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NNPC Reveals Why Stake In Dangote Refinery Dropped From 20% to 7.2%

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The Nigerian National Petroleum Company (NNPC) Limited clarified that its decision to reduce its stake in the Dangote Petroleum Refinery was made months ago, as part of its regular investment portfolio review to align with strategic objectives.

In response to Aliko Dangote’s statement that NNPC’s stake had decreased from 20% to 7.2% due to non-payment, NNPC’s spokesperson, Femi Soneye, explained that the refinery was informed of NNPC’s decision to limit its equity participation to the already paid-up amount several months prior.

This suggests that NNPC’s reduced stake was a deliberate decision, rather than a result of non-payment, as claimed by Dangote.

“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals,” he said.

“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.”

In September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion.

Revealing details of the transaction, NNPC, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.

NNPC said the balance ($1.76 billion) of the cost of equity investments made in Dangote refinery would be paid upon completion of the refinery project or any other date agreed.

Dangote refinery commenced production on January 12.

BIG STORY

BREAKING: Oyo Governor Approves Appointment Of Canadian-Based Businessman Prince Abimbola As New Alaafin

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After a two-year dispute over the vacant Alaafin of Oyo stool, Governor Seyi Makinde of Oyo State has approved the appointment of Abimbola Owoade, a young Canadian-based businessman, as the new monarch of the kingdom.

 

More to come…

 

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Dismissed Kano SSG Abdullahi Bichi Threatens To Expose Government, Political Figures

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The recently dismissed Secretary to the Kano State Government, Abdullahi Bichi, has threatened to reveal what he described as “explosive evidence” against political figures, accusing them of deceit and betrayal.

Bichi, who was removed from office in December 2024, made the declaration upon his return from Saudi Arabia.

In a viral video shared on Thursday, he addressed his supporters and accused the leaders of betrayal and deceit, saying, “I’m happy I left the office in peace, but let me be clear: this is not the best time to talk. At the right time, we will expose them.”

“I have documents, videos, and voice notes that will show everyone who they really are,” Bichi added.

The former SSG’s strained relationship with Governor Abba Yusuf and his mentor, Senator Rabiu Kwankwaso, became evident after his suspension from the New Nigeria People’s Party (NNPP) on October 14, 2024. Bichi described the leaders as “masters of betrayal,” claiming his evidence would expose their true nature.

Political observers and residents of Kano are speculating on whether Bichi will follow through with his threats, and how it may impact the political landscape in the region.

Bichi was accused of attempting to sever Yusuf’s ties with Kwankwaso’s political influence. He was subsequently suspended from the party alongside then-Transportation Commissioner, Muhammad Diggol.

The State NNPP Chairman, Hashimu Dungurawa, stated that the suspension followed multiple complaints from party leadership at the ward and local government levels.

Dungurawa emphasized that the actions of the suspended officials undermined the party’s leadership and structure.

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DSS Arrests Blogger For Cloning Its Website, Posting Fake Recruitment Notice

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Operatives of the Department of State Services (DSS) have arrested the man responsible for cloning its website and posting a false recruitment notice.

It was gathered that 32-year-old Sylvester Victor Augustus, a native of Abak Local Government Area in Akwa-Ibom State, was apprehended on Thursday at his residence on Akpan Eno Lane in Abak, Abak LGA.

Augustus, who claimed to be a graduate of the University of Uyo (UNIUYO) and worked as a blogger and content creator, had created a fake online recruitment notice on the cloned DSS website, likely intending to defraud unsuspecting members of the public.

The DSS has labeled the notice “fake” and urged the public to avoid falling victim to such fraudulent schemes. Augustus is expected to be arraigned in court soon.

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