NEITI Set To Engage Dangote Refinery Over NNPC 20% Stake
By Gift Eguavoen
The Nigeria Extractive Industries Transparency Initiative (NEITI) has said it will soon commence engagements with the Dangote Refinery on the specific issues around the 20% equity interest that the Nigerian National Petroleum Corporation Ltd (NNPCL) has taken in the refinery on behalf of the Federation.
This came as the agency welcomed with high expectations the completion and commissioning of the multibillion dollars Dangote Refinery by President Muhammadu Buhari, on Monday, in Lagos.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji in a statement released in Abuja, described the development as a huge national relief as the refinery is coming on stream at a time when public debates on the removal of fuel subsidy have taken a centre stage in public discourse.
“Apart from the huge revenue losses, (NEITI’s Independent extractive industry report on subsidy payments between 2005 to 2021 disclosed over N13.7 trillion naira as having been expended on subsidies), capital flight and other numerous challenges over fuel importation, the take-off of Dangote Refinery with 650,000 barrels daily refining capacity will largely address Nigeria’s domestic demands for refined petroleum products within the short and medium term,” the statement said.
While commending Alhaji Dangote over the huge investments in the downstream sector, Dr Orji noted that it will end fuel importation in Nigeria and subsequently save the nation the over $7.3billion projected to be spent on fuel subsidy in the first half of the year 2023, in addition to job creation.
Dr Orji stated that NEITI expects the Dangote refinery to fully comply with the principles of the Extractive Industries Transparency Initiative (EITI) which Nigeria is a signatory and advised the Conglomerate to distance itself from a monopolistic business model and embrace corporate social responsibility, openness and accountability.
