Hardly, has a year ever run out where Nigeria’s oil company does not get into the news for bad reasons.
There is always a case of one embezzlement here corruption there or signing of contracts whose terms are not known to the public.
You could say that Nigerians still don’t know the actual number of crude oil barrels produced per day by the Nigerian National Petroleum Corporation (NNPC).
Now, a global transparency body has called on the Nigerian National Petroleum Company Limited to be transparent in its dealings.
It believes the NNPC has shares in Dangote Refinery and wants the organisation to do something about it.
The Extractive Industries Transparency Initiative (EITI) asked the NNPCL to disclose the details of its shares in Dangote Petroleum Refinery.
The EITI gave this charge on Tuesday during its delegation visit to Nigeria.
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It stressed that the NNPCL had yet to clarify its equity interest in the $20 billion refinery.
Addressing journalists at the Abuja headquarters of the Nigeria Extractive Industries Transparency Initiative.
NNPCL Should Be More Transparent
The EITI Technical Director, Alex Gordy, said the national oil firm should come out plain and provide answers to questions about NNPCL’s acquisition of a 20% stake in the refinery.
Gordy said: “The NNPCL has acquired 20% equity interest in the Dangote refinery. However, the whole thing is shrouded in mystery.
“The NNPCL has not explained what is the valuation of the equity interest in the Dangote refinery. So, the key factor here is accountability.”
“We already know that the national oil company would pay for the equity acquisition with crude oil deliveries.
“But what we want the oil company to reveal is the equity mode of payment.
“How is it supposed to be paid? For we know at this point it is to be paid from future oil deliveries.
“But how would that be valued at market rates and the different rates with those supplies of petroleum from NNPC and consistent deductions from the Federal Government revenues?
Or will it be from NNPC oil production?” Gordy stated.
EITI Delegates To Validate Nigeria’s Extractive Industry
The Deputy Executive Director, of EITI, Bady Balde, revealed the reason for the delegation’s visit to Nigeria.
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He said: “We are here because of the outcome of the recent validation of the country’s extractive industry”.
Balde pointed out that the absence of a consistent NEITI board had been a major drawback to the country, especially in terms of validation assessment.
“The vacancy was the issue of concern that led to this mission,” he said, stressing that NEITI data was meaningless without stakeholders’ engagement.
