Under Buhari’s govt, the NNPC committed to invest $2.7bn and buy 20% shares in the Dangote Refinery.
In January, the NNPC, after intense pressure, released their Audited Financial Report for 2022. In the report, they stated that they purchased 20% shares in the Dangote Refinery for $2.7 billion.
They claimed to have obtained $1.036 billion (as part of the funding) from Lekki Refinery Funding Limited.$1 billion was paid to Dangote Refinery – which is about 37% of $2.7 billion they claimed to have invested.
Of course, the remaining amount of $36 million was for just transaction costs.
Tinubu took over from Buhari and, in December, he set up a new NNPC Board, where he made his longtime friend and ally, Pius Akinyelure the NNPC Board Chairman and reappointed Malam Mele Kyari as NNPC Group CEO.
In a sudden turn, the NNPC that had committed to buy 20% shares, backed down. Dangote had given them an extension period (till June) to complete the $2.7 billion for the shares. But they couldn’t!
Meanwhile, the public still believed that they had a 20% shares in the Dangote Refinery – not until Sunday, when Dangote, himself, revealed that the NNPC had invested only 7.2%.
Shortly after Dangote broke the news, the NNPC rushed to react. In their defense, they said “NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.”
One wonders what exactly are the NNPC “strategic goals?” They say its “to ensure access to affordable, reliable, sustainable and modern energy for all.”So, how and when did the NNPC 20% equity investment in the Dangote Refinery go against its “strategic goals” as highlighted above?
Two, in their statement, the NNPC validated what Dangote said that they invested only 7% of the $2.7 billion they initially committed to pay.
This sharply contrasts and invalidates their claim of paying $1 billion to Dangote Refinery (for the shares) in 2022 – which is about 37%.
So, if the NNPC confirmed that they had paid $1 billion to Dangote Refinery – which is about 37% – how did they come about the 7%?. Also, where is the balance? Did Dangote Refinery refund it?
Three, why exactly did the NNPC backdown on their initial commitment of investing 20% on the Dangote Refinery shares?
Is it truly true that they realigned their “investment portfolio, according to their strategic goals” or is it a grand plan that’s wrapped in a scam deal?
As Nigeria First PREPARED President that is distinguished in Economy and Accounting…P-ABAT is on the RIGHT Course.