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What To Know About New NNPC Ltd

Published

3 years ago

July 20, 2022

President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Limited in Abuja.

The new NNPC has been described as a child of the Petroleum Industry Act, passed into law in 2021. In September 2021, the Corporate Affairs Commission completed the incorporation of the new company.

Here are 10 interesting facts you need to know about the new NNPC Ltd:

1- Section 53(1) of the PIA 2021 requires the Minister of Petroleum Resources to cause the incorporation of the NNPC Limited within six months of the enactment of the Act in consultation with the Minister of Finance on the nominal shares of the company.

2- What this means is that with the transition, the government will no longer have control over the staffing of the NNPC.

3- Section 53 (5) of the Act stipulates that shares of the company held by the government are not transferable or mortgaged unless approved by the government and the National Economic Council.

4- With the NNPC Limited coming on board, the new company will not concern itself with issues of petrol price determination, and subsidy.

5- The new NNPC will no longer remit into the Federal Account Allocation Committee. This invariably means no more money to be shared by state governors.

6- Sector 54(9) provides that the initial capitalisation of the NNPC Limited will not be less than its financial requirements to effectively discharge its commercial duties and deal with its obligations and liabilities transferred to it.

7- Following the transition of the NNPC Ltd to a commercial entity, it is believed the Federal Government will put an end to funding the oil firm’s projects as was obtainable since it was established in 1977.

8- The PIA also mandates the NNPC Ltd to conduct its affairs on a commercial basis in line with the Companies and Allied Matters Act. According to the law, the company will run on a commercial basis in a profitable and efficient manner without recourse to government funds. It shall declare dividends to shareholders and retain 20 percent of profits as retained earnings to grow its business.

9- Apart from profit-seeking, NNPC Limited is expected to operate above board by mandatorily making disclosures for every financial year.

10- It is expected that NNPC Limited may decide to go public later in future.

Headline

VIDEO: Two Nigerians Arrested In Libya For Alleged Robbery

Published

1 hour ago

August 28, 2025

Editor

Police in Tripoli, Libya, have arrested two Nigerians for allegedly carrying out a series of robberies in the city.

The suspects, both undocumented migrants, were arrested on August 25 after they were captured on CCTV robbing a convenience store.

Migrant Rescue Watch, an organisation that monitors migrant activities, disclosed this in a statement on Tuesday.

According to the group, the suspects had allegedly been responsible for multiple break-ins and robberies targeting commercial stores with the intent of seizing cash.

The statement said, “Police in Tripoli arrested 2 undocumented #migrants of Nigerian nationality responsible for series of break and entries and robberies. The accused were targeting commercial stores with the intent of seizing cash. The case was referred to public prosecutor.”

Watch video below:

https://twitter.com/i/status/1961001698136072343https://twitter.com/i/status/1961001698136072343

Headline

NGO Says Starving Gaza Children Too Weak To Cry

Published

14 hours ago

August 27, 2025

Editor

The head of Save the Children described in horrific detail on Wednesday the slow agony of starving children in Gaza, saying they are so weak they do not even cry.

Addressing a Security Council meeting on the Israeli-Palestinian conflict, the president of the international charity, Inger Ashing, said famine — declared by the UN last week to be happening in Gaza — is not just a dry technical term.

“When there is not enough food, children become acutely malnourished, and then they die slowly and painfully. This, in simple terms, is what famine is,” said Ashing.

She went on to describe what happens when children die of hunger over the course of several weeks, as the body first consumes its own fat to survive, and when that is gone, literally consumes itself as it eats muscles and vital organs.

“Yet our clinics are almost silent. Now, children do not have the strength to speak or even cry out in agony. They lie there, emaciated, quite literally wasting away,” said Ashing.

She insisted that aid groups have been warning loudly that famine was coming as Israel prevented food and other essentials from entering Gaza over the course of two years of war triggered by the Hamas attack of October 2023.

“Everyone in this room has a legal and moral responsibility to act to stop this atrocity,” said Ashing.

The United Nations officially declared famine in Gaza on Friday, blaming what it called the systematic obstruction of aid by Israel during more than 22 months of war.

A UN-backed hunger monitor called the Integrated Food Security Phase Classification Initiative said famine was affecting 500,000 people in the Gaza governorate, which covers about a fifth of the Palestinian territory, including Gaza City.

The IPC projected that the famine would expand by the end of September to cover around two-thirds of Gaza.
AFP

Headline

Again, Russia Claims Another Village In Ukraine’s Region

Published

3 days ago

August 25, 2025

Editor

The Russian army Monday claimed to have captured another village in Ukraine’s Dnipropetrovsk region, moving deeper into Ukrainian territory as peace efforts stall.

Russian forces are slowly but steadily gaining ground in costly battles for largely devastated areas in eastern and central Ukraine, normally with few inhabitants or intact buildings left.

Russia’s defence ministry said its forces had seized the settlement of Zaporizke in the region, which Russian troops recently advanced into for the first time in the three-and-a-half-year offensive.

Kyiv denies that Russian troops have gained a foothold in the Dnipropetrovsk region, an important industrial hub.

After another push by US President Donald Trump to broker a Ukraine-Russia summit, hopes for peace dimmed when Russia last week ruled out any immediate meeting between presidents Vladimir Putin and Volodymyr Zelensky.

The central region of Dnipropetrovsk has previously been largely spared from fighting that has ravaged swathes of eastern and southern Ukraine, until Russia said its forces broke through in July.

Dnipropetrovsk is not one of the five Ukrainian regions — Donetsk, Kherson, Lugansk, Zaporizhzhia and Crimea — that Moscow has publicly claimed as Russian territory.

Ukraine said Russia had launched over 100 drones Monday, killing a 37-year old civilian driver and wounding two people in the northeastern Sumy region.

Moscow said Kyiv had launched about two dozen drones targeting western Russia