The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari, has firmly stated that the company has adhered to all applicable laws in its operations and should not be accused of economic sabotage. Speaking before the Senate Ad-Hoc Committee investigating allegations of economic sabotage in the Nigerian petroleum industry, Kyari emphasized that the refining business operates on clear principles known to all investors.
“Refining business is straightforward. You must secure a source for your feedstock and find a market. This is basic and determines the operations of any refinery worldwide. We have done nothing to sabotage any domestic refinery,” Kyari explained.
He highlighted that the law clearly outlines obligations for domestic crude oil supply and provisions for local refineries, stressing that transactions must involve willing buyers and sellers.
Addressing accusations of importing sub-standard products, Kyari clarified that NNPC Limited is not involved, and regulatory agencies are responsible for ensuring no sub-standard products enter the country.
Kyari proposed that the Committee’s sessions be broadcast live on national television to ensure transparency and prevent misinformation.
He further noted that despite sufficient infrastructure to produce two million barrels of crude oil per day, challenges such as crude oil theft, pipeline vandalism, and lack of upstream investment are significant hurdles.
NNPC Limited, owned by over 200 million Nigerians, has transitioned from a loss-making entity to a profitable organization, Kyari reported. He assured full cooperation with the Committee’s investigation and reiterated the company’s commitment to Nigeria’s progress and adherence to relevant laws, including the Petroleum Industry Act (PIA) and the Company & Allied Matters Act (CAMA).
“We are faithful, loyal, and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules,” Kyari concluded.
