JUST IN: Ex-CBN governor Sanusi seeks NNPC audit, says president shouldn’t be petroleum minister

Former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has called for a proper audit of the Nigerian National Petroleum Company Limited (NNPCL) as he claimed it is not right for a president to double as minister of petroleum.

Sanusi made this known while delivering his remarks at The Bank Directors Summit holding at the Congress Hall of the Transcorp Hilton in Abuja.

Sanusi, who was CBN governor from June 2009 to February 2014, insisted that the President should not be the Minister of Petroleum.

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For the ex-CBN chief, the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC) must remain until banks get together and pay up what they owe the system.

He also maintained that the banking sector must shore up its trust deficit in the eyes of the public and that there is no need to amend the CBN Act to keep the apex bank free of political influences.

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In August, about three months after his inauguration, President Bola Ahmed Tinubu split the Ministry of Petroleum Resources with the appointment of Ekperipe Ekpo as Minister of State, Gas Resources; and Heineken Lokpobiri as Minister of State, Petroleum Resources.

However, Tinubu, in an apparent tradition of his predecessor, ex-President Muhammadu Buhari, kept the position of the substantive Minister of Petroleum Resources to himself.

Meanwhile, the NNPC Limited says it has signed two gas deals at COP28. The deal covers a floating liquefied natural gas deal and a small-scale LNG deal at the ongoing COP28 in Dubai.

According to the company, the deal is both for domestic, and international Markets. There is an Agreement on 421 tons per-day Small-Scale LNG Project in Ajaokuta and an MoU on Floating LNG.

In a December 6, 2023, statement signed by Olufemi Soneye, the Chief Corporate Communications Officer at the Nigerian National Petroleum Company Limited (NNPCL), the company said it has signed two major agreements to deliver LNG to both domestic and international markets.

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During two separate signing ceremonies held on the sidelines of the ongoing COP28 conference, NNPC Limited signed a Memorandum of Understanding with Wison Heavy Industry Company Limited, a Chinese company, for the development of a floating LNG project in Nigeria, targeting the international LNG market.

The Floating LNG MoU was signed by the Executive Vice President, of Gas, Power & New Energy, Olalekan Ogunleye on behalf of NNPC Ltd and Mr. Kai Xu, Managing Director of Wison Ltd, on behalf of his company. Both parties agreed to work together to chart a roadmap for the project development that will lead to an investment decision.

On the other hand, NNPC Prime LNG Limited, an arm of NNPC Trading Limited signed a Supply, Installation and Commissioning Agreement with SDP Services, an independent oil and gas company, for a 421 tonnes per day LNG project targeting the domestic LNG market.

The Small-Scale LNG (SSLNG) Project agreement was signed by the Managing Director, of NNPC Trading Ltd., Mr. Lawal Sade, on behalf of NNPC Prime LNG Ltd. while Mr. Abhinav Modi, Managing Director of SDP Services Ltd., signed on behalf of his company.

The MD NNPC Trading Ltd., Mr. Lawal Sade said the SSLNG Project will boost the domestication of LNG utilisation by supporting the growth of auto-gas initiatives across the country.

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