By Emeka Ugwuanyi
The Nigerian National Petroleum Company Limited (NNPC Ltd) is trending on X platform since Alhaji Aliko Dangote revealed that NNPC no longer owns 20% stake in his over $20billion Dangote Refinery because the national oil company couldn’t pay.
According to Trending Explained@TrendingEx on its X page, in September 2021, NNPC Ltd acquired a 20 per cent interest in Dangote Refinery for $2.76 billion but paid only $1.036 billion (N426.2 billion), remaining $1.76billion to be paid when the refinery starts production.
Dangote said: “NNPC no longer owns 20% 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,”
This revelation jolted Nigerians and many took to their X handle to react as follows:
FORTUNATE@Fortunatebackup wrote “To understand what’s going in Nigeria you need to first Craze, with certificate.”
Kwabena@Sir_BenBoye wrote “From 20% to 7.2%c – cos NNPC no get money to pay the agreed counterpart funds
Ayodele@Ayodele1son wrote “NNPC died when subsidy was out, they were one of the organisations benefitting largely frompetrol subsidy, they has so much money that they privatised, wanted to startbuilding roads, build housing estates etc during the subsidy regime, now, no subsidy, no money
Abiodun@lawnreigh1 wrote “The people managing Nigeria are really terrible at High Level Management”
Austine O’Brian@AustineOBrian wrote “Don’t associate your sweat with NNPC and anything that starts with N.”
Ashipa James@Ashipatwit wrote “NNPC cannot maintain its own Refineries and now is unable to meet 20% ownership criteria in Dangote Refinery. It is clear that NNPC has become a Cesspool of Corruption and should be thoroughly investigated.”
Halaal Bro@ibraheemgentle1 wrote “I saw this thing coming walai. The agreement was to pay with about three years’ crude supply forward contract. But at officialABATs FGN chose to frustrate and void the contract terms for their selfish interest.”
