Get ready to buy our shares, NNPCL tells investors – Newstrends
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Get ready to buy our shares, NNPCL tells investors

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Get ready to buy our shares, NNPCL tells investors 

The Nigerian National Petroleum Company Limited (NNPC Ltd) says it will soon sell its shares to interested members of the public.

Group Chief Executive Officer (GCEO) of NNPC Ltd, Mele Kyari, said this on Tuesday in Abuja.

He spoke at the 22nd edition of the 2023 Nigeria Oil and Gas (NOG) Energy Conference and Exhibition.

The News Agency of Nigeria (NAN) reports the theme of the conference as ‘Powering Nigeria’s Sustainable Energy Future’.

Kyari said the decision to sell the national oil shares to investors was based on the provisions of the law.

He said, “As a company that is guided under the regulations of the Companies and Allied Matters Act, the NNPC Limited will declare its shares to the public for acquisition very soon.

“We will pay taxes; we will pay royalties like anyone; we will also pay dividends to our shareholders which many of you are.

Kyari also said, “We are in business and business means competition. We are a private sector; forget about the fact that we are owned by the government 100 per cent.

“You are also aware; we are going Initial Public Offer very soon, we will sell a part of our equity.”

“It is in the law. And once that happens, we will not be any different from any of you and it will be a very different business environment,” he said.

On subsidy removal, Kyari said it had ensured positive change in the sector by freeing up capital for powering the sustainable supply of energy.

NNPCL will sell shares to investors soon – GCEO Kyari

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Nigeria’s Mercedes Benz premier distributor Weststar Associates appoints Ebere Anenih as substantive MD, gives reasons

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Nigeria’s Mercedes Benz premier distributor Weststar Associates appoints Ebere Anenih as substantive MD, gives reasons

Weststar Associates Limited, the authorized general distributor of Mercedes-Benz in Nigeria, has announced the appointment of Ebere Anenih as the company’s managing director.
It said in a statement that her appointment signified a strategic leadership transition aimed at further strengthening Weststar’s position as the premier distributor of Mercedes-Benz vehicles in Nigeria and enhancing operational excellence across all areas of the business.
It noted that Ebere Anenih had been an invaluable part of Weststar since joining the company in 2016.
Part of the statement read, “Over the years, she has played a pivotal role in the organisation’s growth and success, serving in key leadership capacities, including Head of Legal, Compliance, and Business Network, as well as General Counsel for Legal Compliance and Human Resources.
“Her strategic approach to corporate governance and business operations has been instrumental in reinforcing the organisation’s reputation for excellence, compliance, and industry leadership.
“In her most recent role as Acting Managing Director, she successfully navigated the organisation through a challenging economic climate, demonstrating resilience, adaptability, and a commitment to sustainable business practices.
“Under her leadership, Weststar has continued to uphold the highest standards of service, operational efficiency, and customer satisfaction, ensuring that Mercedes-Benz remains the leading luxury automotive brand in Nigeria.
“Ebere Anenih’s professional expertise, leadership acumen, and dedication to excellence align seamlessly with Mercedes-Benz’s core philosophy of delivering ‘The Best or Nothing.’
“Her ability to drive strategic initiatives, promote innovation and collaboration, and lead high-performing teams has positioned her as a respected leader within the organisation and the broader automotive industry.

“Her tenure at Weststar has been marked by a deep commitment to optimizing business operations, enhancing stakeholder relationships, and fostering a culture of integrity and continuous improvement.”
Now as the substantive MD, she will be responsible for steering Weststar through the next phase of growth and transformation, according to the statement.
“Her focus will be on strengthening the organisation’s market position, driving operational efficiencies, and advancing strategic partnerships that align with the long-term vision of Weststar and Mercedes-Benz,” it statement.
She has a strong and experienced management team to rely on for support.
The management team dedicated to upholding Weststar’s standard of excellence comprises General Manager Sales, Christopher Irumudomon; General Manager, After-Sales, Ifeanyi Igbokwe; General Manager, Abuja Branch, Hakeem Isa; Head of Finance, Chima Otuechere; Parts Manager, Christiana Kanabe; Head of Commercial Vehicles, Umoh Ekanem; Head of Inventory, Raheem Adegboye, Head of Marketing, Oluwatobi Abimbola; and Head of Information and Technology, Chigozie Oranugo.
The company described Ebere Anenih’s appointment as a reflection of Weststar’s commitment to recognizing and empowering exceptional talent within the organisation.
“Her proven track record of success, strategic leadership, and deep understanding of the automotive landscape makes her a natural choice to lead Weststar into a future defined by customer-centric solutions, strong corporate governance and sustainable growth,” it added.

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Elon Musk confirms massive cyberattack on X traced to Ukraine

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Elon Musk confirms massive cyberattack on X traced to Ukraine

X, the social media platform owned by Elon Musk, suffered a major disruption on Tuesday as thousands of users reported difficulties accessing the site.

