The leaders of Nigeria’s top oil agencies, NNPC and NMDPRA, have agreed to a live televised public hearing amid accusations of sabotage in the oil sector. Group CEO of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari, and CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, announced their support for the hearing during a Senate session on Wednesday.
Transparency in the Spotlight
Kyari emphasized that NNPCL is committed to maximizing value and profit for Nigeria, rejecting allegations of sabotage. “We are not against any domestic refinery because the laws are clear,” he said. Kyari urged for the hearing to be televised to provide Nigerians with a transparent view of the situation.Â
Ahmed echoed Kyari’s sentiments, stating that negative narratives have unfairly targeted their regulatory functions. He believes the public hearing will allow them to present their side of the story and expose the real saboteurs. “The investigation should be public and televised live,” Ahmed insisted.
Kyari, while speaking at the National Assembly Complex in Abuja, made it clear that the NNPCL has nothing to hide. He pointed out that the company is focused on maximizing value and profits for the country and adhering to legal processes and procedures. “We are faithful, loyal, and committed to the greatness of this country. We are not criminals, thieves, or saboteurs as being alleged through wrong narratives,” Kyari declared.
He also highlighted the significant improvements in oil production under his management. “Today, from 1.4 million barrels it was months back, production level has increased to 1.65 million barrels per day and will soon hit the expected 2 million barrels per day,” Kyari added. This increase in production is seen as a testament to the company’s efficiency and dedication to the country’s economic growth.
Support from the Senate and Industry Leaders
Minister of State for Petroleum, Senator Heineken Lokpobiri, also supported the call for a televised hearing. He highlighted the misinformation circulating about the roles of his ministry and other agencies. Lokpobiri believes the hearing will clarify these roles for the public. “Please do us a favor by televising the planned investigative hearing on the alleged economic sabotage in the Petroleum Industry live,” he urged.
Aliyu Sulaiman, Group Chief Strategy Officer of Dangote Refinery, praised NNPCL for its significant crude oil supply to the refinery but warned against monopolies in the sector. He stated that the refinery has received substantial support from NNPCL, which supplied 60% of the 5 million barrels of crude oil it recently processed. “The refinery is a baby that should be supported by all relevant stakeholders to grow and not die,” Sulaiman said.
Abdulkabir Aliyu, National Chairman of the Depot and Petroleum Marketers Association of Nigeria, and Abubakar Shettima, National President of the Independent Petroleum Marketers Association of Nigeria, both stressed the dangers of monopolies and the need for a competitive market. Aliyu pointed out that Dangote Industries recently declared a profit of N133 billion from sugar sales within six months, highlighting the impact of monopolistic practices. “The petroleum sector should not be allowed to be monopolized by any person or company. Monopoly kills business,” Aliyu warned.
Shettima also emphasized the importance of sustaining the current value chain in the downstream sector. “NNPCL is doing its best but should please improve on the supply of products to retail outlets across the country to end the incessant queue at filling stations,” he said. His remarks reflect the frustrations of many Nigerians who have experienced fuel shortages and long queues at filling stations.
Economic Impact and Future Prospects
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the potential economic benefits of increasing crude oil production. However, he believes this will stabilize Nigeria’s foreign exchange market. Furthermore, Edun expressed confidence in the Senate ad-hoc committee’s ability to conduct an impartial investigation. “The increase in crude oil production will help stabilize our foreign exchange market,” Edun said.
The planned public hearing aims to shed light on the complex dynamics within Nigeria’s oil industry and address allegations of sabotage. This move towards transparency is expected to reassure investors and the general public about the integrity of the nation’s oil sector.
The NNPC, NMDPRA, and other stakeholders are keen on ensuring that the truth about the alleged sabotage is brought to light. Moreover, the live broadcast of the Senate hearing is seen as a crucial step in achieving this goal. By allowing Nigerians to witness the proceedings, the agencies hope to dispel any misinformation and provide a clear understanding of the challenges and efforts within the petroleum sector.
Source: Punch
