NUPENG had, in a release dated 31 January, given a 15-day ultimatum to government over six labour issues between some of its members and their respective companies.
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This system collapse occurred at about 12:11 p.m on the first day of February and all the electricity distribution companies (Discos) have confirmed to have lost power supply from the grid.
The GMD described pipelines as arteries of the nation’s Oil and Gas Industry, adding that part of the reform process embarked upon by the corporation under his watch was to birth an NPSC that has a clear focus which sees pipeline storage and distribution as real business.
“This 8th Senate is here to expose every corruption in the system, irrespective of how highly-placed those involved are, and therefore, the reason for this public hearing today. This unconstitutional and illegal practice must be addressed and we are not going to rest until it is fully addressed.”
The corporation called on the Senate Downstream Committee to assist in ensuring that the outstanding debt was settled to enable NNPC effectively achieve its obligation as the supplier of last resort to the downstream sector.
“The entire federation is being shortchanged by those activities. Since 2010, there were no payments of Joint Venture Cash Call by the NNPC when the oil was $110 per barrel up to when the President took over in 2015.”
“Any and all amounts approved and directed by Mr. President to be paid, were executed exclusively by NNPC, directly from NNPC’s foreign and or, Central Bank of Nigeria accounts, to the stated recipients.”
He disclosed that the company was currently supplying 50 per cent of the West African Gas Pipeline (WAGP) system gas, adding that it was the in thing to have more gas assets, while commending the company for leaving up to expectations.
“During our recess, the committee moved around some cities, including Abuja and Lagos, to ascertain the situation on ground. When we thought that we were making progress, we just realised that the queues were resurfacing in fuel stations.”
If eventually signed by the president, the bill will unbundle the Nigerian National Petroleum Corporation (NNPC) and provide for the establishment of Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company and Petroleum Equalisation Fund.
