Nigeria’s main opposition party, the Peoples Democratic Party (PDP) has advised the Federal Government to ensure transparency in its planned acquisition of 20% stake in Africa’s largest refinery project, the Dangote refinery.
The call was made following the confirmation by both the Nigerian National Petroleum Corporation (NNPC) and top officials of the Dangote Group of plans by the state oil giant to purchase a minority equity stake in the Dangote refinery.
The advice by the PDP is contained in a statement issued by the party’s National Publicity Secretary, Mr Kola Ologbondiyan, in Abuja.
What the PDP is saying
Ologbondiyan in the statement said:
“The PDP has nothing against any genuine and honest incentives for private refineries, but we insist that such must not be used as avenues for siphoning funds from the national treasury.
The transaction must be made completely open, in terms of conditions for crude barter trade, duration, equity sharing and signatories among other things,” he said.
Ologbondiyan asked the National Assembly to take advantage of its oversight power on the Nigerian National Petroleum Corporation (NNPC) to ensure that the deal was transparent.
The PDP insists that any process involving diversification of our national economic interest by the government must be made open, transparent and not be used as a conduit pipe for misappropriation,”
In case you missed it
It can be recalled that a few days ago, Nairametrics reported that the NNPC had announced plans to acquire a 20% minority equity stake in the $19.5 billion Dangote Refinery, Lagos, with one of its divisions, the Greenfield Refining Projects Division (GRPD), handling the negotiations with Dangote Refinery.
This is to further ensure an undisrupted supply of petroleum products across the country when the transaction pulls through.
Similarly, 3 other oil firms from Western and Middle Eastern countries, were reported to have indicated an interest in the acquisition of a stake in the Dangote refinery.
It said that the firms, which are involved in trading and crude oil production, are looking to secure crude supply agreements, a similar objective to that pursued by the state oil giant, the NNPC.
