We’re committed to ending crude oil theft, says NNPC

The Nigerian National Petroleum Company (NNPC) Limited says it is committed to winning the ongoing war against crude oil theft in the country.

Mele Kyari, group chief executive officer (GCEO), NNPC Limited, made the commitment while making a presentation on the operations of the company under the Petroleum Industry Act (PIA) 2021 at the federation account allocation committee (FAAC) retreat in Asaba, Delta state.

The GCEO, who was represented by Umar Ajiya, the company’s chief financial officer, said NNPC has zero tolerance for crimes that jeopardise the nation’s energy security.

According to a statement on Wednesday by Olufemi Soneye, chief corporate communications officer, NNPC, numerous illegal operations on crude oil and products pipelines have been stopped, with many of the offenders taken into custody. 

Kyari said the security operation was aimed at stemming the twin evils of crude oil theft and pipeline vandalism with a view to increasing the nation’s crude oil production, boosting revenues, enhancing energy security, and bolstering economic prosperity.

On the PIA, he said it presented a significant opportunity to reposition NNPC for sustainable business success, adding that the company was now operating in line with global best practices.

He said the PIA offered NNPC a great chance to realign itself for long-term commercial success, adding that the company was currently operating based on international best practices.

Kyari said financial integrity was the cornerstone of NNPC’s current operations, and that its contribution to total national tax revenue was over 40 percent.

“Our book remains open to all our stakeholders as we remain committed to delivering value to Nigerians with the height of financial integrity which is deeply rooted in our principles,” he said. 

Kyari said NNPC would keep working with all pertinent parties, including the Nigeria Extractive Industries Transparency Initiative (NEITI).