Nigeria National Petroleum Company (NNPC) Limited’s Group Chief Executive Officer, Mele Kyari, has stated that the company should not be held accountable for any economic sabotage allegations because it has not broken any of the rules governing its business interactions with partners.
In his remarks on Wednesday at the National Assembly to the Senate Ad-Hoc Committee looking into allegations of economic sabotage in the Nigerian Petroleum Industry, Kyari said that refining is a simple industry that any investor should be aware of before entering the market.
He declared: “Refining business is a straightforward business. You must first secure a feedstock source and then identify a market.”
“This is basic, and it dictates what happens in each refinery in the world. That is the business of refinement. We have not attempted to sabotage any domestic refinery.”
The GCEO claims that the legislation is quite explicit about the need for domestic crude oil supply as well as financing for nearby refineries. Nevertheless, Kyari clarified that the same rule also required a willing seller and a willing buyer.
Regarding the reported entry of subpar goods into the nation, Kyari stated that NNPC Limited is unrelated to this since subpar goods are illegally prohibited from entering the nation by the relevant regulatory bodies.
In order to avoid misleading Nigerians, the GCEO also backed requests that the Ad-hoc Committee broadcast the interactive sessions live on national television.
According to him, the infrastructure is there to produce two million barrels of crude oil a day, but the main obstacles facing the industry are theft of crude oil, pipeline vandalism, and a lack of investment in the upstream.
He said that NNPC Limited, a business owned by more than 200 million Nigerians, had evolved from a losing enterprise to a profitable one.
Kyari stated that the NNPC Limited, its entire board, management, and staff remain loyal, faithful, and committed to Nigeria and will continue to act per the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA), and other enabling laws and regulations governing the nation’s energy industry. Kyari also pledged full cooperation to the Committee in its efforts to unravel the allegations under investigation.
“We are devoted, faithful, and devoted to this nation’s advancement and development. It is our responsibility to defend this magnificent country’s interests as a whole. We have not broken any rules,” Kyari concluded.
