NNPCL, NMDPRA Management have outlived their usefulness – Reform group

Energy Reform Group (ERG) has flayed the drastic drop in foreign investment in oil sector, return of PMS scarcity, importation of adulterated Petroleum products, non availability of domestic crude supply, fraudulent sale of OVH Energy to NNPCL retail, pfi racketeering etc, saying that the Nigerian National Petroleum Company Limited (NNPCL) and Nigerian Midstream and Downstream […]

Energy Reform Group (ERG) has flayed the drastic drop in foreign investment in oil sector, return of PMS scarcity, importation of adulterated Petroleum products, non availability of domestic crude supply, fraudulent sale of OVH Energy to NNPCL retail, pfi racketeering etc, saying that the Nigerian National Petroleum Company Limited (NNPCL) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Management have outlived their usefulness.

The group in a statement by its Head of Investigation, Emmanuel Segun, urged President Bola Tinubu to sack the Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL),  and his counterpart in NMDPRA, including Lawal Sade, NNPCL trading hub stockman and other top executives.

He accused them of sabotaging efforts to create a stable energy sector that makes life easier for the people,

They lamented the drop in foreign investment and return of PMS scarcity, saying that they thwarted expectations of Nigerians that by now our local refineries would have been working.

ERG statement reads,”Despite efforts by the government to attract more foreign investors into the oil and gas sector, according to reports the nation’s foreign capital investments in the industry nosedived from $720m in 2016 to $3.64m in the entire 2023. According to verified report by the National Bureau of Statistics, the country also recorded no foreign capital investment in the first quarter of 2024.

“Also many depots for Premium Motor Spirit, popularly called petrol, are currently dry, leading to fuel scarcity and attendant queues in Lagos, Ogun, parts of Abuja, Niger, and some other states across the country. We urge Mr President to appoint new management for NNPCL and NMDPRA, as both heads of these agencies hard outlived their usefulness.”