The Nigerian National Petroleum Corporation Limited (NNPCL) has paid for 20% of the Dangote Refinery’s shares, reported in the 2022 Audited Report.Although Dangote’s statement disclose that the company has paid only 7.2%,
According to the Nigerian National Petroleum Corporation Limited’s (NNPCL) 2022 Audited report, the company paid for 20% of the Dangote Refinery’s shares. Based on the Afrisagacity article published on X handle,
The NNPC promised to invest $2.7 billion and purchase 20% of the Dangoterefinary shares reports under the administration of Muhammadu Buhari according to the report, the NNPC released its audited financial report for 2022 in January following significant pressure.
They reported that Dangote Refinery Limited provided them with $1.036 billion of the funding. Dangote Refinery received $1 billion, which is about 37% of the $2.7 billion they said they had invested..
They said they are given till June to complete paying the balance of $2.7 billion for the shares, as per the extension provided by Dangote which they were unable to though.
The public was unaware that they owned 7. 2 per cent of the Dangote Refinery until Dangote declared on Sunday that the NNPC had only paid 7.2%.
The NNPC responded quickly after Dangote disclosed the details. “NNPC Limited continually evaluates its investment portfolio to ensure alignment with the company’s strategic goals,” the statement read as part of its argument.”First, describe the NNPC’s “strategic aims” in full.
The organization’s stated goal is to “ensure access to modern, affordable, sustainable, and reliable energy for all.”In which capacities and at what point did the NNPC’s 20% ownership investment in the Dangote Refinery violate its earlier stated “strategic goals”?
Furthermore,, it is obviously the remaining $36 million was exclusively utilized for transaction expenses.
Tinubu after taking over from Buhari, reappointed Malam Mele Kyari as NNPC Group CEO and confirmed his longtime friend and ally Pius Akinyelure as Chairman of the NNPC Board in December.
“So, if the NNPC confirmed that they had paid $1 billion to Dangote Refinery – which is about 37% – how did they come about the 7.2 percent? “Also, where is the balance? Did Dangote Refinery refund it?
“Three, why exactly did the NNPC back down 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?” the report queried.
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