Senate backs NNPC measures on oil theft

Date:

Abuja: The Senate has commended the Nigerian National Petroleum Corporation (NNPC) for responding to the motion moved during a plenary session by Senator Kabiru Marafa, chairman, Committee on Petroleum Downstream Sector, on the theft of petroleum products kept in the farm tanks of two oil companies and urged the corporation to take more radical measures to avoid recurrence.

Thank you for reading this post, don't forget to subscribe!

In a statement by its spokesman, Senator Aliyu Sabi Abdullahi, the legislative chamber advised that NNPC should go beyond the sacking and redeployment of a few officials but initiate a comprehensive restructuring of its operations which presently allow officials and other firms to appropriate national resources for their personal use, thereby contributing to the suffering of the people.

“The Senate is appalled that NNPC is not contemplating on doing something about the involvement of officials of the Petroleum Products Marketing Company (PPMC) which actually played key roles in the missing products case.

“It is instructive that NNPC did not do anything on the case until the matter was raised on the floor of the Senate and the press picked the matter up from the motion.”

“The unauthorised sale of 132 million litres of fuel kept in the storage tanks of MRS and Capital Oil designated as strategic reserves is a grave occurrence. This probably is not the first time it is happening and NNPC must review its operations. It should in fact carry out a shake up in the PPMC,” Abdullahi stated.

It will be recalled that following the Senate debate of the motion on the theft of the fuel, the NNPC sacked two senior officials and redeployed a few others. Its spokesman, Ndu Ughamadu said the sack and deployment were in line with the on-going reforms the corporation initiated to cleanse it of corruption.

The NNPC lost 130 million litres through a breach in its throughput transactions with MRS and Capital Oil. However, MRS had returned the product it sold from the stock but Capital Oil is yet to refund the 82 million litres it sold. The Missing fuel sold by Capital Oil is valued at N11 billion.

While Capital Oil insisted that NNPC owed it on past business transactions, the corporation vowed to recover the products, investigate the breach and set up new modalities to guide its engagements of throughput partners.

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Lagos Police Arrest Man For Allegedly Beating His Wife To Death

March 28, 2024. Azonuchechi Chukwu. The police in Lagos state have...

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading