NNPC, Nigeria’s cash cow refused to release oil money for sharing
The Nigerian National Petroleum Corporation (NNPC) has unveiled plans to set up a subsidiary to provide refueling services to ships and other ocean-going vessels.
A statement by its spokesman, Mr. Ndu Ughamadu, in Abuja on Wednesday, said the move was to consolidate its foothold on the shipping business in Nigeria and boost profitability.
It said the Group General Manager, NNPC Shipping, Mrs. Aisha Katagum, disclosed this in the corporation’s in-house journal. She said: “Actually, the NNPC Group Managing Director (GMD) is also very keen on that.
“He has directed the Corporate Planning and Strategy (CP&S) Division to come up with a business model for us to see how it could operate.”
According to her, the bunkering subsidiary is most likely going to be an incorporated company like Nidas, a subsidiary under NNPC Shipping Division. She added that the proposed company would likely be domiciled in the NNPC Shipping Division too.
“I’m sure it’s going to be a big business because we have so many vessels that come into the West African Coast. This year alone, over 120 vessels have brought imports for us.” She said
Nikorma and Marine Logistics are two other downstream subsidiaries under the NNPC Shipping Division. While Nikorma engages in shipping and transportation of energy products, Marine Logistics on the other hand, provides logistics services to the crude and petroleum products and gas sub-sector.
The Marine Logistics have the mandate to effect demurrage reduction and ensure safe and efficient coastal distribution of petroleum products.