In a strategic move aimed at bolstering Nigeria’s energy landscape, the Nigerian National Petroleum Company Limited (NNPC) has announced several high-profile appointments, enhancing both upstream and downstream operations. In a statement released on Wednesday night by Chief Corporate Communications Officer, Olufemi Soneye, the Board of Directors highlighted these changes as crucial steps toward reinforcing operational excellence, financial sustainability, and global competitiveness within the organization.
Key Appointments in NNPC Leadership
These appointments mark a new era for NNPC, aligning with its mission to establish a unified and skilled leadership team. Among the key announcements are the following:
Mr. Adedapo A. Segun assumes the role of Chief Financial Officer (CFO) following a distinguished tenure as the Executive Vice President, Downstream. Segun’s financial acumen and strategic insight are expected to drive NNPC’s financial operations towards heightened efficiency and robust fiscal management.
Mr. Isiyaku Abdullahi has been promoted to Executive Vice President (EVP), Downstream. Abdullahi brings a wealth of experience and a proven track record within NNPC, set to enhance downstream operations and strengthen partnerships in refining, distribution, and commercial activities.
Mr. Udobong Ntia steps into the role of Executive Vice President (EVP), Upstream, where his expertise will be pivotal in overseeing upstream exploration and production activities. Ntia’s focus will be on driving exploration efficiency and maximizing Nigeria’s petroleum reserves to align with the country’s energy security objectives.
Soneye emphasized, “These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organization’s strategic objectives.”
Recognizing the Service of Outgoing Executives
In addition to these appointments, the Board expressed its gratitude to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their significant contributions and dedication to NNPC’s mission. Their leadership and commitment to the growth of Nigeria’s energy sector have left a lasting impact, furthering NNPC’s legacy as a national petroleum giant.
A Renewed Vision for Operational Excellence and Global Competitiveness
NNPC remains steadfast in its pursuit of operational excellence, a goal which these appointments are set to strengthen. Under its new leadership, NNPC aims to enhance financial sustainability and ensure that it remains globally competitive, meeting the evolving demands of the oil and gas industry. In addition, NNPC continues to prioritize the interests of the Nigerian public, placing transparency and accountability at the forefront of its operations.
As Nigeria continues to adapt to an evolving energy market, these leadership changes underscore NNPC’s dedication to driving long-term value in the petroleum sector, not only for the organization but for the nation as a whole.
In a move to address the economic strain faced by Nigerians, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns about the pricing of petrol produced by Dangote Refinery. According to PETROAN’s spokesperson, Joseph Obele, the refinery’s current petrol pricing model is problematic, given the reduction in production costs to below N600 per liter. This decrease is largely due to the Federal Government’s “crude-for-naira” concession granted to Dangote Refinery, which has effectively minimized the input costs of crude oil for the facility.
A Call for Localized Pricing: Why International Market Rates Aren’t the Answer
The Dangote Refinery has positioned its petrol prices at international market levels, asserting that global rates should dictate domestic pricing. Obele and other industry stakeholders argue that this approach is both economically and ethically flawed. “The dynamics and the effects of the international market and Nigeria are not the same,” he emphasized during a recent broadcast on Nigeria Info FM 99.3. He believes that Dangote should price petrol based on local production costs plus a reasonable profit margin, rather than indexing it to global rates.
Nigeria, as an emerging market with significant socio-economic challenges, is vastly different from other nations where pricing policies are often guided by international norms. With high inflation and low minimum wages, setting petrol prices at international rates imposes unnecessary hardship on Nigerian citizens and businesses. The decision to adopt this pricing template fails to acknowledge the economic realities of Nigeria, where affordable energy is not just a commodity but an essential factor in daily life and economic growth.
Substantial Government Concessions Demand Consumer-Friendly Pricing
The Nigerian government has extended several generous concessions to Dangote Refinery over the course of its establishment. Not only has it received crude at significantly reduced rates, but it also benefited from foreign exchange concessions that were far more favorable than the official rate. These extraordinary supports were intended to foster a refinery that would drive affordable energy for Nigerians, ultimately providing relief from the high import-based fuel prices.
Joseph Obele criticized Dangote Refinery’s decision to overlook these benefits in its pricing model. “In a country where inflation is high and the minimum wage is poor,” he argued, “it is wrong for Dangote to base our petrol buying rate on the international market.” The concessions granted by the government signal a responsibility to prioritize Nigerian consumers in price-setting, aligning with national economic policies that aim to keep living costs manageable.
