HighlightTrending Story

We Don’t Sell Crude Oil from Hotel Rooms, Says NNPC

145

…As Corporation Further Alerts Public on Crude Oil Scammers

A few days after raising the red flag on the fraudulent activities of crude oil scammers, the Nigerian National Petroleum Corporation (NNPC) has provided further insights into the modus operandi of the conmen who dupe unsuspecting would-be crude oil buyers.

“Some of them even go to the extent of luring their victims to hotels to transact these fraudulent crude oil contracts. The entire public should know that NNPC doesn’t do business of crude oil marketing from hotel rooms, said NNPC’s Group General Manager, Crude Oil Marketing Division (COMD), Mr. Mele Kari.

Shedding more light on the scammers’ modus operandi, Kyari said they usually lured their unsuspecting victims with higher discount offers on cargoes, offers of non-OPEC crude specification, crude allocation, presentation of crude oil sale letters as well as conducting business from hotels.

He reiterated that there was only one way of buying crude oil from the NNPC which was through advertisement for the selection of customers who were screened for compliance with the Corporation’s expectations and standards.
“There are very high standards we have set and if you don’t meet them, you cannot be our customer. And once you become our customer, we sign a single annual contract with you”, Kyari added.

He observed that the crude contracts were typically 30,000 to 32,000 bpd which accumulated into a standard cargo size of 950,000bpd monthly and not 2 to 3 million bpd contracts as peddled by the scammers.

Kyari observed that for the crude oil sale processes to be completed, the customer had to show that he had the capability to sell the cargo to the market and that the Corporation could get its money back.

According to him, today, the entire process of crude oil marketing had become seamless and real-time with electronic platforms such as Platts and Argus acting as reporting agencies for global crude trading programmes.

“The beauty of selling crude oil is that the moment we sell the crude oil cargo to you, the entire world knows that cargo X is with Mr. Y. So you see, you don’t have to scavenge for who buys your crude.” he said.

He informed would-be buyers not to be gullible as the scammers always cashed in on would-be buyers gullibility to swindle them, adding that those who fall for the scammers were either not in the business or were themselves fraudulent.

While explaining that the good thing in all these unwholesome development was the fact that NNPC documents had not leaked, Kyari stressed that nearly 98% of all the documents involved were fake documents produced by the scammers.

 

Leave a comment

Related Articles

NNPC Ltd. condoles with Tijjani Babangida over loss of brother, son

The Nigerian National Petroleum Company Limited (NNPC Ltd) has paid a condolence...

Human capital key to economic development, says Emir Sanusi

The newly-reinstated Emir of Kano, Muhammadu Sanusi II, has said that human...

Just in: Chad swears in sixth president

Mahamat Idriss Déby Itno, the son of Chad’s former President and the...

Nigerian Army dismisses six soldiers, sanctions two for gross misconduct

The Nigerian Army, 3 Division, Rukuba Plateau State, has dismissed and jailed...

Alleged N19.4bn fraud: Court grants Ex-Aviation Minister Sirika, brother N200m bail

A former Minister of Aviation, Hadi Sirika, and his brother, Ahmad Abubakar...

Breaking: Sanusi reinstated as Emir of Kano as Gov. Yusuf signs bill 

Kano Gov. Abba Yusuf signed the amended Kano Emirate Council Bill 2024...

Tinubu’s commitment to 30% inclusiveness quota for youths demonstrates his love for them. – Olawande

The Minister of State for Youth Development, Mr. Ayodele Olawande, has stated...

Oil sector attracted $16.6bln investments under Tinubu administration – Lokpobiri

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has announced...

History made as ECOWAS Parliament elects first female speaker

Daniel Okejeme The Economic Community of West African States (ECOWAS) Parliament has,...

Just in: Reps pass bill to revert to old national anthem, scales second reading in Senate

The House of Representatives has passed a bill for the country to...

Decade after, two abducted Chibok girls excited as they graduate from US varsities

by Daniel Ojekeme More than a decade after their freedom from the...

Assault on nurse: Police arraign Oriokpa masquerader

Daniel Okejeme The Enugu State Police Command says it has apprehended and...

Breaking: New law reinstates Sanusi as Emir of Kano, dethrones Bayero, four other emirs

The Kano State Emirate Council Law (Amendment Bill) 2024, passed by the...

Just in: Abuja metro rail to operate free for two months, says Wike

Mr. Nyesom Wike, the Minister of the Federal Capital Territory, has disclosed...

Breaking: Sirika, brother, pleads not guilty to alleged N19.4bln fraud

Former Minister of Aviation Hadi Sirika, his brother, Ahmad Sirika, and a...

Gowon drums support for Tinubu, seeks political structure that fits present realities

By Daniel Okejeme A former Head of State, Gen. Yakubu Gowon, has...

Tinubu off to Chad for Pres. Déby’s inauguration

President Bola Tinubu will leave Abuja on Thursday morning for N’Djamena, the...

Just in: Court grants DCP Abba Kyari two-week bail for mother’s burial

DCP Abba Kyari, a former commander of the Force Intelligence Response Team...

Emir of Kano in Ijebu Ode, felicitates Awujale on 90th birthday

The Emir of Kano, Alhaji Ahmad Ado Bayero, paid homage to the...

Federal appointments: Woke reassigned as OORBDA’s MD to NOSDRA as DG

Daniel Okejeme Barely two weeks after his appointment, President Bola Tinubu has...