Economy

Group To Tinubu: Sack NNPCL GCEO for Sabotaging National Assets

Published

5 months ago

July 1, 2025

A civil society organization, the Coalition of Nigerian Patriots for Good Governance, has reiterated its demand for the immediate removal of Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL). The coalition accuses him of orchestrating systemic sabotage of national assets and engaging in blatant abuse of office.

This announcement was made during a press conference in Abuja on Tuesday, led by National Coordinator Comrade Ibrahim Musa. He emphasized that the concerns raised by the coalition are shared by other civil society organizations, concerned workers, and transparency advocates who are alarmed by what they describe as the reckless actions of the NNPCL CEO.

They are accusing Ojulari of championing the following: the suspicious shutdown of Nigerian refineries; a grand plot to privatize and sell NNPCL to cronies; diversion of crude to illegal local refineries; mass resignations and a toxic work environment and; undermining the President’s national objectives.

The group demanded President Bola Ahmed Tinubu to immediately sack Bayo Ojulari as Group CEO of NNPCL; launch investigation into the ₦5.7 billion shady consultancy contract awarded under his leadership to Haske and for the EFCC to invite and probes all parties involved in the Kigali retreat scandal, including estacode fraud, use of five private jets, and outrageous waste of public funds.

The statement reads:
“Barely weeks after his appointment, Ojulari’s leadership has been characterized by impunity, secrecy, and destructive policies that threaten to derail the gains of the Renewed Hope Agenda and frustrate the tireless efforts of Mr. President in repositioning Nigeria’s oil and gas sector for sustainable growth and economic recovery.”

“THE SUSPICIOUS SHUTDOWN OF NIGERIAN REFINERIES: “We question, in the strongest terms, the irrational and suspicious shutdown of our national refineries by Mr. Ojulari, barely 24 hours after he assumed office on May 24th, 2025.

“Let it be on record that millions of taxpayers’ money has been invested in the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries, with several reports confirming that some of these refineries had started test-running and were functional. Yet, Mr. Ojulari, without recourse to stakeholders, and any official technical audit, allegedly ordered a shutdown of the facilities. This action is anti-people, anti-progress, and targeted at undermining President Tinubu’s goal of achieving energy self-sufficiency and reducing fuel imports.”

The coalition also alleged an attempt by Ojulari to deliberately devalue the NNPCL to pave the way for what it called a rushed and questionable privatisation process.

“It is now an open secret within the industry that Mr. Ojulari has an agenda to deliberately demarket NNPCL to justify a hurried and shady privatisation process. We have credible information that buyers have already been lined up — cronies and proxies — waiting to acquire our national oil assets at giveaway prices. In the event he fails to privatise, Mr. Ojulari’s backup plan is to (allegedly) fabricate a bloated repair cost and demand billions to ‘refix’ already working refineries. This is nothing short of economic sabotage and institutional capture.”

“This is a deliberate effort to sabotage the national refining effort and enrich private interests.This diversion must be investigated. We therefore call for an independent inspection by a team of credible, external engineers — including COREN and refinery experts — to verify the true operational state of the refineries and to determine if there was ever a genuine reason to shut them down.”

The group also emphasized what it described as a brain drain at the NNPCL under Ojulari’s leadership, citing the recent resignations of senior officials, including the Group Chief Operating Officer, Mr. Roland.

“Under Ojulari’s leadership style, NNPCL is bleeding talent. Over the past two weeks, several senior officials have resigned, including Group Chief Operating Officer, Mr. Roland, and other key department heads. Worse still, Ojulari (allegedly) frequently drops President Tinubu’s name, claiming he is untouchable and above scrutiny because he is “the President’s man.” This is not only false but also a disgraceful abuse of privilege. We know that President Tinubu is not a corrupt man and would never support or protect such conduct.”

The coalition warned that the NNPCL’s current trajectory was undermining national economic objectives.

