Reports Alleging Fraudulent Motive In NNPC’s Acquisition Of Dangote Refinery Disgusting- Yakubu

The Chief Operating Officer, Refineries & Petrochemicals of the Nigerian National Petroleum Corporation, Mr Mustapha Yakubu, has said there is no fraudulent motive in the NNPC’s planned equity participation in Dangote Oil Refining Company.

Yakubu who said this on Monday in Abuja explained that contrary to media reports ascribed to him about alleged fraudulent dealing around the plan by the NNPC to acquire equity participation in DORC, such reports were “embarrassing, disgusting and above all, horrifying and damaging” to his character and personality as a dutiful officer.

He said, “Our attention has been drawn to media reports ascribing to me alleged fraudulent dealing around the plan by the NNPC to acquire equity participation in DORC.

“The publication is very embarrassing, disgusting and above all, horrifying and damaging to my character and personality as a dutiful officer of the Federal Republic of Nigeria, and more importantly as a top management staff of NNPC.

“I hereby state categorically that I did not speak with any news person or organisation on the issue. I wish also to state that, to the best of my knowledge, there is no such plan or fraudulent motive behind the equity acquisition arrangement with the DORC or any of the other private refinery that NNPC is in talks with.”

Yakubu further explained that the decision to acquire participating stake in some private refineries was reached after an evaluation carried out by local and international experts.

He said, “I was part of the team that further evaluated the report of the working committees (Technical and Commercial) and the subsequent adoption of the plan by the top management committee of the NNPC. This is in concert with the Federal Government’s overall energy security strategy.”

He said the planned investment in DORC is one out of many other planned investments in domestic refining, including development of crude oil modular refineries and condensate refineries near crude sources to curb pipeline vandalism.

“I am strongly in support of the Federal Government’s overall energy security strategy which indeed is part of my schedule.

” I will continue to do everything within my power to ensure the realisation of this laudable Federal Government’s objective,” he said.

Yakubu urged members of the public to disregard the report as it was specifically designed to scuttle the Federal Government’s energy security agenda for the nation.

At the 2021 edition of the Nigerian Oil & Gas Opportunity Fair (NOGOF), Yakubu had said NNPC is in discussion with Dangote Group on acquisition of a 20 percent minority equity stake.

“I can tell you today that we are seeking to have a 20 per cent minority stake in Dangote Refinery as part of our collaboration and you know that there’s a huge quantity of crude for that refinery,” he had said.