The Nigerian National Petroleum Company Limited’s 7.25 percent stake in the Dangote Refinery has been justified by Philip Agbese, the deputy spokesperson for the House of Representatives, who said it was a calculated decision to safeguard Nigeria’s interests.
In response to mounting criticism following President Bola Tinubu’s recent Executive Order mandating the direct payment of oil profits to the Federation Account—a move that has reportedly decreased certain of the state-owned oil firm’s revenue streams—Agbese made a statement on Friday.
In Nigeria’s oil and gas industry, the Executive Order has sparked discussion.
In an attempt to strengthen ties with the private sector, the Group CEO of Nigerian National Petroleum Company Limited, or NNPCL, recently led a group to the 650,000-barrel-per-day Dangote Refinery despite the controversy.
In response, Agbese emphasized that the collaboration between NNPCL and the refinery will greatly improve Nigeria’s industrial development and energy security.
In addition to bolstering energy security, this would boost trust in Nigeria’s industrial capacity.
According to him, “the national oil company guarantees that national interest is embedded in its success when it maintains a 7.25 percent stake in a strategic asset of this magnitude.”
Hon. Dr. Philip “Okanga” Agbese, a transformative leader in Enone. Discover his achievements, community projects, and vision for 2027