Economic Relief for Nigerians: An Immediate Need
The high cost of petrol affects every sector in Nigeria, as transportation, manufacturing, and goods prices are all tied to fuel costs. Reducing petrol prices to reflect lower production costs would create a ripple effect, potentially easing inflationary pressures and enhancing purchasing power for Nigerian households and businesses. In turn, this could foster a more stable economic environment, supporting growth and development across various sectors.
PETROAN’s stance reflects a growing call among industry players and consumers alike: that Dangote Refinery, having benefited significantly from local resources and concessions, must adjust its petrol pricing to meet local economic needs. The path forward, according to Obele, is clear. “Dangote should not have fixed his price on the international market,” he emphasized. “He should have fixed his price on cost of production plus the margin.”
Conclusion: An Opportunity to Set a New Standard
By aligning petrol prices with local production costs, Dangote Refinery has the opportunity to set a precedent in the oil and gas industry for pricing that respects both economic principles and social responsibility. Such a decision would underscore the refinery’s commitment to contributing to Nigeria’s economic resilience and could serve as a powerful example for other stakeholders in the sector.
As PETROAN and other industry players continue to advocate for this change, all eyes are now on Dangote Refinery to see if it will respond to these calls for a price adjustment that reflects the true cost of production and acknowledges the concessions it has received. A shift in this direction could mark a significant step toward a more stable, sustainable, and consumer-friendly fuel market in Nigeria.
By Olaitan Olutimehin Date: Tuesday, November 12, 2024
In a significant development for Nigeria’s petroleum industry, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has reached an agreement with Dangote Refinery for the direct supply of fuel, bypassing the Nigerian National Petroleum Company Limited (NNPCL) as an intermediary. This move, announced by IPMAN National President, Abubakar Garima, on Monday, November 11, 2024, is expected to streamline fuel distribution across Nigeria and ensure a more efficient and cost-effective delivery to IPMAN’s depots and retail outlets.
“We’re pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS (Premium Motor Spirit), AGO (Automotive Gas Oil), and DPK (Dual-Purpose Kerosene) directly for distribution to our depots and retail outlets,” Garima stated, as reported by Oil & Gas Trends Magazine. The landmark deal marks a new chapter in the relationship between IPMAN and the Dangote Group, aiming to reduce bottlenecks and improve the availability of fuel across Nigeria.
Background and Industry Tensions
This agreement follows recent tensions within the industry, where IPMAN and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PETROAN) raised concerns over pricing. Both organizations accused Dangote Refinery of setting higher prices for locally refined fuel compared to the costs of imported alternatives. Such discrepancies had sparked frustration among independent marketers who have long advocated for direct access to domestically refined products to stabilize pricing and ensure fair competition.
In response to the allegations, Dangote Refinery issued a statement on Sunday, with Group Chief Branding and Communications Officer, Anthony Chiejina, addressing what he described as “misinformation” in the media. “We had lately refrained from engaging in media fights, but we are constrained to respond to the recent misinformation being circulated,” Chiejina said, emphasizing the company’s commitment to transparency and a fair pricing strategy.
Implications of the Agreement for the Petroleum Sector
Industry analysts see the agreement as a pivotal step that could significantly impact Nigeria’s oil and gas sector. Direct loading from Dangote Refinery to IPMAN eliminates the NNPCL’s involvement in distribution, potentially reducing administrative delays and logistics costs. For consumers, this could translate to more stable fuel prices at the pump and increased accessibility in both urban and rural areas.
IPMAN’s Garima expressed optimism that the direct supply arrangement would yield positive results for Nigeria’s downstream petroleum sector. “Our partnership with Dangote Refinery represents a significant shift toward a more accessible and economically viable distribution network,” Garima added, emphasizing the anticipated benefits for the end consumer.
Future Outlook
This agreement could set a precedent for future collaborations between local refiners and independent marketers, fostering a more competitive environment within Nigeria’s oil and gas industry. As Dangote Refinery scales its operations and expands capacity, direct partnerships with associations like IPMAN could bolster Nigeria’s path toward energy self-sufficiency and reduce dependence on imported fuels.
