NNPCL 20% Stake In Dangote Refinery: The Disaster Foretold

Yesterday, July 14, 2024, the Chief Executive Officer (CEO) of Dangote Refinery, Alhaji Aliko Dangote proudly told Nigerians and the world at large that the Federal Government 20% equity share in his refinery has dropped to only 7.2%.

He based his reasons on the purported failure of the Nigerian National Petroleum Corporation (NNPC) Limited to pay the balance of the FG share funding, which was due last month, June 2024.

Addressing journalists in Lagos, the industrialist explained that failure by the NNPC to provide the balance share holding sum signifies the inability of the FG to meet its obligations, which according to him, automatically reduced the FG stake in the $19 billion refinery to 7.2%, he said matter of fact; with the straight face of a shrewd business man.

Here was the same Dangote who a few years ago, wearing the sobre look of a humble man in a tight corner, when the construction work on the refinery was at a critical junction due to financial paucity, had engaged in frantic meeting for a bailout assistance with the Central Bank of Nigeria (CBN), telling the FG and Nigerians off in two cold sentences; in the most offhand manner.

“NNPC no longer owns 20 per cent 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 per cent stake in the refinery,” Dangote declared.

This brings us to the question of criminal conspiracy within our leadership corridor, a criminal disposition usually couch in seeming official permissiveness, in the manner the affairs of state is run, such that the nation’s political dynamics has in the last thirty years become like an organized crime space where criminal gangs relentlessly conspire to rob, dupe and scam the country and its people.

This criminal enterprise plied by both the military and civilian administrations, and occasionally vide subtle collaboration between both leadership category; while the vulnerable bracket, the masses has always remained the victim.

But let us return to the FG share in the Dangote Refinery, and interrogate how we got there, with the hope that this effort will also help Nigerians to appreciate the well orchestrated plot to plunge Nigeria into yet another evil and mindless investment which negative outcome was obvious and clear at the time to all the economic managers involved.

They choose to overlook the risks not because they didn’t know that the risks were high but being part of the entrenched interests; worked tirelessly to do Nigeria in. Students of criminology understands that in all circumstances, that is the standard behaviour.

The benign and seeming benevolent characteristics and official airs they exude while planning, papering, processing, plotting the graphs and closing these dubious business deals, often remains unmatched and incomparable; as the case with every smooth criminal enterprise.

But this Dangote Refinery deal is one too many in the long list of unprotected business deals not only in the oil and gas industry but cuts across state businesses, especially in offshore transactions; with crude deals where the worst trade offs occurs; almost endlessly.

Nigerians need to know the truth about the this particular failed investment, given all the clear understanding of the dynamics of the imperative, processes and procedures of this deal.

There is need to interrogate the commitment, sincerity and all practical designs required to safeguard the investment on behalf of the people of Nigeria.

To make a headway, all individual officials involved in the deal need to be identified and their roles thoroughly scrutinized, from the composition of the Federal Executive Council (FEC) to the Central Bank of Nigeria, Legislative Committee members, NNPCL, etc.

Concerns were duly expressed by relevant quarters over the FG financial involvement in this refinery; there is need to find out why these concerns were dismissed, even as the need has arisen once again to reexamine the whole official processes relating to all agreements and disbursement of equity sums released to the refinery.

Former President Muhammadu Buhari, his CBN Governor, Godwin Emefiele, his Finance Minister, Mrs. Zainab Ahmed, Minister of State for Petroleum Resources, Mr. Sylva Timipre, and the horde of other officials connected to this sad reality, must be made to give account.

Account of when, where and how Dangote  had meetings with the relevant agencies of governments,v where the decision were taken and the real reasons the citizens equity in the deal was allowed to fall.

And talking about announcing the sad development, could the decision have solely been that of Dangote? Is that how sensitive share holding matters are treated? Did NNPCL agree that Dangote should be the one to break the bad news?

The Dangote announcement is a slap on Nigerians, an insult to her citizens collective intelligence and therefore, is unacceptable.

Yes, there is no denying that Dangote have always had his way with successive governments, and in all likelihood, Nigerians can do nothing about the development; at least it would be on record how this latest questionable deal was hatched and successfully pulled out, inspite of informed protestation.

This is why a blow by blow account of the deal has become essential, even though the masses of Nigeria, who have clearly and deliberately been pauperized with intent to sufficiently dehumanize them, so that their reasoning faculty already plainly impaired and compromised, makes it impossible for them to respond appropriately.

When the privileged class continue to apply this strategy, they are able forever to capture the hungry and harassed poor masses, and make them do their will.

That is the rude audacity that played out yesterday, apparently with the connivance of the state actors.

Being constantly vulnerable to manipulation by the privileged citizens, the masses are incapable of making rational deduction or standing up to defend themselves in the face of evils such as we are discussing.

The media must for once show empathy to the national cause and the masses of this country by stepping out to carry out it’s duty of investigative reporting.

This is not the time to side with those oppressing and subjugating the ordinary people, this is not time for cover up.