A few days ago, news broke out that the Nigerian National Petroleum Corporation (NNPC) has moved to acquire 20 per cent stake in the 650,000 barrels per day from Dangote Refinery in Lagos.

The corporation in a follow-up statement signed by its Group General Manager Group Public Affairs Division, Dr Kennie Obateru explained that the move was in line with the Federal Government’s policy to ensure energy security for the country.

The statement from NNPC revealed that there is “a Federal Government policy directive which stipulates the mandatory participation of the Corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity in keeping with its statutory role of safeguarding national energy security”.

Obateru stated that NNPC has identified at least six refinery projects in which it intends to seek equity participation, five of which are at the development stage with the Dangote Refinery being the largest of them.

He explained that NNPC, “the National Oil Company of Nigeria primarily has a dual role of providing stewardship for the nation’s hydrocarbon resources and adding value to the resources for the benefit of all Nigerians and other stakeholders.”

Observers are deeply divided about the benefits this will attract to the nation’s government and her people considering the organisation NNPC would be partnering with.
https://thejournalnigeria.com/nnpc-dangote-refinery-deal/