Despite Dangote’s denial, the Nigerian National Petroleum Corporation Limited (NNPCL) Audited Report for 2022 revealed it paid for 20% shares in the Dangote Refinery.
According to a report by Afrisagacity shared on X, under President Muhammadu Buhari’s regime, NNPC committed to investing $2.7 billion for a 20% stake in the Dangote Refinery. In January, NNPC released its Audited Financial Report for 2022, stating that it had purchased these shares for $2.7 billion. The report claimed that $1.036 billion was obtained from Lekki Refinery Funding Limited, and $1 billion was paid to Dangote Refinery, amounting to 37% of the total investment, with the remaining $36 million covering transaction costs.
However, after President Bola Tinubu took over and appointed Pius Akinyelure as NNPC Board Chairman and reappointed Malam Mele Kyari as NNPC Group CEO, the corporation backed down on its commitment. Despite an extension from Dangote, NNPC could not complete the $2.7 billion payment.
On Sunday, Dangote revealed that NNPC had invested only 7.2%. NNPC responded, stating that it periodically assesses its investment portfolio to ensure alignment with strategic goals, which include ensuring access to affordable, reliable, sustainable, and modern energy for all.
This statement raised questions about NNPC’s strategic goals, the discrepancy in their payment claims, and why the initial commitment was not fulfilled. The report queried whether the reassessment was genuine or part of a scam deal.