Opinion
NNPC refineries may never work again – Dangote
By Onorakpene Eviosekwofa
Aliko Dangote is now a major player in the oil sector, thanks to his ownership of the Dangote Refinery Limited, DRL – he understands the challenges that are associated with NNPC-owned refineries, especially when his money was refunded to him by late president Yar’Adua after the refineries were sold to him.
As a private company, the DRL is now setting the pace and standard for the NNPC albeit her official status as refiner of Nigeria’s petroleum products and crude oil exporter.
As the new helmsman of the NNPC, the Group Chief Executive Officer of NNPC, Bayo Ojulari, is expected to shed light on the process of putting the Porthacourt, Warri and Kaduna refineries back to production, especially after $18bn dollars have been spent to repair the refineries.
Dangote and other investors had paid $750 million to acquire the refineries, only for the deal to be reversed by the Yar’Adua administration. Upon assuming office in May 2007, President Yar’Adua’s administration reversed the deal. This decision was influenced by concerns raised by NNPC officials and other stakeholders.
It’s not clear who, between Funsho Kupolokun Nov. 2003 – Sept. 2007 and Abubakar Yar’Adua Sept. 2007 – Jan 2009, advised Yar’Adua to stop the sale of the refineries to Aliko Dangote. Notwithstanding, it’s my opinion that the advice was based on their own selfish interest, for what they will benefit, from the contract to repair the refineries! The repairs of the refineries have become open-ended, a cesspit of corruption and over-invoiced, cost of repairs by subsequent boards of the NNPC until the past administration of Mele Kyari.
I can wager that if late president Yar’Adua had not stopped the sale of the refineries to Dangote, the refineries would have been up and running, refining and supplying petroleum products to Nigerians.
Under normal circumstances, and in saner climes, the Minister of Petroleum and the Group Chief Executive Officer of NNPC should have been served a query to explain the implications of Aliko Dangote’s statement that NNPC refineries will not work.