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Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Limited (NNPC Ltd), the company has not violated any of the enabling laws that govern its dealings with partners and should therefore be exculpated from any accusations of economic sabotage.
Kyari, who was addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria petroleum industry at the National Assembly on Wednesday, said refining is a straightforward business that any investor should know before coming into the market.
In a statement by the Chief Corporate Communications Officer of NNPC Ltd., Mr. Olufemi Soneye, Kyari said NNPC Ltd. is faithful, loyal, and committed to Nigeria’s progress and development.
He said: “Refining business is a straightforward business. You must secure (a source for) your feedstock, and you must find a market.
“This is basic, and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery.”
According to the GCEO, the law is very clear on domestic crude oil supply obligations as well as providing for local refineries.
However, Kyari added, the same law also said that there must be a willing buyer and a willing seller.
On the alleged importation of substandard products into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any substandard product into the country.
The GCEO also supported calls for the Ad-hoc Committee to beam the interactive sessions live on national television to prevent misinforming Nigerians.
He explained that there is enough infrastructure to produce two million barrels of crude per day, but the challenges of crude oil theft, pipeline vandalism, and the absence of investment in the upstream are the major factors hindering the sector.
He said that, as a company owned by over 200 million Nigerians, NNPC Limited has grown from a loss-making position to a profit-making entity.
While pledging full cooperation towards the Committee in its efforts to unravel the allegations being investigated, Kyari said the NNPC Limited, its entire board, management, and staff remain loyal, faithful, and committed to Nigeria and will continue to act in line with 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.
“We are faithful, loyal, and committed to the progress and development of this country. It is our duty to protect the overall interests of this great nation. We are not in breach of any rules,” Kyari said.
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