Sentiments as NNPCL appoints expatriate, moves to plug out inefficiency - Newstrends
Connect with us

Business

Sentiments as NNPCL appoints expatriate, moves to plug out inefficiency

Published

on

Concern about low productivity may have informed the decision of the Nigerian National Petroleum Company Limited to hand over its commercially viable departments to expatriates.

But this may not seat well with some pro-establishment people who appear ready to frustrate it.

This is coming after its official transitioning into a private entity.
The NNPCL has made the first move with the announcement of Jean-Marc Cordier as the head of the oil trading section of the company.
It announced this in a statement, saying his appointment was in furtherance of the ongoing repositioning in the company for improved growth, better performance and service delivery.
The statement read in part, “A renowned international oil trader, Cordier, a French/Swiss national, holds a Masters degree in Corporate Finance with distinction from Paris 9 University.
“He comes into the role with a rich background spanning over 30 years in physical oil, oil derivatives, and risk management, with significant experience in reorganising and creating a trading business.”
On July 19, last year, President Muhammadu Buhari unveiled the new NNPC, which enabled it to transition into a commercial entity, becoming NNPCL.
The transitioning means that the oil company would be regulated in line with the Companies and Allied Matters Act provisions.
The former state-owned company has been known for its relatively poor leadership and lack of profits for about 45 years.
Experts expect the firm to be independent of government and operate without state funding, with the new goal of delivering value to its shareholders.
The NNPC’s shares and assets, including oil blocs and refineries, are now held by the ministries of petroleum and finance.
But there are doubts how the firm could really function well as a truly private corporation with the government’s appointees still calling the shots at the industry and allowed to superintend over the so-called reorganisation.
The NNPC ought to be reliable cash cow, but over the years, analysts note that it has remained a perennially inefficient and loss-making state-owned oil corporation.
Experts say they wait to see how the transition from NNPC to NNPCL will help it become a profitable business that will benefit Africa’s largest oil producer.
Some people are beginning to cry foul over the appointment of Cordier as this is intended to usher in a new regime, according to a Punch report.
This is mostly coming from those who felt their jobs are on the line and they are looking into the statute book on conditions guiding the appointment of expatriates.
The Punch report read in part, “The announcement, however, triggered resentments among analysts and operators on Monday, though other experts found nothing wrong with the development.
“Energy expert and Chief Executive Officer, Sage Consulting, Bode Fadipe, said, ‘It is of concern to most Nigerians that at this time of our life we are still having a foreigner in such a strategic business enterprise in this country.
‘The question many people will ask is that: Don’t we have Nigerians who can manage that office? Are the expatriates now investors in the business or is it a joint venture that allows a foreigner to hold that kind of position?
‘Has NNPC Ltd sold its shares to the public? To the best of my knowledge, it is still the Nigerian government that owns the shares in NNPCL. It is still owned by the government, so when did it start appointing foreigners to such a level?”
“Fadipe said this was the first time he would see such an appointment in the national oil company, describing the development as abnormal. ‘I think it is an anomaly. I don’t know what would have informed that kind of position, but I think it is a situation that calls for further interrogation,’ the energy analyst stated.
“But on his part, a legal consultant and energy law advisor, Prof. Yemi Oke, argued that under the Petroleum Industry Act 2021, NNPCL should be a going concern, as there were requirements under the law for appointments. ‘There are other Nigerian companies that have expatriates as employees, all they need is to comply with the expatriate quota and show that there’s no local manpower skilled enough to man that particular office, due to the technical nature of the position,’ he stated.”

Loading

Business

NNPC Petrol Discount: Motorists Must Download App to Save ₦66 Per Litre

Published

on

NNPC Petrol Discount: Motorists Must Download App to Save ₦66 Per Litre
NNPC Petrol Discount: Motorists Must Download App to Save ₦66 Per Litre

The Nigerian National Petroleum Company Limited (NNPC) has made access to its ₦66-per-litre petrol discount conditional on customers downloading its mobile application and paying digitally, meaning motorists who pay directly at the pump may have to pay the higher displayed price.

Checks at NNPC retail outlets in Abuja showed that petrol was selling for ₦1,405 per litre for customers paying directly at the pump, while motorists using the company’s mobile application paid ₦1,339 per litre, according to a report by Saturday PUNCH published on October 10, 2026.

The difference of ₦66 per litre means motorists must complete the required digital payment process to benefit from the discount. The price reduction is not automatically applied to customers paying directly at the pump.

A fuel attendant at the NNPC mega station along Obasanjo Way in Abuja reportedly confirmed that customers had to download the application and pay through it to qualify for the lower price. Similar arrangements were observed at other NNPC outlets in the Federal Capital Territory.

The payment condition has raised questions about access to the relief initiative, particularly for motorists who prefer cash transactions or do not have smartphones, reliable internet access or experience using mobile payment applications.

READ ALSO:

NNPC introduced the petrol discount on October 1, 2026, as part of activities marking Nigeria’s 66th Independence Anniversary. The company subsequently announced that the offer would continue until October 31, 2026, at its retail stations nationwide.

