Dangote refinery: NEITI to commence engagements on NNPC’s 20 per cent equity

As a major player in the oil and gas industry, the Nigeria Extractive Industries Transparency Initiative (NEITI) on Tuesday, said it will soon commence engagements with the Dangote Refinery on the specific issues around the 20% equity interest that the NNPC has taken in the Refinery on behalf of the Federal Government.

This was even as it urged the Conglomerate to distance itself from a monopolistic business model and embrace corporate social responsibility, openness and accountability which allows for civic engagement and free enterprise.

NEITI’s Executive Secretary, Dr Orji Ogbonnaya made the disclosure in a statement issued in Abuja and signed by the Head of Communications and Stakeholders Management, Mrs. Obiageli Onuorah.

He said with over N13.7 trillion naira spent on petrol subsidies between 2005 to 2021, the take-off of Dangote Refinery with 650,000 barrels daily refining capacity will largely address Nigeria’s domestic demands for refined petroleum products within the short and medium term.

He described the development as a huge national relief as this is coming at a time when public debates on the removal of fuel subsidy have taken centre stage in public discourse.

According to him, the Commissioning of the Dangote refinery will end fuel importation in Nigeria and subsequently save the nation the over $ 7.3 billion projected to be spent on fuel subsidy in the first half of the year 2023.

He commended Dangote’s huge investments in the downstream sector saying this will address the issues of product availability, job opportunities and value creation.

Orji stated that NEITI expects the Dangote refinery to fully comply with the principles of the Extractive Industries Transparency Initiative (EITI) which Nigeria is a signatory.

READ ALSO FROM NIGERIAN TRIBUNE 

• May 29: FG rolls out programme for Tinubu’s inauguration

• Expose me if you’ve any proof of fraud, EFCC boss dares Gov Matawalle

• FAAC: FG, states, LGs share N655.932bn April allocation

• El-Rufai revokes rights of occupancy of ex-Gov Makarfi’s companies, landed properties

• 2023 UTME: JAMB remits N2bn to FG’s coffers

• EDITORIAL: The court ruling on NBC