Business
NNPC’s Operations: Interrogating Businessday newspaper’s “opacity” tag and other matters, by Olufemi Soneye
*NNPC’s Operations: Interrogating Businessday newspaper’s “opacity” tag and other matters, by Olufemi Soneye
I have read the story published by Businessday newspaper in its edition of 16th July, 2024 with the headline: “‘World’s Most Opaque Company’ Stench Trails NNPC Secret Deals”. As the spokesperson of the Nigeria National Petroleum Company (NNPC) Limited, I would have ignored the story which was basically a rehash of false allegations that were rooted in ignorance. To be sure, the allegations, in their various shapes and dimensions, have, over the years, been proved to be untrue. But I am compelled to reply for two reasons.
First, I am mindful of the fact that falsehoods left unchallenged have always become accepted as the truth. Second, I have noticed a consistent, but worrisome trend of negative reportage verging on antagonism from the Businessday. A few examples will suffice: Between January and now, almost every report on NNPC Ltd is given a negative slant. Some, among others, went with headlines such as: “Compared to Its Peers, NNPC’s N2.5tr Profit Leaves Little to Cheer” – 29th January, 2024; “While NNPC Forages for Cash, Its Peers Pay Bumper Dividend” – 7th May, 2024; and “NNPC’s $6bn Payment Backlog Fuels Petrol Queues” – 5th July, 2024.
In the report under reference, the newspaper stated that “…non-publication of financial accounts and refusal to disclose contracts signed with oil companies may be justifying public sentiments that the Nigeria National Petroleum Company (NNPC) Limited is the world’s most opaque oil company”. The question, I ask, arising from this, is: Which financial accounts or contracts has NNPC Ltd refused to publish?
NNPC Ltd is on record to have consistently published its Audited Financial Statements since 2019. Even before its transition to a limited liability company in 2022 under the Petroleum Industry Act, it had started publishing its annual financial statements. As can be seen above, Businessday published the story of the publication of the company’s 2022 financial statement on 29th January, 2024. It is worthy to note the negative slant the newspaper gave the story. All the company’s Audited Financial Statements are published on its website. But Businessday does not and cannot see them because of its fixation on hanging the tag of opacity on the NNPC Ltd.
Keen on justifying its predetermined schema of painting NNPC Ltd negatively, the newspaper went ahead to rejig an allegation by the former governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, that NNPC Ltd failed to remit foreign exchange to the Federal Government, an allegation that had been proved to be false. It is a fact that NNPC Ltd, in spite of its new operational status as limited liability company, entered into an arrangement in which it remits its forex earnings to the CBN. That arrangement, which was well reported in the media, is deliberately lost on Businessday for reasons best known to it. Rather, it went to town with a spurious report on how NNPC Ltd was the opaquest company in the world.
Not done with its malicious agenda of portraying NNPC Ltd in bad light, the newspaper went ahead to cite the company’s acquisition of stake in the Dangote Refinery as another example of its opaque transactions. Riding on the recent disclosure that NNPC Ltd could not go through with the acquisition of the 20% stake it had earlier announced, Businessday came up with the allegation that the transaction was not transparent. But how could a transaction that was announced to the world when it was carried out be opaque? It is on record that when the transaction was announced, there was so much public outcry against it. Many questioned the rationale behind it. But NNPC Ltd, in keeping with its commitment to the operational philosophy of Transparency, Accountability, & Performance Excellence (TAPE), came up with explanations as to the reasons why the Federal Government directed it to acquire the equity stake, and the furore died down.
Since the appointment of Mr. Mele Kyari as the Group Chief Executive Officer of the NNPC Ltd, the company has been conducting its business transparently. It is in furtherance of its transparency push that it signed up as a supporting company of the Extractive Industry Transparency Initiative (EITI) in 2019 to become a member of EITI’s state-owned enterprise network. With that, it upgraded its operations to meet the standard for EITI supporting companies. Since then, NNPC Ltd has not looked back in its transparency journey, publishing every information that the public should know. In the face of various allegations of financial malfeasance, NNPC Ltd has always made itself available for probes or opportunities for reconciliation of figures with other agencies of government as the case may be; and, it has always been vindicated.
But Businessday, for whatever reason(s), chose not to see NNPC Ltd.’s tremendous strides in transparency, preferring to rehash past allegations that had been proved to be false in every respect. Rather than hang the tag of opacity on a company that has shown so much commitment to transparency, Businessday, which in 2021 conferred the award of “Energy Executive of the Year” on Mr Mele Kyari, should have been more circumspect with its report that was at best shambolic. Indeed, for descending so low as to publish rehashed, stale and false stories[SO1] to justify its bias, Businessday should hang its head in shame.
As a media professional, I respect the roles of the media in society, but the point must be made that the obvious bias, exhibited in the Businessday report as well as in the various other reports before it, in which the NNPC Ltd had been cast in bad light, calls to question the professionalism of the newspaper. I therefore demand that Businessday should allow professionalism to, henceforth, guide its reportage.
I take this opportunity to make this avowal: that a new era in communication and information management has begun at the NNPC Ltd. The days of intimidating the company with falsehoods are over. Baseless and unconscionable allegations will no longer go unanswered. Through my office, we will decisively respond to any false claims made against the NNPC; and if the false claims are so egregiously damaging, necessary legal steps to preserve the integrity of the company will be taken. The time for passive acceptance of allegations that are lurid and ridiculous had passed; it is time to stand firm in defence of the truth exemplified in the NNPC’s operational philosophy of TAPE.
■ Soneye is Chief Corporate Communications Officer of NNPC Limited.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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