The company said the initiative was intended to provide temporary relief to households and businesses facing rising fuel costs amid increases in global crude oil prices linked to tensions and conflict in the Middle East.

The Federal Government also announced a 30-day relief measure under which NNPC Retail would forgo its retail profit margin and sell petrol at cost. Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said the intervention was designed to cushion the impact of rising fuel prices on Nigerians, particularly vulnerable households and commercial transport operators.

NNPC has maintained that the discount is a temporary relief measure and does not represent a return to the petrol subsidy regime.

However, requiring motorists to use a mobile application to access the price reduction means that customers’ ability to benefit depends on their access to and use of the approved digital payment channel.

For commercial drivers and other frequent petrol buyers, the difference could add up over time. A motorist purchasing 20 litres, for example, would save ₦1,320 at the discounted rate compared with the higher price reported at the Abuja outlets.

The discount also carries a financial cost for NNPC. According to Saturday PUNCH, the company could forgo an estimated ₦4.62 billion in gross revenue if its average monthly petrol sales qualified for the reduction.

The observed prices in Abuja do not necessarily represent the pump price at every NNPC station nationwide, as retail prices may vary by location and prevailing supply conditions.

Motorists intending to benefit from the offer before its scheduled end on October 31 should confirm the payment requirements at participating NNPC stations and ensure they are using the company’s approved application.

The initiative comes as Nigerians continue to face pressure from petrol prices and the resulting effects on transport fares, food distribution, household expenses and business operating costs.

 

NNPC Petrol Discount: Motorists Must Download App to Save ₦66 Per Litre

Loading

Continue Reading

Business

Fitch Gives Tinubu Fresh Economic Boost as Nigeria’s Outlook Turns Positive

Published

on

Fitch Gives Tinubu Fresh Economic Boost as Nigeria’s Outlook Turns Positive
Fitch Gives Tinubu Fresh Economic Boost as Nigeria’s Outlook Turns Positive

Fitch Ratings has revised Nigeria’s economic outlook from stable to positive, citing improvements in foreign exchange reserves, monetary policy, exchange rate reforms and moderating inflation under President Bola Ahmed Tinubu.

The international credit rating agency announced the decision on Friday, October 9, 2026, while affirming Nigeria’s long-term issuer default ratings at ‘B’. The revised outlook signals the possibility of a future credit rating upgrade if the country sustains its economic reforms and strengthens its financial position.

The Federal Government disclosed the development on Saturday through the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who described the assessment as an endorsement of the administration’s economic reform programme.

Fitch’s decision reflects growing confidence in Nigeria’s macroeconomic policy framework and external financial position. The agency also expressed confidence that the government would maintain its reform momentum despite the approach of the 2027 general elections.

One of the key factors behind the positive outlook is the significant improvement in Nigeria’s foreign exchange reserves, which reportedly reached $54.9 billion as of September 25, 2026, compared with approximately $32 billion in mid-April 2024.

Fitch attributed the increase to stronger activity in the formal foreign exchange market, portfolio investment inflows, higher export receipts and remittances from Nigerians living abroad.

The agency projected that Nigeria’s current account surplus would reach 6.4 per cent of gross domestic product (GDP) in 2026. It also expects foreign exchange reserves to cover approximately 6.3 months of current external payments by the end of the year, providing a stronger buffer against external economic shocks.

READ ALSO:

Nigeria’s economic growth prospects also informed the revised outlook. Fitch forecast that the country’s real GDP would expand by 4.3 per cent in 2026, up from 4.0 per cent in 2025, with growth expected to remain above four per cent in 2027 and 2028.

The agency expects non-oil activities to remain a major driver of economic expansion, reflecting the importance of sectors beyond crude oil to Nigeria’s long-term economic prospects.

On inflation, Fitch projected average annual inflation of 15.4 per cent in 2026, significantly below the levels recorded in 2024. It attributed the expected moderation partly to greater stability in the naira and the effects of restrictive monetary policy.

However, the agency cautioned that inflation would remain high compared with countries with similar credit ratings, meaning that the cost of living and pressure on household budgets would continue to pose challenges.

Developments in the oil sector also contributed to the improved assessment. Fitch reported that crude oil production, excluding condensates, increased by 10 per cent quarter-on-quarter in the second quarter of 2026, while output reportedly met Nigeria’s OPEC target of 1.5 million barrels per day from May.

The expansion of domestic refining capacity, particularly the ramp-up of the Dangote refinery and the rehabilitation of other facilities, has also helped reduce reliance on imported refined petroleum products and associated foreign exchange demand.

The Federal Government attributed the improved outlook to major policy decisions introduced under Tinubu, including the removal of the petrol subsidy, foreign exchange market reforms and changes to the tax system.

Oyedele said the administration would continue implementing the reforms to reduce Nigeria’s cost of borrowing, attract private investment and encourage job creation.

The government also pledged to sustain a transparent, market-reflective foreign exchange regime, improve tax administration, strengthen debt management and increase non-oil revenue.

