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The NNPC Is becoming More Efficient and the signs are positive*

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NNPC cautions motorists, others against panic buying

*The NNPC Is becoming More Efficient and the signs are positive*

 

Recent criticisms of the Nigerian National Petroleum Corporation (NNPC) fail to account for the complexities and challenges the organization has faced over the years. Simplistic views often overlook the deeply rooted issues that preceded the Petroleum Industry Act (PIA) and the tenure of Mele Kyari. The NNPC inherited a system plagued by underinvestment in exploration and production, compounded by militancy, vandalism, and the corrupt allocation of oil leases to individuals lacking the capacity and funds to develop them. These problems were not of NNPC’s making but were systemic governmental issues, now being addressed.

 

 

The subsidy regime further complicated matters. The practice of cross-border smuggling—where subsidized fuel in Nigeria was transshipped to neighboring countries for higher prices—rendered effective action almost impossible. The NNPC bore the brunt of subsidy costs for years, often without reimbursement, leaving it financially crippled and unable to invest adequately in necessary infrastructure and exploration activities.

Despite these challenges, the NNPC has made significant strides. The passage of the PIA and the removal of subsidies have allowed the corporation to cap fuel prices, providing some economic relief to citizens. Nigeria still enjoys some of the cheapest fuel prices in the region.

Moreover, the NNPC has pivoted towards diversification, placing increased focus on gas and leading substantial investments in infrastructure and exploration and production (E&P). Noteworthy is the Project Ubeta Gas development initiative in Port Harcourt, a $550 million venture with Total as a partner, despite recent disparaging remarks from Total’s local CEO about Nigeria.

Rebuilding the NNPC is a process that requires time and patience. Under Mele Kyari’s leadership, the corporation has demonstrated resilience and the ability to operate effectively despite immense pressure and expectations. Critics should note that if the NNPC were to operate purely on a profit-driven model like some international oil companies, there would likely be public outcry over high product costs.

In the meantime, citizens can take advantage of the shift towards Compressed Natural Gas (CNG). A 4,000 Naira CNG fill-up provides the equivalent of over two full tanks of petrol, and no one is establishing CNG stations as quickly as the NNPC. While the corporation may not yet be at peak efficiency, it is undoubtedly making significant progress.

Furthermore, consider the improvement in oil production, which has risen from 900,000 barrels per day (bpd) at the end of Buhari’s tenure to between 1.2 million and 1.4 million bpd today, despite the lack of decades-long infrastructure investments. The NNPC has become more efficient in its operations, illustrating that sustainable rebuilding is a painstaking process, not a feat achievable with a magic wand.

The NNPC’s efforts under current conditions deserve recognition, not undue criticism. The path to rebuilding is long and fraught with challenges, but the progress made thus far is commendable and indicative of a brighter future for Nigeria’s oil and gas sector.
Recent criticisms of the Nigerian National Petroleum Corporation (NNPC) fail to account for the complexities and challenges the organization has faced over the years. Simplistic views often overlook the deeply rooted issues that preceded the Petroleum Industry Act (PIA) and the tenure of Mele Kyari. The NNPC inherited a system plagued by underinvestment in exploration and production, compounded by militancy, vandalism, and the corrupt allocation of oil leases to individuals lacking the capacity and funds to develop them. These problems were not of NNPC’s making but were systemic governmental issues, now being addressed.

The subsidy regime further complicated matters. The practice of cross-border smuggling—where subsidized fuel in Nigeria was transshipped to neighboring countries for higher prices—rendered effective action almost impossible. The NNPC bore the brunt of subsidy costs for years, often without reimbursement, leaving it financially crippled and unable to invest adequately in necessary infrastructure and exploration activities.

Despite these challenges, the NNPC has made significant strides. The passage of the PIA and the removal of subsidies have allowed the corporation to cap fuel prices, providing some economic relief to citizens. Nigeria still enjoys some of the cheapest fuel prices in the region.