Observers await further developments as IPMAN begins direct loading operations from Dangote Refinery in the coming weeks. If successful, this collaboration may serve as a model for the industry, illustrating how streamlined partnerships between refiners and marketers can stabilize Nigeria’s fuel market and ensure a steady supply across the nation.
Abuja, Nigeria – November 12, 2024 In a major shift for Nigeria’s energy sector, the Nigerian National Petroleum Company Limited (NNPCL) has announced that it has ceased all fuel importation, transitioning to sourcing from local refineries, including the newly operational Dangote Refinery. This development marks a significant milestone in Nigeria’s drive for energy self-sufficiency, reducing dependence on imported refined petroleum products.
At a press briefing on Tuesday, NNPCL’s Group Managing Director (GMD), Mr. Mele Kyari, expressed the company’s commitment to supporting domestic refineries and emphasized the strategic importance of the new partnership with the Dangote Refinery. “Today, NNPC does not import any product; we are taking only from domestic refineries,” Kyari stated, noting the value of strengthening local refining capacity.
The Group Chief Executive Officer, Mele Kyari elaborated on NNPCL’s investment in the Dangote Refinery, affirming the mutual benefits of this collaboration. “We are very proud part-owners of Dangote refinery, no doubt about it. We saw an opportunity that there is a clear market for at least 300,000 barrels of our production,” Kyari explained. “We know that as time moves on, people will start struggling to find markets for their production. It will happen; it’s already happening.”
The GMD highlighted that this shift from international suppliers to local sources was a deliberate business decision, made with an eye on long-term supply security and economic stability. “Oil is found, as you know, in many unexpected locations across the world, and people have choices. Therefore, we saw an opportunity to log supply to the domestic refinery—not just Dangote but any other refinery that operates in the country,” he added.
The Dangote Refinery, with a production capacity of 650,000 barrels per day, is expected to play a pivotal role in stabilizing Nigeria’s fuel market and reducing the reliance on imported fuel, which has historically put pressure on the country’s foreign reserves. The refinery’s output aligns with NNPCL’s strategy to prioritize local consumption and secure a steady, more sustainable fuel supply chain.
A New Era of Energy Security The NNPCL’s decision marks a turning point for the Nigerian energy sector. By reducing fuel imports, the company aims to enhance fuel availability nationwide, stabilize prices, and cut down on the high costs and logistical challenges associated with fuel importation. The move aligns with Nigeria’s broader economic policies aimed at boosting local industries and reducing outflows of foreign exchange.
The Road Ahead This development, seen as a forward-thinking strategy for Nigeria’s petroleum sector, sets the stage for further investment in domestic refining capabilities. With the Dangote Refinery and other local refineries now playing a central role, the Nigerian fuel market is poised for a new phase characterized by greater energy independence and economic resilience.
Oil marketers, represented by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have raised serious concerns over alleged attempts by Aliko Dangote, President of the Dangote Group, to monopolize Nigeria’s oil sector. PETROAN claims that Dangote is using his influence to hinder market competition, a move they argue is detrimental to fair pricing and consumer choice in the downstream petroleum market.
In a statement signed by PETROAN’s national public relations officer, Dr. Joseph Obele, the association called on the Nigerian Federal Government to take decisive action against monopolistic practices in the downstream oil sector. PETROAN’s call for reform aims to foster a more inclusive and competitive oil market, ensuring that consumers receive the best possible prices for petroleum products.
The tension escalated after Dangote Refinery allegedly published statements suggesting that PETROAN would import substandard petroleum products. PETROAN, however, dismissed these claims as an attempt by Dangote to undermine their plans to sell petroleum motor spirit (PMS) at prices significantly lower than current market rates.
Dr. Obele explained that PETROAN’s mission is to promote a liberalized downstream sector, highlighting that competition naturally results in fairer prices and improved quality for consumers. According to him, PETROAN, alongside the Independent Petroleum Marketers Association of Nigeria (IPMAN), has already initiated partnerships with international refineries and financial institutions to import premium PMS at competitive prices.
“PETROAN has concluded plans with its foreign refinery partners and financial allies to bring in high-quality PMS,” Dr. Obele said. He added that the organization aims to enter the market by December 2024, pending regulatory approvals and access to foreign exchange through the Central Bank of Nigeria (CBN).
