General
CNPP Hails NNPC, Calls for Greater Transparency, Accountability
By Modupe Gbadeyanka
The Nigerian National Petroleum Company (NNPC) Limited has been commended by the Conference of Nigeria Political Parties (CNPP) for successfully completing the long-awaited rehabilitation of the Port Harcourt Refinery after several failed self-imposed deadlines.
The group described this as a significant achievement, which it said marks a pivotal step towards revitalizing Nigeria’s oil and gas sector and ensuring energy security for the Nigerian people.
“The rehabilitation of the Port Harcourt Refinery will be a legacy achievement for the Mele Kyari-led management team.
“We see this success as a fruit of our commitment to advocacy for enhanced Nigeria’s refining capacity, reduced dependency on imported petroleum products, and urgent need to combat corruption in the petroleum industry,” the organisation stated in a statement signed by its Deputy National Publicity Secretary, Mr James Ezema.
But it tasked NNPC to “adopt a more transparent and accountable approach in its operations,” submitting that, “As a government-owned commercial entity, it is imperative that NNPC Limited operates with the highest standards of openness, ensuring that the Nigerian people are fully informed about its activities and financial dealings.”
“Transparency is not only a cornerstone of good governance but also essential for building public trust and confidence,” the CNPP stated.
The umbrella body of all registered political parties and political associations in Nigeria equally called on NNPC Limited “to avoid the controversies that have previously marred the resuscitation of the Port Harcourt Refinery as a result of failure to meet its own set deadlines.”
“It is crucial that the processes for reviving the remaining Nigerian refineries, as directed by President Bola Ahmed Tinubu, are conducted with utmost integrity and transparency. The Nigerian people deserve to see clear, accountable, and efficient management of these vital national assets.
“Furthermore, the CNPP appeals to President Tinubu to ensure greater transparency within the oil industry. Increased transparency will attract more investment, drive economic growth, and reduce the corruption that has long plagued the sector.
“Corruption in the oil and gas industry has been a significant detriment to Nigeria’s economy, leading to substantial revenue losses and forcing the country into a cycle of borrowing.
“The CNPP insists that addressing corruption and enhancing transparency in the oil and gas sector is paramount to Nigeria’s economic stability and growth. The Nigerian people must be assured that their resources are managed responsibly and that the benefits of these resources are equitably distributed.
“The Nigerian people expects a cheaper pump price of locally refined petroleum products in the coming days.
“The CNPP remains committed to advocating for policies and practices that promote good governance, accountability, and sustainable development in Nigeria.
“We will continue to monitor the activities of NNPC Limited and other key stakeholders in the oil and gas sector to ensure that the interests of the Nigerian people are always prioritized above personal mundane interests,” the group said.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has inaugurated a new board for the Agricultural Credit Guarantee Scheme Fund (ACGSF) with a renewed push to expand agricultural lending through technology, innovation and deeper financial inclusion.
Speaking at the inauguration in Abuja, Mr Cardoso said the scheme, established in 1977, remains a critical instrument for de-risking credit to farmers nationwide.
“The ACGSF has demonstrated enormous value in supporting Nigeria’s food system. With repayment rates consistently between 90 and 98 percent, it is clear that farmers can deliver when given access to credit,” he said.
The CBN Governor stressed the need for a more modernised approach to agricultural finance.
“We must scale up innovation, deepen inclusion and deploy technology to ensure that more farmers, especially women and youth, can benefit from this scheme,” Mr Cardoso stated, charging the new board to strengthen collaboration with financial institutions while ensuring real-time tracking and monitoring of loans to improve productivity and safeguard the fund’s integrity.
The newly inaugurated Board is chaired by Dr Olusegun Oshin, with members including Professor Murtala Sabo Sagagi, Dr Nneka Onyeali-Ikpe, Mr Frank Satumari Kudla, Ms Olusola Sowemimo, Ms Adetoun Abbi-Olaniyan and Mr Wondi Philip Ndanusa.
Mr Cardoso expressed confidence in the team’s ability to reposition agricultural credit delivery.
“This Board comes at a crucial time. We expect stronger oversight, improved efficiency and a renewed focus on rural livelihoods,” he said.
According to a statement from the apex bank, Deputy Governors, Directors and senior officials of the bank were present at the ceremony.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn