Business Market News

NNPC Ignores Buhari’s Directive, Renews Controversial $2.6m Deal With British Company

The Nigerian National petroleum corporation(NNPC) has renewed its partnership contract with Argus Media, a London based independent provider of energy and commodity price benchmarks.

Argus Media claims that their prices are used as trusted reference points that bring transparency to physical supply and derivative contracts, for mark-to-market purposes, as an indication of value for tax assessment, for risk management and strategic analysis and planning in oil and gas industry (The Street Journal reports).

According to official message on their website “In every market, we cover, from crude to fertilizers, our work is used to broaden market intelligence and is accepted as an accurate and reliable indicator of the real value of a commodity.” It says.

The service that a layman can perform in this era of the global internet.

Although efforts to contact the said media house proved abortive, it was said that the NNPC  renewed their 2019/2020 contract with the sum of $2.6m on Monday.

The Street Journal  sent a message to Mr. Kehinde Obateru, NNPC Spokesperson to find out why the contract was awarded to a foreign media despite President Buhari’s advocacy that Nigerians should continue to patronise locally-made products and services to grow the nation’s economy and enable their products to meet with acceptable global standards.

However, calls and messages to Mr. Kehinde were not replied as of press time.
But from impeccable sources at NNPC, the whole contract is merely another way of siphoning  the hard-earned foreign currency by officials of the Nigerian National Petroleum Corporation.
NNPC as being a cash cow industry for the civil servants who are privileged to serve there. Recently, a former GMD of NNPC, Mr Andrew Yakubu was found to conceal $9.7m, £74,000 in his apartment.
A former Petroleum  Minister was accused of embezzling over nine billion US dollars.
The story of NNPC is like a curse to the country since inception. The civil servants are living large while the host community where the oil is produced are languishing in poverty.

When you compare the flamboyant lifestyle of the staff of NNPC, it is the same lifestyle of white imperialist in South Africa with the black majority during  the apartheid time.


Connect With US


%d bloggers like this: