Tinubu, Dangote or NNPC who is Bursting Whose Bubble?

Bolaji O. Akinyemi

The word cabal used in adjectival form is beneath the description of what is taking place at the NNPC.

The impunity that marks the operation of the corporation since inception is an institutional embarrassment to corporate existence.

In the NNPC Audit report for 2022, there is a reflection of a payment for 20% shares in Dangote Refinery.

However in a video that has gone viral, the Founder and CEO of Dangote Group, Alhaji Aliko Dangote stated what Nigerians have come to believe; it’s a Lie!

Under the immediate past administration of Muhammadu Buhari, the NNPC commitment was $2.7bn to buy 20% shares in the Dangote Refinery. By January 2023, after intense pressure NNPC released their Audited Financial Report for 2022. In the report, they stated that they purchased 20% shares in the Dangote Refinery for $2.7 billion.

May 2023, Tinubu took over from Buhari and in December 2023 he made a move that seems to be bursting NNPC bubble, 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, whatever is influencing the decision though still unknown, 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 or wouldn’t!

Meanwhile, the public still believed that they had 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 their defense, they said “NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.”

The public is left wondering what exactly constituted NNPC “strategic goals?” in their public statements, it says, “it’s to ensure access to affordable, reliable, sustainable and modern energy for all.”
The question then is, how and when did the NNPC 20% equity investment in the Dangote Refinery go against its “strategic goals”? Is it before Dangote burst the bubble or after? If it’s before why was there communication with Dangote as regards their decision based on out of alignment with their strategic goals.

The second point to note in their statement; they invariably validated what Dangote said that they invested only part payment of the $2.7 billion they initially committed to pay that could only get them 7.2% shares of the Refinery.

This sharply contrasts and invalidates their claim of paying $1 billion to Dangote Refinery (for the shares) in 2022 – which is about 37%, I don’t want to believe NNPC would lie, the public should await the proof of payment of the $1 billion made to Dangote Refinery.

For the time being, if according to NNPC that they have paid $1 billion to Dangote Refinery – which is about 37% – how did they come about the 7%? Now the big question is; where is the balance of the payment they claim to have paid Dangote based on their 2022 audit report?

Was there a refund made by Dangote Refinery to NNPC?

The third point of interest to the public should be why exactly did the NNPC back down on their initial commitment of investing 20% of the Dangote Refinery shares?

Would it truly be because they realigned their “investment portfolio, in line with their “strategic goals?” Could it be an attempt by the old board to wrap up a scam of a deal? or is it a grand plan by the new board headed by Chief Pius Akinyelure to uproot Aliko Dangote’s tentacles in government and destabilize his alleged monopoly in the economy of this nation?

Many questions to ask; which answer may not be given. Nigerians will do well to grab a cup of popcorn. This season film is not about to end. There are bubbles on both sides of the divide. let’s see who outsmarts each other at this bubble bursting contest the public are counting. One thing I need to leave with all is that the bubble bursting may aid or dissuade Nigerians from the planned protest. Ask me how?

Dr. Bolaji O. Akinyemi is an Apostle and Nation Builder. He’s also President Voice of His Word Ministries and Convener Apostolic Round Table. BoT Chairman, Project Victory Call Initiative, AKA PVC Naija. He is a strategic Communicator and the C.E.O, of Masterbuilder Communications.

Email:bolajiakinyemi66@gmail.com

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Cover Photo  Credit: The Pulse