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Controversy As Nigerian Petrol Company, NNPCL 2022 Audited Report Shows It Paid 20% Shares In Dangote Refinery

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The Nigerian National Petroleum Corporation Limited (NNPCL) Audited Report for 2022 has shown it paid for 20% shares in the Dangote Refinery.

The revelation came despite Dangote’s denial that the what the corporation paid was only 7.2%.

A report by Afrisagacity shared on X handle analysed that under President Muhammadu Buhari’s regime, the NNPC committed to invest $2.7bn and buy 20% shares in the Dangote Refinery.

According to the report, in January, the NNPC, after intense pressure, released its Audited Financial Report for 2022. In the report, they stated that they purchased 20% shares in the Dangote Refinery for $2.7billion.

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They claimed to have obtained $1.036 billion (as part of the funding) from Lekki Refinery Funding Limited. $1 billion was paid to Dangote Refinery – which is about 37% of $2.7 billion they claimed to have invested.

Of course, the remaining amount of $36 million was for just transaction costs.

Tinubu took over from Buhari and, in December, he set up a new NNPC Board, where he made his longtime friend and ally, Pius Akinyelure the NNPC Board Chairman and reappointed Malam Mele Kyari as NNPC Group CEO.

In a sudden turn, the NNPC that had committed to buy 20% shares, backed down. Dangote had given them an extension period (till June) to complete the $2.7 billion for the shares. But they couldn’t.

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Meanwhile, the public still believed that they had a 20% shares in the Dangote Refinery – not until Sunday, when Dangote himself, revealed that the NNPC had invested only 7.2%.

Shortly after Dangote broke the news, the NNPC rushed to react. In its defence, it said “NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.”

“One, what exactly are the NNPC “strategic goals?” They say it’s “to ensure access to affordable, reliable, sustainable and modern energy for all”.

“How and when did the NNPC 20% equity investment in the Dangote Refinery go against its “strategic goals” as highlighted above?

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“Two, in its statement, the NNPC validated what Dangote said that they invested only 7% of the $2.7 billion they initially committed to pay.

“This sharply contrasts and invalidates their claim of paying $1 billion to Dangote Refinery (for the shares) in 2022 – which is about 37%.

“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%?

“Also, where is the balance? Did Dangote Refinery refund it?

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“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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Igbos to boycott Arise TV over Abati’s uncouth statement

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The Indigenous People of Biafra lawyer, Ifeanyi Ejiofor, has called on Ndigbo to boycott Arise TV until its anchor, Reuben Abati, tenders an unreserved apology.

The former Special Adviser on Media and Publicity to former President Goodluck Jonathan, Reuben Abati, recounted during a morning programme how a former minister could not buy land for his wife in Igbo land.

Abati’s statement that Ndigbo does not sell land to non-indigenes generated condemnation from the people of the South East region.

Most X users of Igbo extraction accused Abati of committing ethnic bigotry against the group.

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In reaction on Friday, on his X handle, Ejiofor alleged that he had previously taken on the former presidential spokesman for his alleged anti-Igbo statement.

“When I confronted Abati frontally on a live television interview (TheMorningShow) a few years back about his deep-rooted hatred for Igbos and our struggle for freedom from enslavement within Nigeria’s political arrangement, I was fully seized of the disturbing facts of his ethnic bigotry. It is inborn in him; thank God he could not hide it any longer,” he narrated.

The IPOB lawyer demanded Arise TV’s owner, Nduka Obaigbena, mandate Abati to apologize to Ndigbo. He called on South East indigenes to boycott the station if Abati failed to tender a public apology.

“Reuben Abati must tender an unreserved public apology to Ndi Igbo, but if Nduka Obaigbena condones his anti-Igbo sentiment (Igbophobia), then, this should be a convenient point for Igbos to boycott, in its totality, the promoting of all programmes on Arise TV platforms,” Ejiofor stated.

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Minimum Wage: Our deadline remains December 1 -NLC insists

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The national leadership of the Nigeria Labour Congress (NLC) has insisted its December 1, 2024, deadline for state governors to implement the new minimum wage remains unshakeable.

The Labour Union who disclosed this in a statement issued by NLC’s Head of Protocol and Public Relations, Benson Upah warned that non-compliance with the directive will not be tolerated.

Ubah emphasized that the ultimatum remains unchanged, urging state governments to finalize agreements with labour unions before the deadline, noting that states like Sokoto, Zamfara, Taraba, and Plateau have taken significant steps to comply.

Explaining further, he stated that Sokoto has initiated wage adjustment proposals, while Taraba and Plateau recently approved an N70,000 minimum wage.

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Similarly, Zamfara state has put in plans for implementation after verifying its workforce.

However, states such as Cross River, Osun, and Imo remain in negotiation or unresponsive.

This has raised concerns about meeting the deadline set by NLC.

The NLC and the Trade Union Congress (TUC) continue to monitor compliance across the nation, advocating for fair wages amidst rising inflation.

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Indian man wakes up on funeral pyre

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An Indian man awoke on a funeral pyre moments before it was to be set on fire after a doctor skipped a postmortem, medical officials said Saturday.

Rohitash Kumar, 25, who had speaking and hearing difficulties, had fallen sick and was taken to a hospital in Jhunjhunu in the western state of Rajasthan on Thursday.

Indian media reported he had had an epileptic seizure, and a doctor declared him dead on arrival at the hospital.

But instead of the required postmortem to ascertain the cause of death, doctors sent him to the mortuary, and then to be burned according to Hindu rites.

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Singh, chief medical officer of the hospital, told AFP that a doctor had “prepared the postmortem report without actually doing the postmortem, and the body was then sent for cremation”.

Singh said that “shortly before the pyre was to be lit, Rohitash’s body started movements”, adding that “he was alive and was breathing”.

Kumar was rushed to hospital for a second time, but was confirmed dead on Friday during treatment.

Authorities have suspended the services of three doctors and the police have launched an investigation.

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AFP

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