NNPC Limited Archives

Dangote Faces Price War as NNPC Backs Fuel Imports

Aliko Dangote, CEO of Dangote Refinery, has clarified that the refinery sold petrol to the Nigerian National Petroleum Company (NNPC) at a price lower than imported fuel, even as the downstream sector faces an intensifying price war. Dangote accused the NNPC and other outfits of sabotaging the $20bn refinery investment, particularly by denying it crude supplies and continuing fuel imports. He stated: “We sold to NNPC at a lower price than imported petrol.” The price war has escalated as NNPC has moved to match Dangote’s reduced petrol price, with NNPC retail outlets now selling at ₦860 per litre after Dangote cut its ex-depot price from ₦890 to ₦825 per litre. This marks the refinery’s second price reduction in the new year and third in two months. Industry analysis shows fuel importers are being squeezed, with average 30-day landing costs hitting […]

Abdulmumini Auwal SA May 26, 2026

Nigeria

OPL 245 deal to boost Nigeria’s oil output by 150,000 barrels daily

The Federal Government says resolving the long running dispute over Oil Prospecting Licence 245 will unlock new deepwater investment and raise Nigeria’s oil production by about 150,000 barrels per day when fully developed. The agreement, overseen by President Bola Tinubu and signed in Abuja, brings to an end more than 15 years of legal and commercial battles involving ENI, Nigerian Agip Exploration and other parties over ownership and terms of the block. Under the new structure, the controversial OPL 245 oilfield has been split into four separate assets to be operated by ENI and Shell, clearing a major obstacle that had stalled one of Nigeria’s largest untapped deepwater reserves. Officials say the settlement restores clarity and stability to the block, removes a prominent legacy risk in the upstream sector and sends a signal to investors that Nigeria is serious about […]

Abdulmumini Auwal SA March 6, 2026

Nigeria

Executive Order on oil remittances: Edun panel begins implementation

The implementation committee set up to drive President Bola Tinubu’s Executive Order on direct oil and gas revenue remittances has begun work under the chairmanship of Finance Minister Wale Edun. The Executive Order, signed on February 13, 2026, mandates that all royalty oil, tax oil, profit oil, profit gas and other government entitlements be paid directly into the Federation Account, ending Nigerian National Petroleum Company Limited’s 30 percent management fee and Frontier Exploration Fund deductions. Edun said the committee held its inaugural meeting on February 26 and agreed on a phased transition plan that respects existing contracts and financing deals while shifting remittance flows away from NNPC controlled accounts to the Federation Account Allocation Committee framework. Key resolutions include immediate suspension of remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund and the development of clear […]

Abdulmumini Auwal SA March 3, 2026

Nigeria

FG sets transition period for direct oil revenue remittance to Federation Account

The Federal Government has approved a transition period to phase in President Bola Tinubu’s new policy that mandates direct remittance of oil and gas revenues into the Federation Account. The policy stems from Executive Order 9 of 2026, which ended the Nigerian National Petroleum Company Limited’s collection of a 30 percent management fee and the 30 percent Frontier Exploration Fund from profit oil and profit gas under production sharing contracts. Under the transition plan, oil and gas contractors will continue to remit revenues through the existing NNPC linked processes while a technical committee draws up detailed guidelines for direct payments. The committee has been given a short timeline to finalise the framework for contractors to start paying royalty oil, tax oil, profit oil and profit gas directly into the Federation Account in line with the Executive Order. Officials said the […]

Abdulmumini Auwal SA March 2, 2026

Nigeria

Tinubu moves toward full review of PIA after oil revenue reset

President Bola Tinubu has signalled plans for a comprehensive review of the Petroleum Industry Act following his recent executive order on direct remittance of oil and gas revenues to the Federation Account. The executive order stripped NNPC Limited of several revenue retention powers created by the PIA, including the 30 percent management fee on profit oil and gas and control of the Frontier Exploration Fund. Presidency officials said the order is a “hard reset” aimed at stopping leakages, restoring the constitutional revenue share of federal, state and local governments, and simplifying how oil income flows into public coffers. Lawmakers and industry stakeholders explained that projections and adjustments from the new revenue directive will now be factored into the 2026 budget and wider fiscal framework. They noted that to align the law with the new policy direction, the administration will need […]

Abdulmumini Auwal SA March 1, 2026

NNPC Limited

Dangote Faces Price War as NNPC Backs Fuel Imports

OPL 245 deal to boost Nigeria’s oil output by 150,000 barrels daily

Executive Order on oil remittances: Edun panel begins implementation

FG sets transition period for direct oil revenue remittance to Federation Account

Tinubu moves toward full review of PIA after oil revenue reset

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NNPC Limited

Dangote Faces Price War as NNPC Backs Fuel Imports

OPL 245 deal to boost Nigeria’s oil output by 150,000 barrels daily

Executive Order on oil remittances: Edun panel begins implementation

FG sets transition period for direct oil revenue remittance to Federation Account

Tinubu moves toward full review of PIA after oil revenue reset

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