The Nigerian National Petroleum Corporation Limited (NNPCL) Audited Report for 2022 has shown it paid for 20% shares in the ?angote Refinery.
The revelation came despite ?angote’s denial that the what the corporation paid was only 7.2%.
A report by Afrisagacity, shared on X handle, analysed that under President Muhammadu Buharis government, the NNPC committed to invest $2.7billion and buy 20% shares in the ?angote Refinery.
According to the report, in January, the NNPC, after intense pressure, released its Audited Financial Report for 2022. In the report, they stated that they purchased 20% shares in the ?angote Refinery for $2.7billion.
They claimed to have obtained $1.036 billion (as part of the funding) from Lekki Refinery Funding Limited. $1 billion was paid to Dangote Refinery – which is about 37% of $2.7 billion they claimed to have invested, and the remaining amount of $36 million was for just transaction costs.
Tinubu took over from Buhari and, in December, he set up a new NNPC Board, where he made his longtime friend and ally, Pius Akinyelure, the NNPC Board Chairman, and re-appointed Mele Kyari as NNPC Group CEO.
In a sudden turn, the NNPC that had committed to buy 20% shares, backed down. ?angote had given them an extension period (till June) to complete the $2.7 billion for the shares. But they couldnt. Meanwhile, the public still believed that they had a 20% shares in the ?angote Refinery – not until on Sunday, when ?angote himself, revealed that the NNPC had invested only 7.2%.
Shortly after ?angote broke the news, the NNPC rushed to react. In its defence, it said: NNPC Limited periodically assesses its investment portfolio to ensure alignment with the companys strategic goals.
“One, what exactly are the NNPC strategic goals? They say its to ensure access to affordable, reliable, sustainable and modern energy for all. How and when did the NNPC 20% equity investment in the ?angote Refinery go against its strategic goals as highlighted above?
“Two, in its statement, the NNPC validated what ?angote said that they invested only 7% of the $2.7 billion they initially committed to pay. This sharply contrasts and invalidates their claim of paying $1 billion to ?angote Refinery (for the shares) in 2022 – which is about 37%.
“So, if the NNPC confirmed that they had paid $1 billion to ?angote Refinery – which is about 37% – how did they come about the 7%. Also, where is the balance? Did ?angote Refinery refund it?..Three, why exactly did the NNPC back down on their initial commitment of investing 20% on the angote Refinery shares?
“Is it truly true that they realigned their investment portfolio, according to their strategic goals or is it a grand plan thats wrapped in a scam deal?” the report queried.
