By Saint Mugaga

The House of Representatives’ Ad-hoc Committee on the Implementation and Oversight of the Naira-for-Crude-Oil Policy Wednesday asked the Economic and Financial Crimes Commission (EFCC) to provide comprehensive details on crude oil seizures, sales and disposal under its watch.

Chairman of the committee, Emerengwa Boniface Sunday, gave the directive during the resumption of the investigative hearing on the Naira-for-Crude-Oil policy with stakeholders in Abuja.

During the hearing, Special Adviser to the EFCC Chairman on Regulatory Compliance,
Francis Usani explained that the Commission’s submissions to the committee were limited to information on referrals made to it from 2003 to date, including crude oil seizures handled by the EFCC.

He admitted that no direct investigations had been conducted by the anti-graft agency specifically under the Naira-for-Crude policy.

He said: “The objective or the main crux of this invitation was investigations done under the Naira-for-crude policy of the Federal Republic of Nigeria that took effect, or was initiated sometime in 2024, but took effect this year.

“We have not had any direct investigation or issue involving specifically Naira for crude policy or obstructions or infractions under that particular initiative.

“But because we also received information on referrals made to the Economic and Financial Crimes Commission, we had tabulated some transactions which the EFCC had done and contained in the document forwarded to you. We did a kind of holistic submission, not necessarily restricting ourselves to transactions which I had said earlier”
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But the committee members challenged the EFCC on the completeness of its submissions.

The lawmakers questioned why the EFCC had not proactively investigated the Naira-for-Crude transactions, stressing that the policy was meant to ease pressure on local refineries and the naira.

In response, the EFCC representative clarified that the Commission focuses on crude oil seizures, not refined products.

He, however, assured that the commission would revisit the submissions to provide full details, including the quantum of crude seized, disposal rates, end users, and whether transactions were conducted in naira or dollars.

The hearing was subsequently adjourned to December 4, 2025.

Earlier, the committee chairman reaffirmed lawmakers’ role in ensuring transparency and accountability in the implementation of the Naira-for-Crude initiative. “

He said the probe was not targeted at any individual or institution, adding that it is a constitutional oversight exercise aimed at strengthening Nigeria’s economic systems,.

By Aliyu Musa

NNPC Limited has announced its financial performance for the full year ended 2024, reporting a Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion.

The results, shared during its earnings call with analysts, underscore a year of strong operational delivery.

Building on this performance, the Company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.

The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.

2024 Financial Highlights NNPC Limited’s results demonstrate strengthened financial resilience and enhanced operational efficiency:

Revenue: ₦45.1 Trillion, 88% year-on-year growth Profit After Tax: ₦5.4 Trillion, 64% year-on-year growth Earnings Per Share: ₦27.07, 64% year-on-year growth.

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer.

“They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”

A Roadmap for Sustained Growth and Energy Security NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include:

Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.

Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.

Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added.

“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.

Today, NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.

The landing cost of imported fuel fell to N827.24 while the average for 30 days was N827.04/L according to the Energy Bulletin from the Competence Centre of the Major Energies Marketers Association of Nigeria (MEMAN) for Monday released on Tuesday.

It also stated that the landing cost for diesel was N972.33 while for the average of 30 days was N972.67/L and that the landing cost of aviation fuel (ATK) was N984.01/l while that of the average for 30 days was N962.37/L.

The report stated that for Dangote fuel prices, coastal price was $764.50MT, while gantry price was N877.00/L; for Diesel, coastal price was $739.25MT while Gantry price was N910.00/L and ATK coastal price was $798.75MT while Gantry price was N1,002.94/L.

But the average landing cost of fuel as of October 30 was N829.77 per litre. This showed a further decline in the landing cost, which was an average of N849.61 on October 13, N847.61 on October 14, N841.54 on October 20, and N839.97 per litre on October 21.

However, fuel prices had not reduced but ranged between N915 and N925 in some parts of Lagos.

According to Petroleumprice.ng, Pinnacle’s ex-depot price was N872; NIPCO, N872; Matrix Lagos, N872; AA Rano and Aiteo, N871; Ardova, N872; Emadeb, Integrated and RainOil, N873; Eterna, N874; Bono and Gulf Treasure, N875; and Prudent, N890.

Landing cost refers to the total cost of a product or shipment once it has arrived at its destination. It includes: purchase price, freight charges (transportation), insurance, duties and taxes as well as other costs (handling, storage, etc.) Landing cost gives a comprehensive view of the total expense involved in bringing a product to its final destination.

Meanwhile, according to Oil.price.com, oil prices fell yesterday as concerns about oversupply increased after OPEC’s decision to pause supply hikes and as a stronger U.S. dollar eased buying from holders of other currencies.

It stated that as of 8:44 a.m. the U.S. benchmark price, WTI Crude, was flirting with the sub-$60 a barrel price it reached two weeks ago after the Trump Administration slapped sanctions on Russia’s biggest oil firms, Rosneft and Lukoil. It added that the U.S. benchmark crude futures were trading down by 1.44% at $60.17

It also reported that the international benchmark, Brent Crude, slipped below $65 per barrel as it was down by 1.22% on the day at $64.10.

“(The) market may see this as the first sign of acknowledgement of potential oversupply situation from the OPEC+ front, who have so far remained very bullish on demand trends and ability of market to absorb the extra barrels,” Suvro Sarkar, energy sector team lead at DBS Bank, told Reuters yesterday.

“After weak trading on Monday during which traders sought to decipher what OPEC’s latest move means, speculators appeared to have decided by Tuesday that the pause in output hikes is bearish as OPEC+ is likely seeking to prevent a price collapse in case the glut fears materialize.

“On Sunday, the eight OPEC+ producers who have been withholding supply to the market decided to pause their reversal of the production cuts in the first quarter of 2026, after a small increase in December. Citing “seasonality” and historically weaker demand in the first quarter of any year, OPEC said it would halt the production increases in January, February, and March,” it reported.