News
Why FG won’t get 12.5 per cent remaining stake in our refinery – Dangote
The door is now shut permanently in the face of the Federal Government towards taking up the 12.5 – being the remainder of its proposed 20 per cent stake in the Dangote Refineries, Africa’s first privately owned concern.
That means the government would now be stuck with the 7.5 per cent only it was able to pick up and which it currently holds in the $20 billion, 650 barrels per day capacity refinery, which came into operation in 2023 as the concern is insisting it is no longer interested in the remaining 12.5 per cent stake.
Instead of the government, the organisation, currently responsible for the supply of the major chunk of petroleum products in Nigeria and many parts of Africa, is now planning to bring in ordinary Nigerians into the mix to lap up the stake in the near future.
Aliko Dangote, President of the Dangote Group, who made the revelation, Nicolai Tangen, Chief Executive Officer (CEO) of the Norwegian Sovereign Wealth Fund (SWF), that the group had since rejected requests by the Nigerian National Petroleum Company Limited, to increase its 7.25 per cent stake in the firm.
The PUNCH, quoted the African Richest Man (ARM), as saying in the interview that the NNPC’s offer to increase its 7.25 per cent stake in the refinery was rejected because the company Dangote was planning to go public and give other Nigerians the opportunity to own shares in the plant.
Dangote had revealed that after acquiring the original 7.5 per cent in 2021, for $1bn, with an option to acquire the remaining 12.75 per cent stake by June 2024, NNPC Limited began to stall, and ended up reneging on its decision.
However, the national oil company had made attempts to acquire more stakes in the refinery, since that, but this was turned down, adding that the biggest risks the business could face were either civil war and government policy inconsistencies.
Hear him: “Actually, if there are civil wars, which is not in the offing at all. The other biggest risk is government inconsistencies in policies, and we are addressing that one because if you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it.”
Dangote, had in 2014, informed Nigerians on how, Mele Kyari, former Group Managing Director and Chief Executive Officer (GMD-CEO), had reduced NNPC’s stake in the refinery from 20 per cent to 7.25 per cent.
He had said then: “The agreement was actually 20 per cent, which we had with NNPC, and they did not pay the balance of the money up until last year; then we gave them another extension up until June (2024), and they said that they would remain where they had already paid, which is 7.2 per cent. So NNPC owns only 7.2 per cent, not 20 per cent.
The business mogul, who painted a seducing picture of what is at stake in the new opportunities, including the provision of getting dividends in foreign currencies, told his Norwegian host: “What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, in fertiliser, we guarantee to pay you a dividend in dollars because we are very well into exports. 80 per cent of our revenue will be in dollars.”
Explaining how he sourced funds for building the refinery, from various financial institutions, including Nigerian banks, he said the initial plan was to fund most of the construction work from our internally generated funds, but because of naira devaluation, the group had to rely on Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, UBA and a couple of the local banks.
“But of course we also have a very good relationship with the Standard Bank of South Africa and, at the beginning, Standard Chartered Bank of the UK. We were lucky and what happened when the plant was completed turned out to be much more than our own expectations.”
Buildings seized for being used as havens for criminal activities are now to be converting to police bases or residences, instead of demolishing them, if the new proposal by the Anambra State Police Command, sails through.
Ikioye Orutugu, Commissioner of Police, who canvassed for the new arrangement on Wednesday, told reporters that it made more sense putting such buildings to good use than pulling them down or setting them ablaze.
The police boss spoke against the backdrop of the burning down of big edifice in Nkpo, a community in Idemili North Local Government to the state, said to have provided a base for criminals and hideout for kidnappers, as part of the major breakthroughs by the command in recent times.
Three kidnap people including a medical doctor, were said to have been smoked out from the building, which was instantly torched in line with the Anambra State 2025 Homeland Security Laws, which empowers the state government to demolish any property used for or suspected to be proceeds of crime.
Against the backdrop of the number of buildings that had previously been pulled down, and the empty land taken over as government properties, the police boss, said it was not the best thing to do, insisting that the government should rather acquire such buildings and designate them as police posts or residences of police personnel.
Reeling out the streak of successes recorded in recent times in the state, the police boss, said they included the arrest of kidnappers, cultists, armed robbers, child traffickers, sexual predators, separatist agitators and other criminal elements.
Citing one of them as “the strategic clearance operation on 7th May 2026 in Owerre-Ezukala, Orumba South Local Government Area, he said: “Recall that the camp was earlier destroyed by a Joint Security Team. Before the confession, one Nnamdi Nkemdilim Ogbonna, male, aged 37 years, allegedly one of the top commanders of the proscribed secessionists group, is in custody as well as intelligence received overtime points on how some escaped gang members were attempting to regroup.
