NNPC urged to revive refineries after Dangote snub

The Nigerian National Petroleum Company Limited (NNPC) faces sharp criticism from the Independent Petroleum Marketers Association of Nigeria (IPMAN) over its pursuit of a larger stake in the Dangote Petroleum Refinery. IPMAN's National Publicity Secretary, Chinedu Ukadike, has directly challenged the NNPC's strategy, questioning why the national oil company seeks to invest further in a private venture when its own government-owned refineries in Port Harcourt, Warri, and Kaduna lie dormant despite massive rehabilitation expenditures.

“

Why is NNPC trying to invest money in the Dangote refinery when it has three refineries that are not working? Why is NNPC not investing that money in those ones?

Ukadike's pointed questions highlight a perceived disconnect in national energy policy: "Why is NNPC not investing that money in those ones?" he asked, referring to the non-operational state refineries. This sentiment reflects a broader frustration among Nigerians who see billions of dollars seemingly wasted on facilities that fail to deliver refined products, while private enterprises like Dangote's are making significant strides. The NNPC's attempt to increase its stake in the Dangote refinery, after already acquiring a 7.25 percent share, is viewed by many as a misplaced priority.

“

The NNPC did not revive our refineries, but they want to look for where the refinery is already working to put money into it. Does that make sense?

Aliko Dangote's reported rejection of the NNPC's offer, based on plans for a public listing and wider Nigerian shareholding, underscores the private sector's drive for market-oriented growth. From a Nigerian perspective, the focus should unequivocally be on revitalizing our national assets. Instead of seeking to buy into private success, the NNPC should channel its resources and efforts into making our own refineries functional, thereby ensuring energy security and creating jobs domestically. The call for the NNPC to repair pipelines and revive refineries, rather than eyeing the Dangote refinery, is a call for self-sufficiency and responsible resource management.

“

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.