Categories: News

NNPCL Asked To Declare Share In Dangote Refinery

NNPCL has been asked to declare their share in Dangote Refinery by a global body.

The Publisher Nigeria reports that the Extractive Industries Transparency Initiative, a global transparency body, on Tuesday, charged the Nigerian National Petroleum Company Limited to provide further details on its 20 per cent equity in the Dangote Petroleum Refinery.

It gave the charge during a visit of the EITI delegation to Nigeria, stressing that NNPCL had yet to clarify its equity interest in the $20bn refinery.

The EITI Technical Director, Alex Gordy, told journalists at the Abuja headquarters of the Nigeria Extractive Industries Transparency Initiative, that the national oil firm should be more transparent, as there were a lot of questions surrounding NNPCL’s acquisition of 20 per cent stake in the refinery.

He said, “NNPCL has acquired 20 per cent equity interest in the Dangote refinery. However, it has not explained what is the valuation of the equity interest in the Dangote refinery. So the key factor here is accountability.”

He said the oil firm should reveal the equity mode of payment, as all that was in the public domain was that the national oil company would pay for the equity acquisition with crude oil deliveries.

“How is it supposed to be paid? For we know at this point it is to be paid from future oil deliveries.

 

“But how would that be valued at market rates and the different rates with those supplies of petroleum from NNPC and consistent deductions from the Federal Government revenues? Or will it be from NNPC oil production?” Gordy stated.

Another member of the delegation and Deputy Executive Director, EITI, Bady Balde, said the delegation was in Nigeria because of the outcome of the recent validation of the country’s extractive industry.

 

He pointed out that the absence of a consistent NEITI board – National Stakeholders Working Group (NSWG), had been a major drawback to the country, especially in terms of validation assessment.

 

‘The vacancy was the issue of concern that led to this mission,” he said, stressing that NEITI data was meaningless without stakeholders’ engagement.

thepublisherngr

Recent Posts

Shehu Sani berates Tinubu, accuses president of shielding Buhari-era military spending

Former Kaduna Central Senator, Shehu Sani, has criticized President Bola Tinubu for his refusal to…

3 hours ago

INTERPOL Declares 14 Nigerians Wanted(See Full List)

The International Police (INTERPOL) has issued a wanted list featuring 14 individuals from Nigeria who…

4 hours ago

Stampedes: ‘Your Allegations Remind Us Of Your Sordid Past’ – APC Blasts PDP

The All Progressives Congress (APC) has accused the Peoples Democratic Party (PDP) of politicising the recent stampedes…

4 hours ago

Canadian province opens 2025 government internship programs for international students

The Government of Prince Edward Island (PEI), a Canadian province, is inviting applications for its…

9 hours ago

BREAKING: OZA CARNIVAL SECURES TOLARAM GROUP, ZENITH BANK PARTNERSHIPS

PRESS STATEMENT The 4th edition of the annual Oza Carnival has secured more partnerships from…

9 hours ago

Gunmen Kidnap Travellers In Ekiti, Demand ₦30 Million Ransom Each

Tragedy struck in Emure-Ile, Emure Local Government Area of Ekiti State, as gunmen ambushed and…

1 day ago