“It is on record that President Tinubu has made it a national priority to raise Nigeria’s crude production from 1.6 million barrels per day to 3 million barrels per day. However, under Ojulari’s command, NNPCL is headed in the opposite direction — from transparency to secrecy, from performance to decay. Ojulari’s mismanagement is clearly undermining the bold reforms and credible image President Tinubu is trying to build both locally and internationally.”

In response, the coalition issued a series of demands to the Presidency and relevant authorities:

“We call on President Bola Ahmed Tinubu to immediately sack Bayo Ojulari as Group CEO of NNPCL. His continued stay in office is a threat to Nigeria’s energy security, oil sector reform, and economic recovery. We demand a full investigation into the ₦5.7 billion shady consultancy contract awarded under his leadership…

“We demand that EFCC invite and probe all parties involved in the Kigali retreat scandal, including estacode fraud, use of five private jets, and outrageous waste of public funds.

“We request the intervention of the National Assembly and COREN to immediately launch an independent technical audit of the nation’s refineries and expose the lies surrounding their shutdown. We urge the presidency to clean up the NNPCL, restore staff morale, and bring back professionalism, transparency, and patriotism.”

Economy

JUST IN: FG Halts Planned 15% Import Duty on Petrol, Diesel

Published

2 weeks ago

November 13, 2025

Our Reporter

By: Fabian Apechihin

The Federal Government has suspended the planned implementation of a 15 percent import duty on petrol and diesel.

This was disclosed on Thursday by George Ene-Ita, Director of Public Affairs at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), who urged Nigerians to avoid panic buying.

President Bola Tinubu had earlier, on October 29, approved the imposition of the tariff following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji. The approval, conveyed in a letter signed by the President’s Private Secretary, Damilotun Aderemi, was intended to take effect from November 21, 2025.

The proposed policy sought to impose a 15 percent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel. It was aimed at supporting domestic refineries — such as the Dangote Refinery and modular plants — by making imported fuel less competitive. However, experts cautioned that the move could lead to an increase of up to ₦150 per litre in pump prices and further fuel inflation and transportation costs.

In its latest update, the NMDPRA confirmed that the import duty is no longer under consideration.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) is no longer in view,” the Authority stated.

The agency further assured the public of adequate fuel availability across the country, noting that national stock levels remain within the required sufficiency threshold.

“There is a robust domestic supply of petroleum products — including PMS, AGO, and LPG — from both local refineries and imports, ensuring timely replenishment of depots and retail stations,” the statement added.

NMDPRA cautioned marketers against hoarding, panic buying, or arbitrary price increases, emphasizing that it will continue to monitor the market to prevent any disruption in supply.

“While appreciating the efforts of stakeholders in maintaining smooth and uninterrupted supply, the public is assured of NMDPRA’s commitment to safeguarding national energy security,” the statement concluded.

Economy

FGN, Sign $400m Deal To Boost Local Steel Production

Published

1 month ago

October 29, 2025

Our Reporter

From Hassan Taiye

The Federal Government of Nigeria, FGN, through the Ministry of Steel Development, has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited.

Stellar Steel Company Limited is a steel-manufacturing enterprise established to operate in Nigeria, with major investment backing from Chinese parent groups: Galaxy Group and RSIN Group based in Fuzhou, Fujian Province, China.

The company has committed approximately US$450 million for a steel plant project in Ogun State, Nigeria, scheduled to begin operations by mid-2026.

This landmark partnership is aimed at revitalising Nigeria’s steel industry and reducing the nation’s dependence on imported steel products, according to a statement signed by the the Principal Information Officer, PIO, Ijomah Opia, for the director, Information and Public Relations in the ministry.

The agreement, signed in Abuja, on Tuesday 28th October, 2025 will see Stellar Steel invest $400 million in the construction of a modern Steel Plant in Ewekoro, Ogun State. The project will be developed in three phases, with the first phase expected to begin production by 2026.

