By Eyo Nsima

Fresh facts have emerged on how the Nigerian National Petroleum Company Limited, NNPCL, paid $2.7 billion into its accounts with the Central Bank of Nigeria, CBN in six months.

Checks by The Daily, www.thedaily-ng.com, showed that the money was paid between January and June 2022, thus disputing the argument that the lack of its contribution culminated in the depreciating value of the naira.

Specifically, it showed that the foreign exchange paid included the $645 million for dividend paid by the Nigerian Liquefied Natural Gas Company Ltd and $1.786 billion from the NNPC operational activities.

The company, professionally and transparently driven by the Mele Kyari-led team also paid $18.77 million in January 2022; $194. 56 million in February 2022; and $373. 233 million in March 2022.

The NNPC further paid $247.884 million in April 2022; $591.565 million in May 2022; and $880.906 million (June 2022).

The Central Bank of Nigeria, CBN, in its report – The forex question in Nigeria: Fact sheet – accused the NNPC of contributing to the weakening of the Naira.

Specifically, the report had stated among other things that, “domestically, there has been zero-dollar remittance to the country’s foreign reserve by the NNPC.”

However, in a statement obtained by The Daily, www.thedaily-ng.com, weekend, the President, National Youth Council of Nigeria (NYCN), Solomon Adodo, stated: “The combined impact of CBN’s inability to promptly release JV cash-call to restore production, the increasing losses due to crude oil theft and production deferments have culminated to significant crude oil output losses of over 600, 000 barrels per day.

“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity loses translating to over $64m per day, and a monumental impact of about $2bn per month.

“To its credit, NNPC has recorded significant gains on production ramp-up including attaining ‘first oil production from the Anyala – Madu Fields and most recently Ikike fields which cumulatively boost national oil production by almost 80, 000 barrels per day.

“Furthermore, NNPC’s efforts towards attaining additional combined production of over 100, 000 barrels from fields like Obodo, Utapate, etc has never abated despite the global setback recorded as a result of the effects of COVID-19 pandemic.”

Such payments might be increased in the coming months as NNPC Limited has emerged as, “a dynamic global energy company with businesses and operations across the entire spectrum of the energy value chain.”

In a report obtained from its website, the company maintained that “We are focused on energy transition while ensuring domestic energy security. By enhancing our upstream production, and expanding our gas processing and transportation services for domestic consumption, and exports. We will also revamp and expand our refining assets portfolio through greenfield projects with chemicals production integration and leverage equity partnerships. This will ensure we have sufficient capacity to meet local and international demand for premium energy products and services.

“We will continue to promote environmental sustainability through our long-term decarbonization program and quality investments in new energy sources such as solar and biofuels.”

The operations of the company, productivity, and wealth creation would be greatly enhanced by the Petroleum Industry Act, PIA.

According to NNPC Limited, “This entity endured, recording appreciable progress in all facets of the petroleum industry, until the signing of the Petroleum Industry Act (PIA).

“The enactment of the PIA, omnibus legislation overhauling the Nigerian Oil & Gas Industry, heralded the birth of a new corporate entity, the NNPC Ltd., which was incorporated as a Limited Liability Company.

“Under the PIA, the Company is free to operate in different sectors of the global energy industry and pursue other commercially viable ventures that will guarantee value to all its stakeholders.

“We have the best hands-on deck steering the company, driving efficiency, sustainability, and prosperity.”