Senator Ahmed Wadada stated, “This committee and by extension, the senate, is not satisfied with the blanket explanation given by NNPCL on ₦103 trillion, which it said stands for liabilities.” The scrutiny comes at a critical time when public trust in government institutions is paramount. The committee has directed Bayo Ojulari to ensure that several former officials—including Mele Kyari, Umar Ajiya Isa, and Bala Wunti—appear alongside current management and external auditors.

That context matters because it highlights the Senate’s role in overseeing public funds. The inquiry aims to clarify discrepancies related to ₦103 trillion in accrued expenses and ₦107 trillion in sundry receivables. Notably, the committee rejected NNPCL’s justification for these figures, pointing out that the Joint Venture (JV) cash call system was abolished in late 2016—a significant detail that raises further questions.

Moreover, Senator Abdul Ningi emphasized the need for serious measures to compel NNPC officials to appear before the committee. He remarked, “We must treat this matter with the utmost seriousness. The essence of democracy rests significantly on the strength and authority of the legislature.” This sentiment reflects a growing concern among lawmakers about accountability within one of Nigeria’s largest state-owned enterprises.

The Senate has raised 19 audit queries regarding these financial discrepancies. These queries are not merely bureaucratic; they represent a broader concern about governance and financial management within Nigeria’s oil sector. For instance, detailed explanations are also expected concerning the ₦107 trillion that NNPCL claimed it expended on Joint Venture cash calls and debts allegedly owed by some defunct banks.

As part of its oversight function, the Senate has set a deadline for compliance—April 29, 2026. If the invited parties fail to comply with this summons, a warrant of arrest may be issued. This ultimatum underscores the seriousness with which lawmakers are approaching this investigation; they are determined to hold individuals accountable for potential mismanagement of public resources.

Yet there remains an air of uncertainty surrounding how this inquiry will unfold. Observers are keenly watching whether former executives will comply with the summons or if they will continue to evade accountability. Details remain unconfirmed as tensions rise between legislative authority and executive reluctance to engage with parliamentary inquiries.

The implications of this investigation extend beyond mere financial figures; they touch upon fundamental principles of governance and public trust. As Nigeria navigates its complex political landscape, how this situation is resolved could significantly impact perceptions of both the Senate’s effectiveness and NNPCL’s future operations.

Сообщение Senate: Why is the Summoning NNPCL Executives Over ₦210 Trillion? появились сначала на naijanewsreporters.

“The current Middle East crisis is affecting overall global energy prices, crude oil, LNG and other fuels, and that has implications for refined product pricing globally,” stated a source from the Dangote refinery. This remark comes as the Nigerian National Petroleum Company Limited (NNPCL) has raised fuel prices for the second time in less than 24 hours, reflecting the ongoing volatility in the global energy market.

As of March 8, 2026, NNPCL adjusted its pump price from N967 to N1,082 per liter in Abuja. Retail pump prices in various states have now exceeded N1,000 per liter, with some stations reportedly dispensing petrol at around N1,200 per liter.

The increase in prices follows a significant rise in crude oil prices, which have surged above $90 per barrel due to geopolitical tensions in the Middle East. This situation has prompted the Dangote refinery to temporarily suspend the loading of Premium Motor Spirit (petrol), further complicating the supply chain.

According to reports, the refinery’s gantry price has increased from N874 to N995 per liter. The refinery currently receives only five cargoes a month from NNPC, falling short of the 13 cargoes required under the naira-for-crude policy. This has raised concerns about the sustainability of local refining amid increasing import pressures.

Mohammed Ibrahim, a local industry expert, commented, “What we are seeing is nothing but deliberate blackmail by some fuel importers who feel threatened by local refining.” This highlights the tensions between local producers and importers as fuel prices continue to escalate.

Furthermore, a Dangote refinery official emphasized, “Selling below cost would undermine our ability to procure crude, sustain production, and guarantee supply.” This statement underscores the challenges faced by local refineries in maintaining operations amid rising costs.

Jeremiah Olatide, another industry analyst, noted, “If the refinery was not operating, petrol prices in Nigeria could easily have reached N1,500 per litre.” This suggests that the local refining capacity is playing a crucial role in moderating potential price hikes.

The Nigerian National Petroleum Company Limited has begun moves to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, aiming to stabilize the supply chain.

Details remain unconfirmed regarding the immediate impact of these crude oil supply interventions on petrol prices. The long-term effects of geopolitical tensions on fuel prices also remain uncertain as the situation develops.

Сообщение Fuel price hike появились сначала на naijanewsreporters.

“The current Middle East crisis is affecting overall global energy prices, crude oil, LNG and other fuels, and that has implications for refined product pricing globally,” said a source from the Dangote refinery.

This statement comes as the Nigerian National Petroleum Company Limited (NNPCL) has increased fuel prices for the second time in less than 24 hours. The pump price in Abuja has been adjusted from N967 to N1,082 per liter.

Retail pump prices in several states have now exceeded N1,000 per liter, with some stations reportedly dispensing petrol at around N1,200 per liter. This surge in prices has raised concerns among consumers and industry stakeholders alike.

The increase in prices is compounded by the temporary suspension of loading Premium Motor Spirit (petrol) at the Dangote refinery, which has seen its gantry price rise from N874 to N995 per liter.

In 2025, US crude exports to Nigeria surged to 41.13 million barrels, marking a 161% increase from the previous year. However, the Dangote refinery is currently receiving only five cargoes a month from NNPC, far below the required thirteen cargoes under the naira-for-crude policy.

As crude oil prices have surged above $90 per barrel due to geopolitical tensions in the Middle East, the implications for local fuel pricing are becoming increasingly pronounced.

Mohammed Ibrahim, an industry expert, commented, “What we are seeing is nothing but deliberate blackmail by some fuel importers who feel threatened by local refining.” This sentiment reflects the ongoing tensions between local refineries and fuel importers in Nigeria.

A Dangote refinery official stated, “Selling below cost would undermine our ability to procure crude, sustain production, and guarantee supply,” highlighting the challenges faced by local producers amidst rising global prices.

Jeremiah Olatide, another industry voice, noted, “If the refinery was not operating, petrol prices in Nigeria could easily have reached N1,500 per litre,” underscoring the critical role of local refining in stabilizing prices.

As the situation unfolds, the immediate impact of the crude oil supply intervention on petrol prices remains unclear. Details remain unconfirmed regarding the long-term effects of geopolitical tensions on fuel prices.

Сообщение Fuel price hike появились сначала на naijanewsreporters.