Despite the positive assessment, Fitch identified several risks that could limit Nigeria’s economic progress. These include weak governance indicators, dependence on hydrocarbons, persistent inflation, security challenges and low government revenue relative to the size of the economy.

The agency also projected that Nigeria’s general government fiscal deficit would widen to 3.6 per cent of GDP in 2026 amid spending pressures. Although tax reforms could improve revenue collection, implementation challenges may limit the gains.

Fitch forecast that general government debt would average 32 per cent of GDP between 2026 and 2028, below the 56 per cent median for countries in the ‘B’ rating category.

The positive outlook does not amount to an immediate upgrade of Nigeria’s credit rating. Rather, it indicates that Fitch could raise the rating in the future if economic reforms continue, macroeconomic stability improves and fiscal pressures ease.

The latest assessment follows other positive developments in Nigeria’s credit standing in 2026. S&P Global Ratings upgraded Nigeria’s rating from ‘B-’ to ‘B’ in May, while Moody’s Ratings revised its outlook on the country to positive in August, according to the Federal Government.

For the Tinubu administration, the latest Fitch decision provides an important boost to its economic reform agenda. However, the ultimate test will be whether improvements in economic indicators translate into tangible benefits for Nigerians through lower inflation, stronger purchasing power, increased employment and sustainable business growth.

 

Fitch Gives Tinubu Fresh Economic Boost as Nigeria’s Outlook Turns Positive

Loading

Continue Reading

Auto

Electric Mobility: Spiro Unveils Expansion Plan, Names Nigeria New MD

Published

on

Electric Mobility: Spiro Unveils Expansion Plan, Names Nigeria New MD

Spiro, Africa’s leading electric mobility company, is stepping up plans to expand its footprint in Nigeria, strengthen its battery-swapping infrastructure and deepen partnerships to make electric motorcycles more accessible and affordable to riders.

The company unveiled the growth strategy at the second edition of its Media Connect event in Lagos, where it formally introduced its new Country Head and Managing Director, Mr Prasad Sane, who will lead its operations and expansion drive in the country.

Sane said Spiro would consolidate its presence in Lagos, Ogun and Oyo states while exploring opportunities to extend its operations to additional markets, as it seeks to accelerate Nigeria’s transition to cleaner and more sustainable transportation.

The event brought together journalists covering business, technology, mobility and sustainability to discuss the company’s progress, infrastructure development and long-term ambitions for Nigeria’s electric mobility market.

Addressing the gathering, Sane said the company was moving beyond the deployment of electric motorcycles to building an integrated mobility ecosystem designed to improve riders’ earnings, reduce operating costs and create economic opportunities.

“Today is about progress, partnership and purpose. A year ago, we shared our vision for electric mobility in Nigeria. Today, we are demonstrating tangible results and a clear path forward,” he said.

He added that his mandate was to make Spiro one of the most trusted, affordable and accessible electric mobility solutions for Nigerians, beginning with its existing focus markets.

“My mandate is simple: to make Spiro the most trusted, affordable and accessible electric mobility solution for Nigerians, beginning with Lagos, Ogun and Oyo states.

“We are moving beyond electric bikes to build a complete ecosystem centred on our promise of ‘Energy on the Move’,” Sane stated.

A major pillar of the company’s strategy is its battery-swapping technology, which allows riders to exchange depleted batteries for fully charged ones in under a minute, reducing downtime and eliminating the need to wait for conventional recharging.

According to Sane, the model offers riders an alternative to rising fuel and maintenance costs while supporting efforts to reduce carbon emissions and improve the economics of commercial motorcycle operations.

“Electric mobility is no longer the future. It is the present, and Nigeria is poised to lead the transition,” he said.

Under its expansion plan, Spiro intends to accelerate the deployment of battery-swapping stations and service centres across Lagos, Ogun and Oyo states to improve accessibility, operational efficiency and customer support.

The company also plans to extend its geographical reach beyond the three states, bringing its electric motorcycles and related services to more Nigerian markets.

Another priority is strengthening partnerships with financial institutions, logistics companies and rider communities to improve access to electric motorcycles and its Battery-as-a-Service solutions.

The approach is expected to support wider adoption by riders who may face financial barriers to acquiring electric motorcycles outright, while helping businesses explore cleaner and potentially more cost-effective transportation options.

Spiro also plans to scale up local assembly operations, technical training and after-sales support, with a focus on creating employment opportunities, particularly for young Nigerians and women.

The company said the measures would help strengthen its operational capacity while developing local skills and supporting the growth of Nigeria’s electric mobility ecosystem.

The Media Connect event featured live product demonstrations and operational showcases, alongside the unveiling of the Spiro Ekon M1 Version 3, highlighting the company’s efforts to develop its electric motorcycle offerings for the Nigerian market.

Spiro, which received the West Africa Sustainable Award (WASA), is positioning its expansion around electric motorcycles and battery-swapping infrastructure as it seeks to contribute to the growth of sustainable mobility across Nigeria.

Loading

Continue Reading

Trending