The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, has tackled the Nigerian National Petroleum Company Limited over its attempt to increase its stake in the Dangote Petroleum Refinery despite the poor state of government-owned refineries.
Ukadike stated this while reacting to comments by the President of the Dangote Group, Aliko Dangote, that the refinery rejected requests by the NNPC to increase its 7.25 per cent stake in the $20bn facility.
Dangote had disclosed this during an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, monitored by our correspondents on Wednesday.
Reacting to the development, Ukadike questioned why the national oil company was seeking to invest more funds in the privately-owned refinery when the Port Harcourt, Warri, and Kaduna refineries under its control had remained largely inactive despite billions of dollars spent on rehabilitation.
“Why is NNPC trying to invest money in the Dangote refinery when it has three refineries that are not working? Why is NNPC not investing that money in those ones?” Ukadike asked.
He added, “The NNPC did not revive our refineries, but they want to look for where the refinery is already working to put money into it. Does that make sense?”
The IPMAN spokesman said Dangote had the right to reject the offer from the NNPC if he considered it unsuitable for his business interests.
