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Reps Probe Alleged Collusion Against Dangote Refinery Over Crude Oil Supply Withholding
Reps Probe Alleged Collusion Against Dangote Refinery Over Crude Oil Supply Withholding
House of Representatives is investigating claims of crude oil supply obstruction to Dangote Refinery by NUPRC and IOCs.
EKO HOT BLOG reports that the House of Representatives has initiated an investigation into claims that the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and International Oil Companies (IOCs) operating in Nigeria are colluding to withhold crude oil supplies from Dangote Refinery, thereby hindering its operations.
The House will also probe allegations made by Aliko Dangote, Chairman of Dangote Refinery, stating that Nigeria’s ownership in the refinery is only 7 percent, contrary to the commonly believed 20 percent stake.
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In response to a motion of urgent public importance sponsored by Minority Leader Hon. Kingsley Chinda, the House has directed the Minister of Petroleum Resources and the NUPRC to provide the necessary support to Dangote Refinery to ensure its operational success.
Reps Dangote Refinery
Recall that the Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, during a press briefing at the refinery on Sunday, announced that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery.
According to him, the NNPCL only owns 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
The NNPC also confirmed the development in a statement late Sunday.
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“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals,” said a spokesman for the company.
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