Responding to the disruptions, Musk confirmed that X had been targeted by a significant cyberattack.

“There was (still is) a massive cyberattack against 𝕏. We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved. Tracing …,” he said.

When asked about the attack on X later the same day, Musk provided further details in an interview on Fox Business Network with Larry Kudlow. He revealed that they had traced the attack to “IP addresses originating in the Ukraine area.”  

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“We are not sure exactly what happened, but there was a massive cyberattack trying to bring down the X system, with IP addresses originating in the Ukraine area,” he said.

According to DownDetector, a platform that tracks outages across various digital services, over 41,000 users reported issues around 10:03 a.m. EDT, with most complaints indicating problems with the app and website.

Although the number of reports declined after the peak, users continued to experience disruptions, with complaints ranging between 25,000 and 36,000 from 11:30 a.m. to 1 p.m. Earlier in the day, at 5:43 a.m., similar issues were reported, reaching a peak of 22,766 complaints just before 6 a.m. before appearing to resolve an hour later.

The attack raises concerns about the security of the platform, which has faced scrutiny over cybersecurity measures since Musk’s acquisition.

 

Elon Musk confirms massive cyberattack on X traced to Ukraine

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Dangote, NNPCL back to negotiation over Naira-for-crude deal

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Alhaji Aliko Dangote the CEO of Dangote Group and Group Managing Director of NNPC Mele Kyari

Dangote, NNPCL back to negotiation over Naira-for-crude deal

The Nigerian National Petroleum Company Limited (NNPCL) on Monday said discussions are currently ongoing towards emplacing a new naira-for-crude contract with local refiners.

The company reacted after the reported collapse of the naira for crude deal between the NNPCL and the local refiners, prompting marketers, stakeholders and Nigerians to express mixed feelings.

The deal, which lasted barely six months, was said to have collapsed, raising fear of increase in prices of petroleum products and further depreciation of naira against the dollars.

Newstrends reports that President Bola Ahmed Tinubu had directed the sale of crude oil to Dangote in naira as part of move to bring down the cost of premium motor spirit (pms) otherwise known as petrol.

In October 2024, the Federal Executive Council (FEC) approved that 450,000 barrels intended for domestic consumption be offered in Naira to Nigerian refineries, with the Dangote Refinery acting as a pilot project.

But findings by our correspondent indicated that the deal which was signed in October 2024 and is expected to lapse at the end of March 2025 might have collapsed.

Sources said this was due to “irreconcilable” differences bothering on product delivery and other issues.

Daily Trust reports that under the scheme which commenced in the first week of October 2024, the NNPCL was expected to supply 385,000 barrels of crude oil to the 650,000 bdp Dangote Refinery located in Ibeju-Lekki Lagos.

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However, findings showed that there has been a consistent low supply of allocations to Dangote Refinery, forcing it to resort to importation.

Daily Trust earlier reported that there has been a sharp decline in the volume of crude allocated to the Naira-for-Crude scheme.

A document reviewed late January indicated that for February 2025, the scheme has been allocated only four cargoes, and for March, just two cargoes totalling 950,000 barrels (1.9 million barrels in total for the month). This represents an allocation of 61,290 barrels per day – far below the 385,000 bpd target under the scheme.

The shortfall has left Dangote Refinery with no option than to import crude oil from outside Nigeria. It recently received 12 million barrels of crude oil from the United States.

There was no official comment yet from Dangote on the reported collapse of the naira for crude deal but a source close to the refinery confirmed that it is true. He did not provide further clarification.

But the NNPC Limited while clarifying the development said it has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.

Chief Spokesperson of the NNPC, Olufemi Shoneye said, “To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025.

“Discussions are currently ongoing towards emplacing a new contract. Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

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“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions…”

Experts, Nigerians lament collapse of deal

There are concerns among Nigerians, experts and marketers over the negative implication of the deal on fuel supply and the local currency.

They said the arrangement ordered by the president was responsible for the relative stability recently recorded in the foreign exchange. They said the development would further trigger depreciation of the naira resorting to an increase in prices of petroleum products.

A petroleum industry player, Akinrinade Akinade in a chat with our correspondent warned that the development would affect the prices of petroleum products.

He called for the intervention of President Tinubu who initiated the scheme in the first place.

He said, “I read it like you. It has not been confirmed yet. It was the President that ordered the NNPC to do it. It is not final.”

According to him, the scheme was felt largely “in the value of naira to dollar.”

“It was one of the reasons the dollar had some air space. If that one changes, we might see another devaluation of the naira because the refineries would have to be looking for dollars to source their crude. This will also affect the price of petroleum products,” he said.

Dangote, NNPCL back to negotiation over Naira-for-crude deal

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