…Alleged plot by IOC to frustrate refinery
By Christiana Ekpa
The House of Representatives has resolved to set up an ad-hoc committee to investigate the claim by the Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20 per cent stake in the refinery.
The house equally moved to investigate an alleged plot by International Oil Companies (IOCs) to frustrate the operations of the refinery.
The lawmakers further agreed to probe allegations that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was still granting import licences, indiscriminately, to marketers to import sub-standard refined petroleum products into the country.
Presenting the motion of urgent public importance sponsored by Minority Leader, Hon. Kingsley Chinda, the lawmakers urged the Minister of Petroleum Resources, and all relevant MDAs to immediately take urgent steps and intervene in the matter of crude oil supply to Dangote Refinery,
Dangote had during a press briefing at the refinery announced that the NNPCL no longer owns a 20 per cent stake in Dangote Refinery, a statement which was confirmed by the NNPCL.
According to Dangote, the NNPCL only owns 7.2 per cent of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.
Dangote said NNPC’s stake dropped to 7.2% over the company’s failure to pay the balance of their share, which was due in June. The NNPC had acquired a 20 per cent interest in the $20bn Dangote refinery for $2.76 billion.
“NNPC no longer owns a 20 per cent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
Presenting his motion, Chinda noted that despite Nigeria being a major oil producing and exporting country, the country has for several years continued to import refined petroleum products from other countries, to the detriment of the economic well-being of the country.
He said the construction of Dangote Refinery, with a capacity of 650,000 barrels per day (bpd) was Africa’s largest refinery, and the World’s seventh largest by capacity, saying its construction was meant to alleviate the petroleum products needs and accompanying pains faced by Nigerians.