PETROAN’s statement also highlighted concerns regarding Dangote Refinery’s newly publicized PMS rate of N990, a price PETROAN described as “inconsiderate” given the preferential foreign exchange access Dangote Refinery reportedly received during its construction. Dr. Obele argued that Dangote’s pricing model, which he claims is based on global market rates, fails to consider local production costs and should not be the primary determinant of PMS prices in Nigeria.
“A balanced market should allow multiple players to thrive, with leaders, challengers, and followers all contributing to affordable pricing,” PETROAN’s statement argued. They further called on the government to foster a competitive environment as a means of driving down prices and preventing a single entity from controlling the sector.
PETROAN emphasized that the best way to reduce PMS prices is through increased competition in the sector. The organization voiced its support for government efforts to open up the market to more players, arguing that a competitive environment would benefit consumers and stabilize the petroleum market.
In closing, PETROAN reiterated its commitment to promoting a balanced oil market where all players can contribute fairly. They called on the Federal Government to take swift action against monopolistic moves in the downstream oil sector, arguing that only with active competition will consumers see the true benefits in pricing and service quality.
Lokpobiri’s vision promises to bring significant changes to the sector, ensuring that license renewals are tied to tangible development. This shift is expected to boost Nigeria’s oil industry, promoting growth and investment.
The Cross Industry Group (CIG) meeting provided the perfect platform for Lokpobiri’s announcement, as it gathered key stakeholders from the oil producers trade section. With five major oil companies operating in Nigeria present, this new direction is poised to have a lasting impact on the country’s oil landscape.
Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, is calling on industry players to step up their game and support the country’s ambitious goal of boosting oil production by over one million barrels within the next two years. In a recent press statement, Lokpobiri stressed that the time for complacency is over, saying “We cannot afford to hold valuable fields in perpetuity. It’s either you put them to work or relinquish them. The era of renewing licenses without development is over”.
Nigeria’s Minister of State for Petroleum Resources is shaking things up to attract more investors to the oil and gas industry. He’s implemented two key strategies: lowering barriers to entry and enforcing the “drill or drop” policy.
Nigeria is making a bold move to boost its oil and gas sector! Minister Lokpobiri recently announced the government’s initiative to launch bid rounds for 31 strategically selected oil and gas blocks, a crucial step in Nigeria’s development strategy. This move is expected to increase reserves and stimulate economic growth, earning the Minister praise from the Oil Producers Trade Section (OPTS) for his proactive approach ¹.
Lokpobiri emphasized that Nigeria’s petroleum resources hold immense value and potential, but realizing this potential requires tackling challenges and leveraging strengths to ensure shared prosperity and energy security. His address served as a rallying call to industry stakeholders, urging collaboration to secure Nigeria’s energy future
The Nigerian National Petroleum Corporation (NNPC) has made a significant announcement regarding the increase in the price of Premium Motor Spirit (PMS), commonly known as petrol. Effective immediately, the price of PMS will rise to ₦998 per litre, marking one of the highest price hikes in Nigeria’s history. This latest development has sparked widespread concern, as the cost of fuel continues to surge following the removal of the oil subsidy by President Bola Ahmed Tinubu earlier this year.
A New Era of Fuel Pricing in Nigeria
The decision to increase PMS prices comes in the wake of ongoing economic challenges and global market dynamics. According to the NNPC, the rise in global crude oil prices, the devaluation of the naira, and the removal of fuel subsidies are the primary factors behind this drastic price surge. The change in price has sent shockwaves across various sectors of the economy, with Nigerians already expressing concerns about the impact this will have on the cost of living, transportation, and goods and services.
According to an insider of the NNPCL who chose not to be mentioned or quoted, said the reason behind the price increase may be linked to the rising crude oil prices in the international market, as revealed to our correspondent..
And also mentioned that the price adjustment is necessary to ensure adequate supply and to maintain profitability in the oil sector. However, the timing and scale of the increase have caught many Nigerians off guard, as the country continues to grapple with rising inflation and economic uncertainty.
The End of Oil Subsidies: A Turning Point
The current fuel price increase is part of a broader narrative that began with the removal of the oil subsidy in May 2023, just days after President Tinubu assumed office. The removal of the subsidy was one of Tinubu’s most controversial economic reforms, aimed at addressing Nigeria’s mounting fiscal challenges.
