The Nigerian National Petroleum Corporation (NNPC) said the Central Bank of Nigeria (CBN) provided about $3.6 billion foreign exchange (FX) to oil marketers to import petroleum products into the country contrary to claims by the marketers that they had no access to FX for imports. The Chief Operating Officer, Downstream of the NNPC, Mr. Henry Ikem-Obih, said this yesterday at a panel session at the Nigerian Oil and Gas Conference and Exhibition in Abuja.

He said the claims by the marketers that their inability to import petroleum product was due to problems related to access to foreign exchange was not true. Although he did not mention the period the FX interventions were made, Obih said, “The truth is that the forex intervention scheme which was rolled out by CBN and co-managed by the NNPC has been extremely successful.”

“Since that scheme was set up, we have received applications from marketers for $7.2 billion worth of FX. In terms of actual disbursement, about 50 percent of the applications got funding. But the truth is that the FX that came through that scheme, especially for PMS, got potential funding for the majority of the applicants and FX was available to the marketers,” he said.

He said, however, that applications that came in for AGO (diesel), HHK (kerosene), ATK (aviation fuel) also got forex at 305 to a dollar. Daily Trust reports that private oil marketers were said to have stopped fuel importation in 2017 due to a shortage of foreign exchange and increase in crude prices, which they said had made it unprofitable to import petrol and sell same at N145 per litre.

Read more: https://www.dailytrust.com.ng/oil-marketers-get-3-6bn-to-import-fuel-nnpc.html

Zoo country still importing fuel

Let the refineries start functioning... Of theyncant fix them, they should hire those guys in Niger Delta that construct local refineries, or rather upgrade them.

NNPC NA SCAM

private oil marketers were said to have stopped fuel importation in 2017 due to a shortage of foreign exchange and increase in crude prices, which they said had made it unprofitable to import petrol and sell same at N145 per litre.

Shame on the evil people that raped and looted our country in the years we made the highest profit in the history of our nation.
They shared it all among themselves.
Criminals supported by thieves.

And you're telling us to beat them abi



Well if you want to wear Senator suit to beat them check my signature

NigeriaIsDoomed:
Zoo country still importing fuel

I tire for this CUNTry o

You gave them all that to import our oil back, well done!




Need original hair in wholesale? Check my signature

Is barawo bubu telling lies or he is just confused

profola2be:


I think this is a welcome development.
what is your take on this?


NNPC to be sole petrol importer, says
Emefiele
CBN

PAYMENT of subsidy on fuel importation and
Foreign Exchange (FOREX) differentials on bank
loans granted to marketers by the Federal
Government are to end soon.
The Central Bank of Nigeria (CBN) Governor, Mr.
Godwin Emefiele, said the government was doing
everything to ensure that the Nigerian National
Petroleum Corporation (NNPC) become sole
importer of petroleum products.
Members of the Major Oil Marketers Association
of Nigeria (MOMAN) have been on a running
battle with the Federal Government over subsidy
claims running into several millions of dollars.
But Emefiele said President Muhammadu Buhari
has directed the NNPC to cut down on
importation by reactivating the four refineries
and ensuring they function at installed
capacities.
Speaking in an interview with Financial Times of
London, the CBN chief said: “The President came
on board and said that we will work very hard to
reduce importation of petroleum products by
ensuring that our refineries work. Our refineries
are working now.
“The Warri and Port Harcourt refineries have
started producing. They have not obtained the
optimal capacity but they will. The Kaduna
refinery will start working this month.
“Now, there are other actions that the Presidency
is putting in place to ensure that we reduce
importation of petroleum products where the
NNPC will solely, almost solely be responsible for
procuring refined petroleum.
”Those who are importing petroleum products will
only just need to go to the NNPC and pick up
petroleum products.
“So, in that area, I would say that we are already
moving in the direction of reducing the import of
petroleum products. And we will achieve it.”
On the efforts being made by the President to
recoup stolen oil revenues believed to have been
deposited in foreign banks, Emefiele said the
issue was still being looked at, assuring that “as
the Central Bank, we will also assist in drilling
them once we get to that stage, and we will be
happy to have that money back because it will
improve our reserves”.

source:
thenationonlineng.net/nnpc-to-be-sole-petrol-importer-says-emefiele/

www.nairaland.com/attachments/3220187_img11010123498002_jpeg_jpeg62c874903b6f8a5c196c046ea4a90862

Jaynom:
NNPC NA SCAM

Who has been the minister of petroleum since 2015

Policy summersault. Today you stop them from importing, tomorrow you pay them to start importing. Another Avenue to subsidy increment

This is the most wasteful nation on planet earth
Imagine the refinery you could build with THREE POINT SIX BILLION DOLLARS
JUST SO YOU KNOW
A BILLION IS A THOUSAND MILLION.
A DOLLAR IS 365 NAIRA

How much to build new refinery sef?

The Nigerian Oil and Gas industry is the biggest fraud industry in the world. A country that produces crude oil will now still apend trillions of naira yearly to import fuel products, showing will this scam continue. Look at the oil importers, all of them turned billionaires over night, look at NNPC managers and directors, all stinkingly rich from the corruption from oil importation. Then someone will say there is a cabal is Aso Rock. Yes, there is, but even the Aso Rock Cabals are have oga at the top, the oil and gas cabal are the real cabals that run this country, the real mafias that have enslaved the economy of this country for their own riches. Dollar billionaires all of them, while the average Nigeria is on 18l minimum wage and continue to struggle for N30k minimum wage that is yet to be implemented.

dallyemmy:
How much to build new refinery sef?

Winner of the Best Question of the Year award

Nigeria is a very funny country I swear.. We have crude oil...and yet we still import petroleum... F*#cki*# fix the refineries.. Nigeria can waste resources sha..thanks to our bad leaders that are after their own pockets..mtsewww

And Dangote is using $10billion to build one of the biggest refineries in the world.. What kind of stupid government is this... Why not use the money to build a world class refinery and stop importing fuel. WYG is wrong with this government and everyone

Taidi:
Nigeria is a very funny country I swear.. We have crude oil...and yet we still import petroleum... F*#cki*# fix the refineries.. Nigeria can waste resources sha.. thanks to our bad leaders that are after their own pockets..mtsewww

Are the leaders from another country or aliens from Mars

JubrinElSudan:
Policy summersault. Today you stop them from importing, tomorrow you pay them to start importing. Another Avenue to subsidy increment

Just an indication of the massive looting going on at the top and siphoning our money abroad like Abacha.


www.nairaland.com/attachments/2733734_munch20150812080810_jpeg1d11e13a327d33cec402de71dc2a8eb7

This government is one of the most financially wasteful in the country's history and worse, it is sanctioned by the Presidency.

Keep importing oo

I thought this was one of the reasons given for the devaluation of naira in 2016, that the excessive importation and huge dollar transactions was bad for our economy

What role will Dangote Refinery play with regards to this fuel importation?

This money is enough to build a refinery. Whether apc or pdp,these people know what they are doing. Until the people become convinced and decide that it is enough for these groups of people,the same thing will continue irrespective of the political party in power.

grandstar:
This government is one of the most financially wasteful in the country's history and worse, it is sanctioned by the Presidency.

I thought they said they have devalued the naira.