By Ayomide Otitoju
Lagos, Nigeria – Aliko Dangote, CEO of the Dangote Group and owner of the Dangote Refinery, revealed last week that the Nigerian National Petroleum Corporation Limited (NNPCL) has capped its equity in the Dangote Petroleum Refinery at 7.2%, contrary to the speculated 20%.
Dangote explained, “The agreement was actually for a 20% stake with NNPCL, but they did not pay the balance of the money until last year. We extended the deadline to June 2024, but they opted to remain at the 7.2% they had already paid for. So NNPCL owns only 7.2%, not 20%.”
NNPCL confirmed this decision, stating it would not invest further in the refinery. This development has sparked considerable controversy.
Former Minister of Education, Oby Ezekwesili, voiced her concerns on social media. “I initially chose not to comment on the Dangote refinery-NNPCL saga,” she said on her official X handle. “However, with more information emerging from both parties, it’s clear that something seriously murky needs to be fully unravelled for public accountability, and urgently.”
Ezekwesili questioned the handling of the project, which had been deemed a “national interest project.” She asked, “How can a project of such stature be marred in this level of embarrassing controversy, especially in front of the local and international investing community? Did the Nigerian government not tell us it borrowed $3.3 billion from Afreximbank to take a stake in the Dangote refinery?”
Reflecting on her tenure during President Olusegun Obasanjo’s administration, Ezekwesili recalled advising NNPCL on its operational transparency. “When we were in government, I often told the NNPC leadership that they cannot operate as though there is a ‘Federal Republic of NNPC’ because they consider themselves the ‘goose that lays the golden egg.’ This opacity led us to design the Nigeria Extractive Industries Transparency Initiative (NEITI), which I pioneered as Chairperson, to regulate transparency in the oil and minerals sector.”
Ezekwesili urged President Bola Tinubu to leverage NEITI for an independent audit of the Dangote refinery-NNPCL transaction to provide the public with a clear understanding of the situation.
Further complicating matters, Dangote alleged that some top NNPCL officials own blending plants in Malta. He stated, “Some NNPCL people and traders have opened blending plants off Malta. We know these areas and what they are doing.”
NNPCL Group CEO Mele Kyari responded to these allegations via his X handle, denying any involvement. He stated, “I have been inundated with calls from family and friends asking if I own a blending plant in Malta. I categorically deny this. I do not own or operate any business directly or by proxy anywhere in the world, except for a local mini-agric venture.”
As the controversy continues, stakeholders and the public await further clarification and transparency regarding the investments and operations surrounding the Dangote Refinery.