For decades, Nigeria had maintained an oil subsidy program that kept the price of petrol artificially low, allowing Nigerians to enjoy some of the lowest fuel prices globally. However, this subsidy came at a heavy cost to the government, which was spending billions of naira annually to keep fuel prices low. By removing the subsidy, Tinubu sought to redirect these funds toward infrastructure, healthcare, and education, while also reducing the fiscal deficit.
During his inauguration speech, Tinubu declared, “Subsidy is gone,” marking the beginning of a new chapter in Nigeria’s economic history. The removal of the subsidy was met with mixed reactions, with many acknowledging that while the subsidy was unsustainable, its removal would lead to higher fuel prices and increased hardship for ordinary Nigerians.
A History of Fuel Price Increases Since the Removal of Subsidy
Since the removal of the subsidy, Nigeria has witnessed a series of fuel price hikes, each with its own economic and social implications. The timeline of fuel price increases since Tinubu’s administration took this bold step paints a picture of the challenges faced by the government and the Nigerian people in navigating the post-subsidy landscape.
1. May 2023: Subsidy Removal and Initial Price Hike
On May 29, 2023, President Tinubu’s announcement of the removal of the oil subsidy immediately led to an increase in fuel prices. Within days, the price of PMS rose from ₦189 per litre to an average of ₦500 per litre. This initial hike was met with shock and protests across the country as Nigerians struggled to adjust to the new reality.
Despite government assurances that the removal of the subsidy would lead to long-term economic benefits, many Nigerians felt the pinch almost immediately, with transportation costs doubling and the prices of goods and services skyrocketing. Tinubu’s government promised palliative measures to ease the burden on the population, but the effectiveness of these measures has remained a point of contention.
2. June 2023: Further Adjustment to ₦617 Per Litre
Barely a month after the subsidy removal, the price of PMS rose again, this time to ₦617 per litre. The NNPC cited the fluctuating international crude oil prices and the depreciation of the naira as the reasons for the increase. At this point, the shock of the initial subsidy removal was still fresh, and many Nigerians were grappling with the rising cost of living.
The June 2023 price hike led to widespread criticism of the government’s decision to remove the subsidy without putting adequate measures in place to cushion the impact. Labor unions and civil society organizations organized protests and threatened strikes, demanding that the government reverse the decision or provide more substantial palliatives.
3. August 2023: A Gradual Climb to ₦720 Per Litre
In August 2023, the price of PMS rose yet again, this time to ₦720 per litre. The NNPC, in its defense, pointed to the global oil market and the ongoing depreciation of the naira against the dollar as contributing factors. The government reiterated its stance that the removal of the subsidy was necessary to stabilize Nigeria’s economy and reduce its reliance on debt.
The August increase was met with increasing public frustration, as transportation costs, food prices, and general living expenses continued to rise. Many Nigerians called for more government intervention, while labor unions renewed their calls for strikes and protests.
4. October 2023: Price Reaches ₦800 Per Litre
By October 2023, the price of PMS had climbed to ₦800 per litre, signaling the persistent pressure on Nigeria’s fuel pricing system. This price adjustment came amid rising global crude oil prices, which had surpassed $90 per barrel. The devaluation of the naira had also deepened, exacerbating the cost of importing refined fuel.
At this point, the impact on Nigerians’ daily lives was undeniable. The cost of transportation had soared, and many businesses, particularly in the informal sector, were struggling to survive. Despite the challenges, the government continued to defend its subsidy removal policy, arguing that it was necessary to attract investment into the downstream sector and encourage local refining.
5. December 2023: Price Reaches ₦880 Per Litre
As the year drew to a close, the price of PMS increased yet again, this time reaching ₦880 per litre in December 2023. The increase was driven by a combination of global oil market trends, currency depreciation, and the government’s decision to fully deregulate the oil sector. The NNPC stated that it was committed to maintaining fuel supply despite the challenges, but many Nigerians were beginning to lose hope that the situation would stabilize.
6. January 2024: New Year, New Price – ₦950 Per Litre
The beginning of 2024 brought little relief, as the price of PMS hit ₦950 per litre in January. This increase was one of the sharpest yet, and it further strained the finances of Nigerian households. The government announced plans for more social interventions, but skepticism remained high, especially as labor unions continued to demand that the government reverse the removal of the subsidy.