The Minister of Steel Development Prince Shuaibu Abubakar Audu signed the agreement when he hosted Mr Li, President of Inner Galaxy Group and other members of the Stellar Steel Company Limited in the Ministry’s Headquarters in Abuja.

According to Prince Audu, the collaboration aligns with the federal government’s goal of achieving 10 million tonnes of crude steel production per annum by 2030, a major step toward industrial self-reliance and economic diversification.

The minister further stated that the Federal Ministry of Steel Development would facilitate policy and infrastructure support, including inclusion of Stellar Steel’s logistics projects in the National Infrastructure Plan and access to available fiscal incentives.

Highlights of the cooperation includes the followings:

1.Development of a localised iron ore supply chain to reduce import dependence and save over $1 billion in foreign exchange annually.

Creation of more than 2,000 direct and 20,000 indirect jobs across the steel value chain.
Promotion of green steel production using clean and energy-efficient technologies.
Strengthening of Nigeria’s position as a regional steel manufacturing hub in West Africa.

Audi also said that in return, Stellar Steel would prioritise local recruitment and training, partnering with Nigerian universities to build technical and managerial expertise in steel production.

Prince Shuaibu emphasised that this strategic cooperation marks a new era for Nigeria’s steel industry and demonstrates the government’s commitment to sustainable industrial growth and economic transformation.

In his remarks the leader of the delegation, Mr Li assured the minister that Stellar Steel would respect all agreements reached and would ensure the completion of the project in record time and assured that all safety standards will be observed.

Mr Li was accompanied during the visit by Mr You Xiastian, Vice Chairman of RSIN Group, Mr Jackie Den, Vice President of Inner Galaxy Group and Mr Yin, Director of RSIN Group.

He recalled that the Minister of Steel Development, Prince Audu, performed the groundbreaking ceremony of the Steel Plant in Ogun State sometime in April, 2025.

Speaking at the signing, representatives of both parties emphasised that the partnership would strengthen Nigeria’s industrial base, create jobs, and foster technology transfer in the sector.

Economy

EU Delegation Strengthens Ties with Nigerian Senate

Published

1 month ago

October 29, 2025

Our Reporter

From Hassan Taiye

A high-level delegation from the European Union (EU) Parliament’s Foreign Affairs Committee, led by Mr. David McAllister, paid a courtesy visit to the Nigerian Senate today October 28, 2025.

“We are here to deepen our understanding of the situation in West Africa and strengthen our partnership with Nigeria,” McAllister said.

Senate President Godswill Akpabio welcomed the delegation, emphasizing Nigeria’s strategic partnership with the EU. “Nigeria is committed to strengthening ties with the EU, highlighting areas of mutual interest, including security, trade, and governance,” Akpabio said.

The delegation, comprising Ambassador Greta Mylott, EU Ambassador to Nigeria and ECOWAS, Miss Zelaya Zorko, Miss Mata Tamido, Sebastian Tankman, General Christophe Gomart, and Sebastian Buharo, is undertaking a comprehensive tour of West Africa, with stops in Nigeria and Ghana.

During the visit, Akpabio shed light on the challenges facing female representation in Nigeria’s parliament. “Women often vote for male candidates, making it difficult for female candidates to win elections,” he noted.

“The Senate is exploring innovative solutions, including constitutional amendments, to boost female participation in the legislative process, with support from organizations like the Black Women’s Forum.”

The EU delegation’s visit aims to foster greater understanding and cooperation between the EU and Nigeria, addressing shared concerns, such as terrorism, climate change, and economic development.

“The EU is committed to supporting Nigeria’s development efforts,” McAllister assured the Senate, emphasizing the bloc’s interest in seeing a stable, prosperous, and democratic Nigeria.

Their visit also includes participation in the forthcoming International Islamic Conference on Security and Governance in West Africa and the Sahel, scheduled for November 4-6, 2025 at ECOWAS Commission.

Akpabio expressed optimism about the potential for enhanced cooperation, highlighting Nigeria’s readiness to work with the EU to address common challenges.