GTB 737 banner Yudala banner

NNPC eyes $30 billion windfall

By News Express on 08/08/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 371

•NNPC GMD, Dr. Maikanti Baru
•NNPC GMD, Dr. Maikanti Baru

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the four major investments it recently embarked upon with key upstream joint venture partners are capable of providing incremental revenue to the national treasury by over $30 billion within the next 10 years.

At the inauguration of the reconstituted NNPC Anti-Corruption Committee in Abuja on Monday, Group Managing Director of the Corporation, Dr. Maikanti Baru, said the investments which attracted close to $3.8 billion in foreign direct investments would serve as vehicle to fast-track the prevailing post Cash-Call exit era.

The GMD listed the critical Joint Venture alternative financing upstream investments to include: The $1.2 billion multi-year drilling for 36 offshore/onshore oil wells under the NNPC/Chevron Nigeria Limited, codenamed project Cheetah and the NNPC/First E&P JV and Schlumberger tripartite $800 million alternative funding agreement for the development of the Anyalu and Madu fields in the Niger Delta.

Also listed are the agreements executed in London last week for the $1billon NNPC/SPDC JV Project Santolina and the NNPC/Chevron $780 million Project Falcon on Sonam, hitherto financed through JV Cash Call.

Dr. Baru commended the NNPC finance and technical teams for being able to attract the much needed foreign investment at a period when it has become increasingly difficult to attract foreign credit facilities.

“These four projects alone are going to raise incremental revenues to Nigeria of over $30 billion over the life of the projects in less than 10 years. They will also serve as part of the vehicle for exiting JV Cash Calls. We have to pay our arrears of about $6billion that were incurred pre-2016 and we are also paying up a tranche of about $1billion 2016 arrears. We started in April 2017 with the payment of $400million and we will pay the balance before the anniversary of the first payment,” he said.

The GMD explained that the arrangement would allow the Corporation to subsequently operate from the production revenue less the first line charge to government which is the royalties and petroleum profit tax.

He said that whatever profit that accrues afterwards would be remitted to the government after deduction of production cost.

Drawing a correlation between the quest for revenue and the anti-corruption campaign, the GMD said members of staff must never allow corrupt practices to distract from the great task ahead.

The GMD traced NNPC’s involvement in the anti-corruption campaign to the year  2000 when the Federal Government directed all its Ministries, Departments and Agencies (MDAs) to establish in-house Anti-Corruption Committees.

“NNPC was the first to put one in place within a month, precisely in October 2000,” he noted

Dr. Baru was a chairman of the committee.

He noted that since then, the NNPC Anti-Corruption Committee had consistently carried out its mission of eradicating corruption in NNPC through organising sensitisation campaigns, workshops, seminars and Federal Government publications on issues concerning corruption and economic crimes.

While thanking the former committee members that served at various times for a job well done, Dr. Baru urged the new members to surpass the achievements of the past committees in line with the present administration’s anti-graft agenda.

He emphasised that with the prevailing global economic reality; the only survival strategy at a time like this was to change from old ways of doing business and embrace the best practice of transparency, accountability and honesty with integrity.

The new NNPC Anti-Corruption Committee is headed by Mr. Mike Stanley Balami, a Group General Manager in the Finance and Account Directorate and a veteran anti-corruption crusader.

Mr. Balami pledged the readiness of members of the committee to work in harmony towards achieving a corruption-free NNPC.

He urged all heads of Strategic Business Units and Corporate Services Units to reconstitute and inaugurate their Anti-Corruption units to work closely with the Corporate Anti-Corruption Committee to ensure a corruption-free NNPC. (NAN)

Source News Express

Posted 08/08/2017 1:48:59 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Agip shuts 120 barrels per day oil well...

UN Secretary General’s Special Rep. welcomes launch of...

Tension in police over ethnicity •New IGP may...

IT WAS AN INSIDER’S JOB!: Police arrest SABOTEUR...

Ambode empowers 4,000 businesses to boost Lagos economy...

Militants attack naval team, kill 4

Militants’ activities cut oil output by half a...

Fuel Scarcity: Nigerians must hold Buhari responsible —NLC...

Nyako returns to Yola months after impeachment

Desertification: Sokoto provides date palm seedlings to farmers,...

Girl, 20, on trial for convincing boyfriend to...

DSS seminar identifies ways to strengthen national security...

 

Latest News Leadership crisis rocks Buhari campaign organisation Int’l Criminal Court considers petition on Nigeria’s N11tn electricity sector scam Police Inspector jumps into well after killing colleagues Buhari receives Osinbajo report on Babachir, Oke Apostle Suleman bags Doctorate Degree in US, receives key from Atlanta Mayor Child suicide bomber kills 4 defence personnel in northern Cameroon Lawyers demand resignation of Rivers Police Commissioner Nigeria plans N193bn Treasury bill sale next week Youths protest escape of ritual suspect from police custody Edo, Delta govts depriving Egbema kingdom of entitlements: EYPF president Rooney retires from international football Dangote, Niger State strike $450m sugar production jumbo deal

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (272,671 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (254,579 views) Shameless Genevieve Nnaji exposes breasts in public (206,872 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,610 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (173,464 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (154,957 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (134,171 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (125,246 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (118,210 views) Lagos plane crash: Journalist releases victims’ names (109,551 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,846 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (101,398 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,665) Business Verdict (20) Columnists (728) Complaints & Requests (92) Enterprise & Opportunities (174) Entertainment (353) Features (479) Global Business Monitor (172) International (1,498) Interviews (128) Live Commentary (28) Love Matters (68) News (27,692) Opinion (787) Pidgin (8) Politics (3,869) Religion (600) Sports (1,310) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

President Muhammadu Buhari's National Broadcast

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!