Economy
We Don’t Sell Crude Oil from Hotel Rooms—NNPC
By Modupe Gbadeyanka
Few days after raising a red flag on the fraudulent activities of crude oil scammers, the Nigerian National Petroleum Corporation (NNPC) has provided further insights into the modus operandi of the conmen who dupe unsuspecting would-be crude oil buyers.
Speaking on the unwholesome activities of the scammers, NNPC’s Group General Manager, Crude Oil Marketing Division (COMD), Mr Mele Kyari, said the corporation “doesn’t sell crude oil from hotel rooms as done by scammers”.
Shedding more light on the scammers’ modus operandi, Mr Kyari said they usually lured their unsuspecting victims with higher discount offers on cargoes, offers of non-OPEC crude specification, crude allocation, presentation of crude oil sale letters as well as conducting business from hotels.
“Some of them even go to the extent of luring their victims to hotels to transact these fraudulent crude oil contracts. The entire public should know that NNPC doesn’t do business of crude oil marketing from hotel rooms,” Mr Kyari stated.
He reiterated that there was only one way of buying crude oil from the NNPC which was through advertisement for the selection of customers who were screened for compliance with the corporation’s expectations and standards.
“There are very high standards we have set and if you don’t meet them, you cannot be our customer. And once you become our customer, we sign a single annual contract with you”, Mr Kyari added.
He observed that the crude contracts were typically 30,000 to 32,000 bpd which accumulated into a standard cargo size of 950,000bpd monthly and not 2 to 3 million bpd contracts as peddled by the scammers.
Mr Kyari observed that for the crude oil sale processes to be completed, the customer had to show that he had the capability to sell the cargo to the market and that the Corporation could get its money back.
According to him, today, the entire process of crude oil marketing had become seamless and real-time with electronic platforms such as Platts and Argus acting as reporting agencies for global crude trading programmes.
“The beauty of selling crude oil is that the moment we sell the crude oil cargo to you, the entire world knows that cargo X is with Mr. Y. So you see, you don’t have to scavenge for who buys your crude.” he said.
He informed would-be buyers not to be gullible as the scammers always cashed in on would-be buyers gullibility to swindle them, adding that those who fall for the scammers were either not in the business or were themselves fraudulent.
While explaining that the good thing in all these unwholesome development was the fact that NNPC documents had not leaked, Kyari stressed that nearly 98% of all the documents involved were fake documents produced by the scammers.
He said in line with FG’s anti-corruption crusade and NNPC Management’s commitment towards promoting transparency and accountability, COMD of NNPC had been collaborating with relevant security agencies such as the Nigerian Police Force (NPF), the Department of State Services (DSS) and the Economic & Financial Crimes Commission (EFCC) to checkmate these fraudsters.
“Already, this massive collaboration with security agencies is paying up. Some arrests have been made while on our part, we assist the security agencies by providing evidence in the course of their prosecution,” he noted.
He called on the general public to always alert the Corporation on suspected crude oil scammers by reporting them via the e-mail: [email protected].
He later reiterated the success of the Corporation’s flagship crude oil for product exchange scheme also known as Direct Sale Direct Purchase Programme (DSDP) which not only ensured transparency, but has also led to the stability of products supply across the country.
By Adedapo Adesanya
Seplat Energy Plc will revive hundreds of Nigerian oil wells laying fallow after completing the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil.
The company said it aims to lift oil output to about 200,000 barrels a day, a move that will help boost Nigeria’s oil production levels, as it aims to reach 2 million barrels per day next year.
The transaction, according to Seplat, “is transformative for Seplat Energy, more than doubling production and positioning the company to drive growth and profitability, whilst contributing significantly to Nigeria’s future prosperity.”
The completion of the Seplat-ExxonMobil deal has created Nigeria’s leading independent energy company, with the enlarged company having equity in 11 blocks (onshore and shallow water Nigeria); 48 producing oil and gas fields; 5 gas processing facilities; and 3 export terminals.
Recall that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October approved the deal as part of a series of approvals, while it blocked Shell’s asset sale of up to $2.4 billion to the Renaissance consortium.
The acquisition of the entire issued share capital of MPNU adds the following assets to the Seplat Group: 40 per cent operated interest in OML 67, 68, 70 and 104; 40 per cent operated interest in the Qua Iboe export terminal and the Yoho FSO; 51 per cent operated interest in the Bonny River Terminal (‘BRT’) NGL recovery plant; 9.6 per cent participating interest in the Aneman-Kpono field; and approximately 1,000 staff and 500 contractors will transition to the Seplat Group.
