PDP Raises Alarm Over NNPC's Plan To Acquire Dangote Refinery Shares

 

The People’s Democratic Party (PDP) has reacted to the decision of the federal government to acquire shares in Dangote Refinery.

 

Recall that the FG some days ago hinted of plans to purchase of 20 percent shares in Dangote Refinery.

 

PDP National Publicity Secretary, Kola Ologbondiyan told Nigerians to pay attention to the acquisition.

 

The Nigerian National Petroleum Corporation (NNPC) had announced it is considering equity participation in a number of private refineries.

 

Kennie Obateru, the spokesman, in a statement explained that the decision was in line with the Federal Government policy which mandates the NNPC to invest in facilities that exceed 50,000 barrels.

 

Obateru said the corporation identified at least six refinery projects it intends to seek equity participation, “five of them are at the development stage with the Dangote Refinery being the largest of them”.

 

The NNPC assured the move to seek equity participation in the private refineries would not undercut its commitment to the rehabilitation of its own refineries and strengthen the domestic refining sector.

 

In its rejoinder, the PDP said it has nothing against any genuine and honest incentives for private refineries, but demanded such must not be used as avenues for siphoning funds from national treasury.

 

Ologbondiyan noted that the transaction must be made open, in terms of conditions for crude barter trade, duration, equity sharing, signatories among others,

 

The spokesman urged the National Assembly to take advantage of its oversight power on the NNPC to ensure that the deal followed due process.

“The PDP insists that any process involving diversification of our nation’s economic interest by the government must be made open, transparent and not be used as a conduit pipe for misappropriation”, he said.