“The offensive operation led to the recovery of one General Purpose Machine Gun (GPMG) with about 2,000 rounds of live chain ammunition, two fabricated rocket launchers with 25 propellers, 10 locally made Improvised Explosive Devices (IEDs), one locally made Beretta pistol, two pump-action guns, three hand grenades, 10 rounds of K2 live ammunition, one gas cylinder and one black Ecolac box.
“The operatives also dislodged the armed criminals and sustained operational dominance in the area to prevent any regrouping. We remain committed to sustaining ongoing operations against all forms of criminality and ensuring the safety and security of Anambra people.”
The coast has brightened for Siminalayi Fubara, Governor of Rivers State, having been given the opportunity of obtaining the All Progressives Congress (APC) ticket for next year’s governorship election, contrary to reports in some quarters that he has been denied.
Vanguard reports that he was one of the 30 governors cleared by the party’s screening committee, including Hope Uzodimma of Imo, a two-term governor, who is currently eyeing a seat at the Senate.
Others cleared, included Sarafadeen Alli, former Secretary to the Oyo State Government (SSG), for the 2027, the report said, quoting sources, who revealed that the screening report was yet to be released due to a deluge of petitions flooding the party.
To beat the deadline by the Independent National Electoral Commission (INEC), for the submission of the list of the names of successful candidates, the party said it now would publish the names of cleared aspirants on May 13.
Regarding the dithering on the release of the 2,980, comprising of one aspirants for one presidential slot, 28 governorship, 109 Senate, 360 House of Representatives, and 991 state assembly positions, a source was quoted as saying: “We are still working on the screening report to make sure everything goes well. The day is not over yet.
“We received many petitions from the eight panels that conducted the primaries. For instance, one of the panels received 10 petitions and the petitions have to be treated on their merit.”
Regarding the fate of Fubara, the source was quoted as saying the governor, whose tenure has been dogged by much of internal and external battles even after joining the APC last year, the source confirmed that he was not disqualified as speculated.
His words: “Nooo! No governor has been booted out. The party has always supported its governors. Some of them like Uzodimma got automatic clearance. To ensure we have a united front in 2027, we are working towards consensus but where that fails, direct primaries will be held in accordance with the Electoral Act. We know some of the high-profile aspirants don’t want to consent, and are ready to go to court. We don’t want that.”
After years of public outcries by individuals, groups and civil society organisations, the Imo State Police Command finally took steps against the controversial Anti-Kidnapping Unit, popularly known as Tiger Base.
The agency, described by many as notorious for rights abuses, was scrapped, by the Command, along with other tactical squads with similar identities, which have now been replaced with a newly created Violent Crime Response Unit (VCRU) aimed at tackling rising violent crimes across the state.
The development was announced at the Police Command Headquarters in Owerri, the Imo State capital, marking one of the most significant policing reforms in the state in recent years following growing public concerns over the activities of Tiger Base.
Other tactical formations affected by the disbandment include the Scorpion Unit and the Lion Squad, whose operations were closely linked to the now-defunct outfit.
Speaking during the inauguration of the new unit, the Commissioner of Police, CP Audu Garba Bosso, said the reform was in compliance with the directive of the Inspector-General of Police, Kayode Egbetokun, to reposition tactical operations nationwide and strengthen professionalism within the Force.
Bosso said the newly established VCRU would focus on intelligence-driven operations against armed robbery, kidnapping, cultism, terrorism, illegal possession of firearms, and other violent crimes.
According to him, officers drafted into the unit were carefully selected based on competence, discipline, integrity, and operational experience.
He disclosed that the operatives had undergone intensive training in tactical response, intelligence gathering, crisis management, and human rights compliance to ensure lawful and professional conduct.
“The inauguration of the VCRU reflects our commitment to professional policing, public safety, and improved service delivery to the people of Imo State,” the police commissioner stated.
In a move seen as an attempt to rebuild public trust, the command also inaugurated a Civilian Oversight Board comprising representatives of the Nigerian Bar Association, civil society organisations, traditional rulers, religious leaders, and the Nigeria Union of Journalists.
The board is expected to monitor the activities of the unit, receive complaints from members of the public, and provide independent feedback to the Commissioner of Police.
The event attracted top government officials, heads of security agencies, members of the Police Community Relations Committee, youth organisations, and human rights groups.
Governor Hope Uzodinma, represented by the Chief Principal Security Officer, ACP Gboyako Shaba Adamu, commended the initiative and pledged continued support for security agencies in combating insecurity across the state.
Observers believe the scrapping of Tiger Base and the creation of the VCRU may signal a new chapter in tactical policing in Imo State, especially amid increasing calls for accountability and respect for human rights by security operatives.
The ceremony featured the unveiling of the VCRU logo, presentation of its operational dress code, and goodwill messages from stakeholders.
Residents were urged to support the new unit with credible information to aid crime-fighting efforts across the state.
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