB NEWS| REVEALED: “In Three Years, NNPC Generated N8.1 Trillion, Gave Nigeria N4.3 Trillion, Pocketed The Balance”

The Nigerian National Petroleum Corporation, NNPC, generated about N8.1trillion between 2012 and May 2015, but paid only N4.3trillion to the federation account, Edo State governor, Adams Oshiomhole, said Monday, citing new details from the federal economic council meeting.

The balance of the oil money — about N3.8trillion — was withheld and spent by the NNPC unilaterally without approval or National Assembly appropriation, the governor told journalists.

Also, the governor confirmed at the meeting that from November 2014, about $2.1billion was withdrawn from the excess crude account without the approval of the National Economic Council, NEC.

Mr. Oshiomhole, who, alongside the governors of Kaduna state governor, Nasir El-Rufai, and Zamfara governor, Abdulazeez Yari, briefed journalists, said following the discovery, the NEC has set up a four-member committee to comb the books of the NNPC to confirm its remittances and how the excess crude account was utilized.

#BBB NEWS| Alison-Madueke: NNPC Has Started Refunding Unremitted $1.48bn

The Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, on Wednesday disclosed that the Nigerian National Petroleum Corporation has started refunding the $1.48bn unremitted fund into the Federation Account as recommended by an audit firm, PriceWaterHouse Coopers.

She however did not disclose how much has for far been refunded by the corporation.

She also denied reports that she was seeking the assistance of some highly-placed persons in order to escape prosecution for alleged corruption from the incoming administration of the President-elect, Muhammadu Buhari.

Alison-Madueke spoke with State House correspondents at the end of the weekly meeting of Federal Executive Council at the Presidential Villa, Abuja.

It will be recalled the Federation Account Allocation Committee had on Monday night constituted a committee to find out the reasons for the delay in the refund of the sum.

#BBB NEWS| Six Countries Turn Down Petroleum Minister Alison-Madueke’s Asylum Request, BCA Report Says

No fewer than six countries have already refused to grant an asylum request by the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, the Business Council for Africa (BCA) said in its just-released monthly report, noting that about US$ 1 trillion is the latest estimated figure of the looting of the Nigerian treasury between 1960 and 2005 alone.

The report, dated March 2015, focused extensively on Nigeria’s general elections.  It said the notorious Minister, whose impunity is known to have been closely-protected by President Goodluck Jonathan, will be coming under the microscope for the first time in her Ministerial career.

“Given her reputation, it comes as no surprise to learn that 6 countries have already refused to grant her asylum to live in their countries as she now wishes to leave Nigeria at the earliest possible opportunity,” it said.