20% Dangote Refinery Shares Fee in NNPCL’s 2022 Audited Report has triggered controversy.
PoliticalNews Nigeria stories that the Nigerian Nationwide Petroleum Company Restricted (NNPCL) Audited Report for 2022 has proven it paid for 20% shares within the Dangote Refinery.
This Nigeria information platform understands that this revelation got here regardless of Dangote’s denial that what the company paid was solely 7.2%.
A report by Afrisagacity shared on X deal with analysed that underneath President Muhammadu Buhari’s regime, the NNPC dedicated to take a position $2.7bn and purchase 20% shares within the Dangote Refinery.
In response to the report, in January, the NNPC, after intense strain, launched its Audited {Financial} Report for 2022. Within the report, they said that they bought 20% shares within the Dangote Refinery for $2.7billion.
They claimed to have obtained $1.036 billion (as a part of the funding) from Lekki Refinery Funding Restricted. $1 billion was paid to Dangote Refinery – which is about 37% of $2.7 billion they claimed to have invested.
After all, the remaining quantity of $36 million was for simply transaction prices.
Tinubu took over from Buhari and, in December, he arrange a brand new NNPC Board, the place he made his longtime pal and ally, Pius Akinyelure the NNPC Board Chairman and reappointed Malam Mele Kyari as NNPC Group CEO.
In a sudden flip, the NNPC which had dedicated to purchase 20% shares, backed down. Dangote had given them an extension interval (until June) to finish the $2.7 billion for the shares. However they couldn’t.
In the meantime, the general public nonetheless believed that that they had a 20% shares within the Dangote Refinery – not till Sunday, when Dangote himself, revealed that the NNPC had invested solely 7.2%.
Shortly after Dangote broke the information, the NNPC rushed to react. In its defence, it mentioned “NNPC Restricted periodically assesses its funding portfolio to make sure alignment with the corporate’s strategic targets.”
“One, what precisely are the NNPC “strategic targets?” They are saying it’s “to make sure entry to inexpensive, dependable, sustainable and trendy power for all”.
“How and when did the NNPC 20% fairness funding within the Dangote Refinery go in opposition to its “strategic targets” as highlighted above?
“Two, in its assertion, the NNPC validated what Dangote mentioned that they invested solely 7% of the $2.7 billion they initially dedicated to pay.
“This sharply contrasts and invalidates their declare of paying $1 billion to Dangote Refinery (for the shares) in 2022 – which is about 37%.
“So, if the NNPC confirmed that that they had paid $1 billion to Dangote Refinery – which is about 37% – how did they arrive concerning the 7%?
“Additionally, the place is the stability? Did Dangote Refinery refund it?
“Three, why precisely did the NNPC again down on their preliminary dedication of investing 20% on the Dangote Refinery shares?
“Is it really true that they realigned their “funding portfolio, in accordance with their strategic targets” or is it a grand plan that’s wrapped in a rip-off deal?” the report queried.