Moreover, the NNPC has pivoted towards diversification, placing increased focus on gas and leading substantial investments in infrastructure and exploration and production (E&P). Noteworthy is the Project Ubeta Gas development initiative in Port Harcourt, a $550 million venture with Total as a partner, despite recent disparaging remarks from Total’s local CEO about Nigeria.

Rebuilding the NNPC is a process that requires time and patience. Under Mele Kyari’s leadership, the corporation has demonstrated resilience and the ability to operate effectively despite immense pressure and expectations. Critics should note that if the NNPC were to operate purely on a profit-driven model like some international oil companies, there would likely be public outcry over high product costs.

In the meantime, citizens can take advantage of the shift towards Compressed Natural Gas (CNG). A 4,000 Naira CNG fill-up provides the equivalent of over two full tanks of petrol, and no one is establishing CNG stations as quickly as the NNPC. While the corporation may not yet be at peak efficiency, it is undoubtedly making significant progress.

Furthermore, consider the improvement in oil production, which has risen from 900,000 barrels per day (bpd) at the end of Buhari’s tenure to between 1.2 million and 1.4 million bpd today, despite the lack of decades-long infrastructure investments. The NNPC has become more efficient in its operations, illustrating that sustainable rebuilding is a painstaking process, not a feat achievable with a magic wand.

The NNPC’s efforts under current conditions deserve recognition, not undue criticism. The path to rebuilding is long and fraught with challenges, but the progress made thus far is commendable and indicative of a brighter future for Nigeria’s oil and gas sector.

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Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

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Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

In spite of the challenging economic conditions and their adverse effects on businesses nationwide, Nigeria’s commercial banking, insurance, and telecommunications sectors have consistently maintained robust media relations, marketing strategies, and public awareness initiatives. Their success has been bolstered by the impressive data shared with the media in the second quarter, which has helped sustain positive public perception and confidence in these industries. An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks, Insurance Companies and Telecommunication Providers for the second quarter was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services. 

Q2 Media Performance Review: Banking, Insurance, and Telecom CEOs in Focus

This media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata was extracted, including the sentiment of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks, top 10 leading Insurance companies, and top 4 Telecommunications Providers. The reports ranked the top CEOs (Commercial Banks, Telecommunication, and Insurance) prominent in the Online and Print media.


According to the analysis, Yemisi Edun of First City Monument Bank (FCMB), led the leaderboard with a 23% share of media coverage, indicating a strong media presence and influence in the banking sector. Closely behind were Oliver Alawuba of United Bank for Africa (UBA) with 22% and Nneka Onyeali-Ikpe of Fidelity Bank capturing 22% of media coverage, demonstrating significant visibility and engagement within the industry. Moruf Oseni of Wema Bank came in next with 18% and Wole Adeniyi of Stanbic IBTC Bank rounded out the chart with 16%, showing a notable but comparatively lower media presence. This distribution of media coverage highlights the competitive landscape and varying levels of media engagement among top banking executives.

In the insurance sector, the media performance audit report revealed that Akinjide Orimolade of Stanbic IBTC Insurance Limited had the most media exposure at 73%. Lesi Gboyega of Leadway Assurance with 15% and Kunle Ahmed of AXA Mansard Insurance followed closely with 9%. Eddie Efekoha of Consolidated Hallmark Insurance with 2% and Andrew Ikehua of NEM Insurance with 1% media exposure. This distribution highlights a competitive media landscape among insurance executives, with varying levels of visibility and engagement reflecting their influence and presence in the sector. Comparing both sectors, it is evident that top executives in banking and insurance are actively working to maintain significant media profiles to enhance their brands’ visibility and market influence.

In the telecommunications sector, Karl Toriola of MTN Nigeria led the media performance with 67% share of media coverage, highlighting MTN’s dominant presence and influence in the industry. Carl Cruz of Airtel Nigeria followed with 31%, indicating substantial visibility and engagement. In contrast, Mike Adenuga of Globacom had lower exposure, with only 2% media coverage.