7. October 2024: The Latest Increase to ₦998 Per Litre
And now, in October 2024, the NNPC has announced the latest and most significant fuel price increase yet, pushing PMS to ₦998 per litre. This latest adjustment reflects ongoing global oil market trends, currency depreciation, and the full deregulation of Nigeria’s downstream oil sector.
The increase in fuel prices has led to widespread concern across Nigeria, as the effects of the rising costs are felt in nearly every aspect of daily life. Transportation costs, for example, have risen dramatically, making commuting difficult for many, particularly those who rely on public transport. Small businesses, which depend on petrol for generators due to unreliable electricity supply, have been hit hard, with many being forced to close or scale down operations.
The rise in fuel prices has also led to a surge in inflation, with food prices, household goods, and services becoming more expensive. This has exacerbated the challenges faced by Nigeria’s most vulnerable populations, who were already struggling with high unemployment rates, low wages, and economic insecurity.
In a significant development for the global oil and gas industry, Nigerian oil giant Oando Plc has been shortlisted as one of three final contenders to acquire Trinidad and Tobago’s state-owned Petrotrin refinery. This announcement was made by Trinidad’s Finance Minister, Colm Imbert, during his presentation of the country’s national budget on September 30, 2024. Oando is competing alongside two other bidders: the CRO Consortium, composed of three Trinidadian companies, and U.S.-based INCA Energy.
The bidding process, which started in February 2024, was overseen by U.S.-based Scotia Capital, which invited “expressions of interest” from potential buyers. Out of ten initial proposals, Oando and the two other companies emerged as the final contenders. The Trinidadian government will now move forward with a formal Request for Proposals (RFP) to determine the winner, with the aim of restarting the refinery if deemed feasible.
The Petrotrin refinery, located in Pointe-a-Pierre, has been closed since 2018, primarily due to significant financial losses, which reached $2 billion per year before its shutdown. As of the last audit, the refinery’s accumulated losses totaled $15 billion, while the country carries $3 billion in public debt on behalf of the company. When operational, Petrotrin was a key supplier of oil products to the Caribbean region, and its closure has had a considerable impact on Trinidad and Tobago’s energy sector.
Minister Imbert outlined that proposals were assessed on five key criteria, including a clear restart plan and timeline, asset integrity assessments, utility requirements, sources of crude supply, and a viable financing plan. The government also emphasized the importance of securing an agreement with Paria, the state oil company, to protect national interests and ensure fuel security.
Oando Plc, fresh off its $783 million acquisition of Nigerian Agip Oil Company in August, is well-positioned for this next potential acquisition. The Agip deal significantly increased Oando’s stake in Nigerian joint venture assets, giving the company control over 40 oil and gas fields, 24 of which are producing. Securing the Petrotrin refinery would be a strategic move for Oando, as it continues to expand its presence in the global oil and gas market.
Trinidad and Tobago, much like Nigeria, is a crude oil producer that depends heavily on imported petroleum products. Reviving the Petrotrin refinery could not only reduce this dependence but also restore its historical role as a major energy supplier to the Caribbean.
This potential acquisition marks a pivotal moment for Oando and the future of energy production in the Caribbean. As the global oil landscape evolves, the final outcome of this bidding process will be closely watched by industry experts and stakeholders alike.
Aliko Dangote, President/CEO of Dangote Industries Limited, joined 44 other prominent global thought leaders, statesmen, and intellectuals at the Bretton Woods Conference in New Hampshire, USA, on September 26-27, 2024. This high-level retreat, marking 80 years since the establishment of the IMF and World Bank, was led by IMF’s Kristalina Georgieva and World Bank’s Ajay Banga. The meeting aimed to reflect on the origins of the Bretton Woods institutions and discuss their future direction amidst evolving global economic challenges.
Nigeria’s oil and gas industry faces a new wave of challenges as the Nigerian National Petroleum Company Limited (NNPCL) has unexpectedly shut down its Customer Express Portal, a key payment platform for oil marketers. The shutdown has sent shockwaves across the petroleum supply chain, with many experts warning that fuel scarcity is now an imminent risk in the coming weeks.
The Customer Express Portal is the main gateway used by marketers for payments into NNPCL’s account, enabling seamless financial transactions and facilitating the lifting of petroleum products. This platform has been integral to ensuring the smooth operation of the downstream petroleum sector, allowing for the timely settlement of obligations necessary to secure product allocation and distribution across the country.
