Declare your share in Dangote refinery, global body tells NNPCL

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The Nigerian National Petroleum Corporation Limited (NNPC) has been urged by an international organization to reveal its share in the Dangote refinery project.

The organization, Publish What You Pay (PWYP), is a global network of civil society groups that advocates for transparency and accountability in the extractive sector.

PWYP said that NNPC’s involvement in the Dangote refinery, which is expected to be the largest in Africa, raises questions about the public interest and the governance of the oil and gas industry in Nigeria. PWYP also called on NNPC to provide details on how it plans to finance its stake in the refinery, which is estimated to cost $19 billion.

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NNPC had announced in July 2021 that it had acquired a 20% equity stake in the Dangote refinery, but did not disclose the value of the deal or the source of funding.

NNPC said that the investment was part of its strategy to ensure energy security and boost local refining capacity in Nigeria, which currently relies on imports for most of its fuel needs. However, PWYP said that NNPC’s participation in the Dangote refinery could pose conflicts of interest and undermine its regulatory role as the national oil company.

PWYP also expressed concerns about the environmental and social impacts of the refinery, which is located near the Lekki Free Trade Zone in Lagos State. PWYP urged NNPC to ensure that the refinery meets the highest standards of environmental and social safeguards, and that it benefits the local communities and the Nigerian people.