This distribution underscores the disparity in media engagement among telecommunications executives, with MTN and Airtel maintaining strong media profiles. Comparing the telecommunications sector to the banking and insurance sectors reveals that media coverage is highly concentrated among a few key players, highlighting the varying strategies and successes in maintaining media presence across different industries.

Overall, the analysis reveals significant disparities in media engagement across the banking, insurance, and telecommunications sectors. Key executives like Yemisi Edun, Akinjide Orimolade, and Karl Toriola have successfully maintained strong media profiles, highlighting their influence within their respective industries. This highlights the importance of strategic media engagement for maintaining visibility and influence in a competitive landscape.

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UN, Columbia University, New York To Headline ASIS 2024

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UN, Columbia University, New York To Headline ASIS 2024

 

UN, Columbia University, New York To Headline ASIS 2024

 

 

The Africa Social Impact Summit (ASIS) 2024 is set to be an extraordinary gathering of influential leaders, Amina Mohammed, Deputy Secretary General of the United Nations, and Jeffrey Sachs, of the world-acclaimed Columbia University, New York, are set to headline the event.

 

 

UN, Columbia University, New York To Headline ASIS 2024

The summit, co-convened by the Sterling One Foundation and the United Nations, is scheduled for July 25th and 26th at the Eko Convention Centre, Lagos. It promises to be a pivotal platform for addressing Africa’s critical social and economic challenges under the theme “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa.”

Jeffrey Sachs, renowned economist and director of the Center for Sustainable Development at Columbia University, is known for his extensive work in global economic development and poverty alleviation. His expertise in sustainable development will provide a vital framework for the summit’s discussions on creating economic opportunities and reducing inequalities.

Amina Mohammed, Deputy Secretary-General of the United Nations, has a rich history of leadership in international development and environmental sustainability. Her participation is expected to drive crucial conversations on achieving the Sustainable Development Goals (SDGs) across Africa, focusing on inclusive growth and environmental stewardship.

Abubakar Suleiman, CEO of Sterling Bank, is celebrated for his innovative approaches to banking and his strong commitment to corporate social responsibility. His insights into sustainable business practices and economic development will be instrumental in shaping the summit’s agenda.

Olapeju Ibekwe, CEO of the Sterling One Foundation, expressed her excitement for the event: “ASIS 2024 represents a unique opportunity for global leaders and innovators to converge and create sustainable solutions for Africa’s most pressing challenges. We are honored to have such distinguished speakers and partners joining us in this transformative journey.”

ASIS 2024 will bring together leaders from the private sector, public sector, tech ecosystem, non-profit organizations, and government to collaborate on initiatives that drive social impact. The summit will focus on key areas such as universal health access, education, equality, food security, and climate action.

Interested participants can register for the summit at  www.theimpactsummit.org.

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Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

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Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

 

 

Distinguished Senator Heineken Lokpobiri @senlokpobiri, the Honourable Minister of State Petroleum Resources [Oil], convened a high-level meeting with key stakeholders to address and resolve the ongoing issues surrounding the Dangote Refinery.

 

Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

Present at the meeting were:

Mr. Aliko Dangote, Chairman and CEO of @DangoteGroup
Mr. Farouk Ahmed, Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (@NMDPRA_Official)
Mr. Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (@NUPRCofficial)
Mr. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (@nnpclimited)

The stakeholders expressed their gratitude to the Honourable Minister for his exemplary leadership and timely intervention in facilitating this crucial dialogue. The meeting focused on finding a sustainable and lasting solution to the current impasse affecting the Dangote Refinery, with all parties demonstrating a commitment to collaborative and proactive problem-solving.

The Honourable Minister emphasized the importance of cooperation and synergy among all stakeholders to ensure the success and optimal performance of the Oil and Gas sector, which is pivotal for Nigeria’s economic growth and energy security.

This meeting marks a significant step towards resolving the challenges and underscores the Minister’s dedication to fostering a conducive environment for Nigeria’s oil and gas sector.

— Nneamaka Okafor

Special Adviser Media and Communication to Minster of State for Petroleum Resources (Oil)

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