Dangote refinery: CTA urges NNPC to give explanation to ownership structure

Stanley Ihedigbo

Centre for Transparency Advocacy (CTA) seek for clarification from the Nigerian National Petroleum Corporation (NNPC) regarding recent statement by Aliko Dangote of NNPC not owning a 20% stake in the Dangote Refinery.

In a statement made available to The Mirror, Executive Director
Centre for Transparency Advocacy, Faith Nwadishi, on July 14,2024, said that the Chairman of Dangote Group, Aliko Dangote, stated that NNPC no longer owns a 20% stake in the refinery.

According to Dangote, “The agreement was actually 20% which we had with NNPC and they did not pay the balance of the money up till last year and then we gave them another extension up till June (2024) and they said that they would remain where they have already paid which is 7.2%. So, NNPC, the government owns only 7.2% not 20%”.

However, this contradicts previous agreements and public statements indicating NNPC’s involvement in the project.

“We may recall that in 2021, Mele Kyari, the Group Managing Director of NNPC stated that “the decision to own a stake in the refinery was driven by the profit potential of the refinery business and the need to have a say in the of this magnitude, which borders on energy security for Nigeria and Africa, with huge implications for fiscal security of the country”. One wonders what happened to this enthusiasm and the fiscal implications of this failure to the national economy and its ability to booster revenue?

“The lack of clarity and contradicting facts around this important national endeavor worries CTA. We implore NNPC to, describe its ownership situation in the Dangote Refinery as of right now. Give specifics on any contracts or transactions pertaining to its project stake and give an explanation for any modifications to its ownership structure”, CTA boss stressed.

CTA Executive Director further said that as a group, they are  dedicated to advancing accountability and transparency in Nigeria’s oil and gas industry as a watchdog group.

“We think the public has a right to know the whole story behind this important project, which will affect the country’s economy and energy security in a big way.

“We shall keep an eye on the matter to make sure the public interest is safeguarded while we wait for NNPC to respond promptly”, Nwadishi stated.