According to Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Limited, the corporation is exempt from any accusations of economic sabotage since it has not broken any of the regulations governing its business relations with partners.
In his remarks on Wednesday at the National Assembly to the Senate Ad-Hoc Committee looking into allegations of economic sabotage in the Nigerian Petroleum Industry, Kyari said that refining is a simple industry that any investor should be aware of before entering the market.
“Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery,” Kyari stated.
The GCEO claims that the legislation is quite explicit about the need for domestic crude oil supply as well as financing for nearby refineries.
Kyari clarified, nevertheless, that the same rule also required that there be a willing seller and a willing buyer.
Regarding the reported entry of subpar goods into the nation, Kyari stated that the NNPC Limited is unrelated to this since subpar goods are illegally prohibited from entering the nation by the relevant regulatory bodies.
In order to avoid misleading Nigerians, the GCEO also backed requests that the Ad-hoc Committee broadcast the interactive sessions live on national television.
He clarified that although the infrastructure is sufficient to produce two million barrels of crude oil per day, the main obstacles facing the industry are crude oil theft, pipeline vandalism, and a lack of investment in the upstream.
He said that NNPC Limited, a business owned by more than 200 million Nigerians, had evolved from a losing enterprise to a profitable one.
Kyari stated that the NNPC Limited, its entire board, management, and staff remain loyal, faithful, and committed to Nigeria and will continue to act in accordance with the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA), and other enabling laws and regulations governing the nation’s energy industry. Kyari also pledged full cooperation to the Committee in its efforts to unravel the allegations under investigation.
“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.