MPNU adds substantial reserves and production to Seplat Energy; 409 million barrels of oil equivalent (MMboe) 2P reserves and 670 MMboe 2P + 2C reserves and resources as at 30 June 2024 and 6M 2024 average daily production of 71.4 kboepd (thousand barrels of oil equivalent).
Business Post reports that Seplat will be part of the payment this year, and will defer some to next year,
Speaking on the transaction, the Chairman of Seplat Energy, Mr Udoma Udo Udoma commended President Bola Tinubu for supporting this transaction and appreciated the support and diligence of the various ministries and regulators for all the work to reach a successful conclusion.
“We are delighted to welcome the MPNU employees to Seplat Energy. We are excited to begin our journey in a new region of the country, and we look forward to replicating the positive impacts we have achieved within our communities in our current areas of operations.
“Seplat’s mission is to deliver value to all our stakeholders, and we treasure the good relationships we have developed with the government, regulators, communities and our staff.”
On his part, the chief executive of Seplat Energy, Mr Roger Brown, described the acquisition as a major milestone, adding, “I extend my thanks to the entire Seplat team for their hard work and perseverance to complete this transaction.
“MPNU’s employees and contractors have a strong reputation for safety and operational excellence, and I welcome them to the Seplat Energy Group.
“We have acquired a company with one of the best portfolios of assets and related infrastructure in a world-class basin, providing enormous potential for the Seplat Group. Our commitment is to invest to increase oil and gas production while reducing costs and emissions, maximising value for all our stakeholders.
“MPNU is a perfect fit with our strategy to build a sustainable business that can deliver affordable, accessible and reliable energy for Nigeria alongside attractive returns to our shareholders”.
By Adedapo Adesanya
The National Pension Commission (PenCom) is projected to close the year with over N22 trillion in pension assets impacted by challenges like inflation and monetary policies.
This is according to PenCom Director-General, Mrs Omolola Oloworaran, at a press conference in Abuja on Thursday.
She said as of October 2024, the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and pension fund assets worth N21.92 trillion.
Speaking at the conference-themed Tech-driven Transformation Shaping the Pension Landscape, which showcased PenCom’s strategic commitment to innovation, she said that the numbers reflected the agency’s unwavering commitment to fund safety, prudent management, and sustainable growth.
She explained that the pension environment was impacted by the wider economic challenges facing the country, noting that the sector battled multi-year high inflation, Naira devaluation, and the lingering effects of unorthodox monetary policies by the Central Bank of Nigeria (CBN).
Business Post reports that the apex bank hiked interest rates by 875 basis points this year alone to tackle persistent inflation which peaked at 33.8 per cent as of October.
She said that these challenges eroded the real value of pension funds and impacted contributors’ purchasing power.
“To address these issues, the commission has initiated a comprehensive review of its investment regulations.
“It is focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign currency-denominated investments.
“The goal is to safeguard contributor savings and ensure resilience against future economic volatility,” she said.
She restated the commission’s commitment to expanding pension coverage, particularly through the advanced micro-pension plan designed to encourage participation from the informal sector using technology.
“This initiative will make it easier for everyday Nigerians to save for retirement, aligning with our vision of inclusive growth and financial stability for all.
“The backlog in retirement benefits for retirees of the Federal Government’s Ministries, Departments, and Agencies (MDAs) will soon be settled.
“The federal government recently disbursed N44 billion under the 2024 budget to settle approved pension rights.
“We are collaborating with the Federal Government to institutionalise a sustainable solution to ensure retirees receive their benefits promptly, eliminating delays,” Mrs Oloworaran said.
She said that PenCom’s technology-driven transformation aimed to make the CPS more accessible, reliable, and sustainable.
“From data management to seamless contributions and regulatory supervision, we are paving the way for a future where the pension industry serves all Nigerians effectively,” she said,
Mrs Oloworaran also said that the e-application portal for pension clearance certificates has replaced the manual processes and enhanced the ease of doing business in the sector.
“Since its deployment, 38,528 pension clearance certificates have been issued. This initiative ensures compliance and secures the future of Nigerians working in organisations that interact with the government,” she said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Thursday, December 12 after it ended the trading session with no single price gainer or loser.
As a result, the market capitalisation remained unchanged at N1.055 trillion as the NASD Unlisted Security Index (NSI) followed the same route, remaining at 3,012.50 points like the previous trading session.
However, the activity chart witnessed changes as the volume of securities traded at the bourse went down by 92.5 per cent to 447,905 units from the 5.9 million units transacted a day earlier.
In the same vein, the value of securities bought and sold by investors declined by 86.6 per cent to N3.02 million from the N22.5 million recorded in the preceding trading day.
But the number of deals carried out during the session remained unchanged at 21 deals, according to data obtained by Business Post.
When trading activities ended for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc was in third place with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
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