In a striking call for transparency and accountability, former Minister of Education and renowned public policy advocate, Oby Ezekwesili, has demanded an independent audit into the Nigerian National Petroleum Company Limited’s (NNPC) investment in the Dangote Petroleum Refinery. Ezekwesili's call comes on the heels of the ongoing controversy surrounding NNPC's reduced stake in the refinery from the planned 20% to 7.2%, raising questions about the integrity and management of the investment.
L-R: Obiageli Katryn Ezekwesili, Former Minister of Solid Minerals and Mele Kyari, the Group Chief Executive Officer of NNPC
The
Controversy Unfolds
The
controversy began when the President of Dangote Group, Alhaji Aliko Dangote,
recently disclosed that NNPC’s actual investment in the Dangote refinery stood
at 7.2%, contrary to the widely speculated 20%. According to Dangote, “The
agreement was actually 20% which we had with NNPC, and they did not pay the
balance of the money up till last year; then we gave them another extension up
till June (2024), and they said that they would remain where they have already
paid, which is 7.2%. So NNPC owns only 7.2%, not 20%.”
This
revelation has sparked widespread concern and debate among stakeholders and the
public, prompting calls for a thorough investigation into the matter. Oby
Ezekwesili, through her official handle on X, expressed her disappointment and
emphasized the need for an independent audit to unravel the situation and
ensure public accountability.
Ezekwesili's
Outcry for Transparency
Ezekwesili,
known for her unwavering stance on transparency and good governance,
highlighted the need for immediate action to address the discrepancies and lack
of clarity in the NNPC-Dangote refinery transaction. “How can a project that by
all definition attained the stature of a ‘national interest project’ be marred
in this depth of embarrassing controversy that is playing out in the full glare
of the local and international investing community?” she questioned.
The
former minister pointed out the Nigerian government’s earlier claims of
borrowing $3.3 billion from the African Export-Import Bank (Afriexim-Bank) to
take a stake in the Dangote refinery. “Did the Nigerian government not tell us
it borrowed $3.3bn from Afriexim-Bank to take a stake in the Dangote refinery?”
Ezekwesili queried, stressing the need for clarity on how these funds were
managed and why the investment fell short of the planned 20%.
Historical
Context and NEITI’s Role
Drawing
from her experience during former President Olusegun Obasanjo’s administration,
Ezekwesili recalled her efforts in advocating for transparency within NNPC. She
emphasized the significance of the Nigeria Extractive Industries Transparency
Initiative (NEITI), which was established to ensure transparency and accountability
in Nigeria’s oil and minerals sector.
“When
we were in government, I often told the NNPC leadership that they cannot carry
on as though there is a ‘Federal Republic of the NNPC’ just because they think
of themselves as ‘the goose that lays the golden egg’,” Ezekwesili stated. She
highlighted that the opacity within NNPC was a major reason behind the creation
of NEITI, aimed at regulating transparency in the sector.
Kyari’s
Denial and Dangote’s Accusations
Amid
the ongoing controversy, the Group Chief Executive Officer of NNPC, Mele Kyari,
found himself in the spotlight following allegations made by Aliko Dangote.
Dangote had suggested that certain NNPC officials owned blending plants outside
Nigeria, specifically in Malta, implying potential conflicts of interest and
unethical practices.
Kyari,
in a bid to clear his name, took to his X handle to deny these claims
vehemently. He stated, “I do not own or operate any business directly or by
proxy anywhere in the world except for a local mini-agric venture, neither am I
aware of any employee of the NNPC that owns or operates a blending plant in
Malta or anywhere else in the world.”
Kyari
further clarified that any such blending plant would not influence NNPC’s
business operations or strategic actions. He reassured the public and
stakeholders of his commitment to transparency and vowed to sanction any NNPC
official found guilty of unethical practices.
Call
for Presidential Intervention
In
light of the unfolding events, Ezekwesili has called on President Bola Tinubu
to utilize NEITI to conduct an independent audit of the NNPC-Dangote refinery
transaction. She urged the President to take immediate action to provide the
public with a clear and honest account of the investment.
“The
opacity of the NNPC was the reason we took great delight in designing the
multi-stakeholders Nigeria Extractive Industries Transparency International in
those early 2000s that I pioneered as Chairperson,” Ezekwesili explained. She
stressed that the current administration must build on these efforts to ensure
transparency and accountability in the oil sector.
Wider
Implications and Public Sentiment
The
controversy surrounding the NNPC-Dangote refinery transaction has broader
implications for Nigeria’s economic and investment landscape. The refinery,
touted as a significant national interest project, is expected to play a
crucial role in addressing Nigeria’s energy needs and reducing dependency on
imported fuel. However, the controversy risks undermining investor confidence
and public trust in government institutions.
Ezekwesili’s
call for an independent audit resonates with the sentiments of many Nigerians
who are demanding greater accountability and transparency from their
government. The controversy has also reignited discussions about the need for
reforms within NNPC and other state-owned enterprises to prevent similar issues
in the future.
Moving
Forward: The Need for Reforms
The
unfolding saga underscores the urgent need for reforms within NNPC and the
broader oil and gas sector in Nigeria. Stakeholders and experts have long
advocated for increased transparency, better governance, and stricter
regulatory oversight to ensure that national resources are managed effectively
and ethically.
Ezekwesili’s
call for an independent audit is a crucial step towards addressing the
immediate concerns and restoring public confidence. However, sustained efforts
will be required to implement comprehensive reforms that can prevent such
controversies and ensure that national projects serve the best interests of the
country and its citizens.
Conclusion
The
controversy surrounding NNPC’s investment in the Dangote refinery has exposed
significant gaps in transparency and accountability within Nigeria’s oil
sector. Oby Ezekwesili’s demand for an independent audit reflects the urgent
need to address these issues and ensure that public resources are managed with
integrity and accountability. As Nigeria moves forward, it is imperative for
the government to implement the necessary reforms to restore confidence and build
a more transparent and accountable oil sector.
#Corruption
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