Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Favour Ifeoluwa & Akinola Ajibade
The President, Dangote Industries, Alhaji Aliko Dangote says the Nigerian National Petroleum Company Limited (NNPCL) presently owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June thereby reducing it from 20%.
He said that NNPCL’s stake dropped to 7.2% over the company’s failure to pay the balance of its share, which was due in June. The 20 percent interest in the $20bn refinery is valued at $2.76 billion.
In his words, “NNPC no longer owns a 20 percent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery.”
But in a swift reaction, Dangote's Corporate Communication Officer, Femi Soneye,said: "We made a commercial decision to cap our investment at the amount already paid” the NNPC’s equity in the refinery is now 7.5 percent as against 20 percent.
Nigerians have all along been made to believe that the NNPC’s equity stake in the over $ 20 billion refinery is 20 percent.
“Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business.”
“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals,” said a spokesman for the company.
Dangote expressed strong commitment towards Nigeria’s development, adding that his passion for an industrialized Nigeria is the sole reason he doesn’t have houses outside Nigeria.
He revealed that he once had a London house which he sold in 1996, explaining that “the reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria.
“I figured that if I had those houses, there will be one reason or the other for me to visit those places thereby causing distraction for me.
“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state Kano and a rented one in Abuja,” he revealed.
Also, the Group Executive Director, Commercial Operations, Fatima Dangote, commended Dangote for never giving up on the Nigerian dream.
She said: “I have not seen anyone as hard working as my father, sometimes I wonder how he never gives up.
“I wish we have a few more men like my father in Nigeria, the country will be a better place.”
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