The Nigerian National Petroleum Company Limited, or better known as NNPC Limited, has been plagued by controversy of late, over alleged corruption in the state-owned company, the continued indebtedness of the crude oil-backed company, and the ongoing dispute of the Dangote refinery with NNPC, the oil sector authorities, and national and international oil companies over the supply of crude oil. For these reasons we will now outline the assets, subsidiaries and interests of the Nigerian National Petroleum Company (NNPC) Limited.
NNPC Retail Limited
NNPC Retail Limited is a wholly-owned Nigerian naira-denominated subsidiary as of December 31, 2023 according to the financial statements of NNPC Limited.
On the other hand, according to Premium Times, a Nigerian newspaper based in Abuja, NNPC Retail no longer exists as it has merged with OVH Energy Marketing Limited.
NNPC Trading Limited
NNPC Trading Limited is a wholly owned Nigerian subsidiary of NNPC Limited denominated in naira as at 31st December 2023.
The company is headquartered at No. 25, Mississipi Street, Maitama District, FCT Abuja, Nigeria.
The company’s principal business is trading in crude oil, condensates, refined products, natural gas liquids (NGL), liquefied natural gas (LNG), liquefied petroleum gas (LPG) and other commodities.
NNPC Trading Services (UK) Limited
NNPC Trading Services (UK) Limited is a wholly owned UK subsidiary of NNPC Limited denominated in pounds sterling as at 31 December 2023.
The subsidiary is headquartered at Capitol House, 159 Hammersmith Road, London, W6 8BS.
The company’s principal activity is providing logistics services to Duke Oil Incorporated.
NNPC Trading SA
NNPC Trading SA is a wholly owned Panamanian subsidiary denominated in dollars. The principal activity is the marketing of crude oil and petroleum products.
NNPC E&P Limited
NNPC E&P Limited is a wholly owned Nigerian subsidiary of NNPC Limited denominated in dollars.
NNPC E&P Limited is headquartered at Ogba Road, Benin City, Edo State.
This company is engaged in the exploration and production of crude oil.
Kaduna Refining and Petrochemical Company Limited
Kaduna Refining and Petrochemical Company Limited is a naira-denominated refinery and is wholly owned by NNPC Limited.
The refinery headquarters is located at KM 16 Kachia Road, PMB 2252, Kaduna.
The company’s main activity is the refining of crude oil and manufacturing of petrochemical products. The refinery has an installed capacity of 110,000 barrels of crude oil per day.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, announced in 2023 that the ongoing rehabilitation of the Kaduna Refinery and Petrochemical Company (KRPC) would be completed for operation in the fourth quarter of 2024. This comes against a backdrop where the refinery has not been able to produce petroleum products for years.
Warri Refining and Petrochemical Company Limited
Warri Refining and Petrochemical Company Limited is a naira-denominated refinery and is wholly owned by NNPC Limited.
The refinery headquarters is located at P.M.B 44, Effurum, Near Warri, Delta State, Nigeria.
The company’s main activity is the refining of crude oil and manufacturing of petrochemical products. The refinery has an installed capacity of 125,000 barrels of crude oil per day.
NNPC Engineering and Technical Company Limited
NNPC Engineering and Technical Company Limited is a wholly owned Nigerian subsidiary denominated in naira.
The company is headquartered at Feyide House, 23 Engineering Close, Off Idowu Taylor Street, Victoria Island, Lagos, Nigeria.
The company’s main activity is engineering projects. Some of the completed projects undertaken by this company are the AKK Gas Pipeline, a 614km gas pipeline running from Akaojuta in Kogi State to Kano. Another completed project is the design of an LPG storage and loading facility for the Sapele Gas Processing Plant.
NNPC Energy Services Limited
NNPC Energy Services Limited is a wholly owned Nigerian subsidiary of NNPC Limited denominated in naira.
The company’s main activity is to provide geophysical and petroleum engineering services.
The Wheel Insurance Company
The Wheel Insurance Company is a wholly owned Guernsey-based subsidiary of NNPC Limited denominated in dollars.
The principal activity of the company is to provide reinsurance cover in respect of excess capacity of NNPC’s petroleum assets transferred overseas.
Investment in the Dangote refinery
In September 2021, NNPC Limited proposed to acquire 20 % interest in Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE) worth $2.76 billion which was financed by a forward sale agreement of $1.036 billion from Lekki Refinery Funding Limited of which $1 billion was paid to Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE).
This investment was initially held by NNPC Greenfield Limited (a special purpose vehicle 100% owned by NNPC) in trust for NNPC Limited. Due to restructuring of the NNPC Limited Post PIA era, the function of this unit has been moved to NNPC Downstream Investment Service (NDIS). The balance of the cost of equity investments made in DPRP FZE, which is USD1.76 billion has been agreed to be paid in cash instead of the proposed crude discount of a $2.5/bbl. on the official selling price of crude oil.
As of August 22, 2024, NNPC Limited holds only a 7.25% interest in DPRP FZE due to NNPC Limited’s failure to pay the remaining balance due in June 2024.
