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Nairaland Forum / Nairaland / General / Politics / Unraveling The Mysteries Of NNPC: Nigeria's Most Secretive Corporation. (179 Views)
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Unraveling The Mysteries Of NNPC: Nigeria's Most Secretive Corporation. by Mankind2024: 4:30am On Jul 22 |
The NNPC (Nigerian National Petroleum Corporation), often referred to as the "Northern Nigeria Petroleum Corporation" by some Nigerians, is notoriously secretive. It's worth noting that the Government of PBAT (President Bola Ahmed Tinubu) was not in office when the Federal Government of Nigeria, dominated by Hausa-Fulani representatives, and the House of Assembly signed the PIB act. This act allowed international oil companies to sell crude products through international forward contracts, a common practice in global commodity exchanges. Some contracts are future-dated, and breaking them requires a force majeure. The Chairman of Dangote Refineries is emotionally blackmailing the government of PBAT and the Lagos State Government, pressing them to use executive power to compel international oil companies to sell crude directly to his refinery. However, this request has a collateral effect, many IOC (International Oil Companies) are prepared to leave Nigeria if forced to break their future-dated contracts. Instead, the IOC suggested addressing crude theft in the Niger Delta, which would ensure sufficient production and supply for Dangote Refinery. In response, the President summoned military chiefs to tackle crude theft. One wonders why Mr. Dangote didn't establish joint ventures with IOC long before completing the refinery, as most refineries worldwide have multiple joint ventures to secure their stock feeds. |
Re: Unraveling The Mysteries Of NNPC: Nigeria's Most Secretive Corporation. by asakoko: 4:38am On Jul 22 |
NNPC is one of NIGERIA main problem |
Re: Unraveling The Mysteries Of NNPC: Nigeria's Most Secretive Corporation. by Remman(m): 4:50am On Jul 22 |
The president is the head of NNPC. The companies knows that in a democracy policies as well as agreements can change once the power shifts to another administration especially when the lives of the citizens are at risk. So, stop making excuses for this government that all they know is enrich themselves. Biden reversed some Trump's policies and agreement when he took over from him. So did Trump when he took over from Obama. Every government is supposed to be "the people first" over some anti-people's success agreement. |
Re: Unraveling The Mysteries Of NNPC: Nigeria's Most Secretive Corporation. by SmartPolician: 7:08am On Jul 22 |
I don't think the IOCs have enough products to sell to Dangote. That's because they are operating in an environment where their products are being stolen, many of them are shutting down their rigs, and others divesting into other areas while selling off their assets. While the idea of selling off their assets to local oil and gas companies is good for the economy of the country, I don't understand why the NNPC is blocking those deals (particularly ExxonMobil with Seplat), citing right of first refusal for assets they obviously cannot manage. The NNPC has caused more harm than good to this country. |
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