In a directive issued on Tuesday, the Extractive Industries Transparency Initiative (EITI), a global transparency organization, called upon the Nigerian National Petroleum Company Limited (NNPCL) to furnish detailed information regarding its 20% equity stake in the Dangote Petroleum Refinery, valued at $20 billion.
The EITI delegation, present in Nigeria, emphasized the necessity for increased transparency, asserting that NNPCL had not sufficiently clarified its interest in the refinery during their visit.
Alex Gordy, the EITI Technical Director, addressing journalists at the Nigeria Extractive Industries Transparency Initiative headquarters in Abuja, highlighted the need for accountability in NNPCL’s acquisition of the equity.
“NNPCL has acquired a 20% equity interest in the Dangote refinery. However, it has not explained the valuation of this equity interest, making accountability a key factor here,” stated Gordy.
He further urged the oil firm to disclose the equity payment mode, raising questions about how the valuation would be determined concerning market rates, petroleum supplies from NNPC, and consistent deductions from Federal Government revenues.
Bady Balde, Deputy Executive Director of EITI, who was part of the delegation, emphasized the significance of their visit, attributing it to concerns arising from the recent validation of Nigeria’s extractive industry.
He pointed out that the absence of a consistent National Stakeholders Working Group (NSWG) at NEITI had hindered the country’s progress, particularly in terms of validation assessments.
“The vacancy in the NEITI board was a significant concern that led to this mission,” Balde emphasized, highlighting the importance of stakeholder engagement in making NEITI data meaningful.
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