PRESS RELEASE

The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari has said the company has not breached any of the enabling laws guiding its dealings with partners, hence should be counted out of any claims of economic sabotage.

Kyari, who was addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria Petroleum Industry at the National Assembly on Wednesday, stated that refining business is a straightforward business which any investor should know before coming into the market.

“Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery,” Kyari stated.

According to the GCEO, the law is very clear on domestic crude oil supply obligation and also on providing for local refineries. However, Kyari added, the same law also said that there must be a willing buyer and a willing seller.

On alleged importation of sub-standard products into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.

The GCEO also supported calls for the Ad-hoc Committee to beam the interactive sessions live on national television to prevent misinforming Nigerians.

He explained that there is enough infrastructure to produce two million barrels of crude per day but the challenges of crude oil theft, pipeline vandalism and absence of investment in the upstream are the major factors hindering the sector.

He said as a company owned by the over 200 million Nigerians, the NNPC Limited has grown from a loss-making position to a profit-making entity.

While pledging full co-operation towards the Committee in its efforts to unravel the allegations being investigated, Kyari said the NNPC Limited, its entire board, management and staff remain loyal, faithful and committed to Nigeria and will continue to act in line with the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA) and other enabling laws and regulations governing the nation’s energy Industry.

“We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules,” Kyari concluded.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja.
August 7, 2024.

GCEO NNPC Ltd, Mr. Mele Kyari addresses an interactive session of the Senate ad-hoc committee investigating alleged economic sabotage in the Nigerian Petroleum Industry, held at the National Assembly on Wednesday.

GCEO NNPC Ltd, Mr. Mele Kyari flanked (from his right) by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and (from his left), the Chief Executive, Nigerian Upstream Petroleum Regulatory Agency (NUPRC), Engr. Gbenga Komolafe during an interactive session by the Senate ad-hoc committee investigating alleged economic sabotage in the Nigerian Petroleum Industry, held at the National Assembly on Wednesday.