*Call On FG To Intervene
In what appears as rebuffing the claim by the Chairman of Dangote Group, Aliko Dangote, that the stake of the Nigerian National Petroleum Company Limited in the Refinery had to be reduced to 7.2 percent due to failure of the former to pay the balance, NNPCL has rather revealed that it has only 7.2 per cent stake in the 650,000 barrels per day Dangote Refinery.
Dangote had earlier revealed that NNPCL’s stake in the Dangote Refinery is now 7.2 per cent due to the company’s failure to pay the balance of its shares, which was due in June.
“NNPC no longer owns a 20 percent stake in the Dangote refinery. They were meant to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
However, the company’s spokesperson, Olufemi Soneye in a terse statement, while reacting to Dangote’s claim said their decision to cap their investment was strategic and was communicated to him some months ago.
He went on to add that the decision not to invest any further in the Dangote refinery did not impact the company’s business negatively.
Noting that the company “made a commercial decision to cap our investment at the amount already paid”, Soneye added, “Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business.
“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals
“The decision to cap equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.”
The statement was a surprise to most Nigerians who for years have been told by
the Group Chief Executive Officer of NNPCL, Mele Kyari, that the company bought 20 per cent stake in the refinery.
ALSO READ:For Failing To Pay Balance, NNPCL No Longer Owns 20% Of Dangote Refinery, Says Aliko Dangote
NNPC in its 2022 audited financial statement showed that it had acquired a 20% stake in the Dangote refinery for $2.76 billion through a $1.036 billion funding from Lekki Refinery Funding Limited of which $1 billion was paid to Dangote Refinery and $36 million was for transaction costs.
But some analysts, while blaming the federal government for the seemingly ‘shrouded secrecy’ of the transaction, have called on president Bola Tinubu to beam searchlight on the operations of the company to let the citizens know the true position.
Observing that the allegations and counter allegations are not healthy for the economy, particularly as the company is seeking for international loan to stabilize the foreign exchange market, they said the situation may have presented the government opportunity to let the citizens know happenings at the company.
They also took a swipe at the Refinery which has been in the news recently for various reasons, including alarms as well as shifts in the date for commencement of production of petrol, among others.
Nigeria, Africa’s largest exporter of crude faces energy challenges, with all its state-owned refineries non-operational, while the country continues to pay the salaries of the redundant refineries and as well relying on imported refined petroleum products.
The , national oil company, NNPCL remains the major importer of the essential commodities, while fuel queues are commonplace in the country, with the attendant different prices even within the same locality.
