{"id":2683,"date":"2024-09-24T09:04:52","date_gmt":"2024-09-24T09:04:52","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=2683"},"modified":"2024-09-24T11:05:31","modified_gmt":"2024-09-24T11:05:31","slug":"nnpcs-made-huge-mistake-to-settle-for-7-2-share-of-our-refinery-from-20-dangote","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/09\/24\/nnpcs-made-huge-mistake-to-settle-for-7-2-share-of-our-refinery-from-20-dangote\/","title":{"rendered":"NNPC\u2019s Made Huge Mistake To Settle For 7.2% Share Of Our Refinery From 20%- Dangote"},"content":{"rendered":"
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The President of Dangote Group and founder of Dangote Refinery, Aliko Dangote, has said the decision of the Nigeria National Petroleum Company (NNPCL) to settle for a 7.2 percent share in its refinery was a huge mistake.<\/h3>\n

Speaking during a Bloomberg Television interview in New York, monitored by Beadyswordblog,\u00a0 Dangote further disclosed that although he has two oil blocks which are set to begin production in October, he will likely not invest heavily in Nigeria\u2019s upstream sector.<\/p>\n

Aliko Dangote said the refinery gave the NNPC a good deal despite many reversals of contract agreement reached, but Nigeria\u2019s oil company chose a 7.2 percent share.<\/p>\n

In his words, \u201cWe gave them (NNPC) a good deal. We said, okay, fine, we structured an agreement. The first agreement was that they were going to pay us a billion dollars. The deal was about $2.79 billion. And then the balance of the money, $1 billion, which they paid us over a year and a half ago, and then the balance of the money was split into two.<\/em><\/p>\n

\u201cOne portion was that every crude they supply to us, 300,000 barrels per day, we\u2019ll deduct $2 and then up to the time they finish paying that, one third. The other one-third will come out of their profit. So, why NNPC opted out is a little bit confusing.<\/em><\/p>\n

\u201cThey wanted this agreement to be changed where they wanted to pay cash, not in any other way. So, we said, okay, fine. We signed another agreement, you know, cancelling the other one. The new agreement that we signed was for them to pay us after one year, no interest, after one year, they\u2019ll pay us the balance of $1.8 billion.<\/em><\/p>\n

\u201cThe month for them to pay was June. And by June they came back to us and said, no, they\u2019ve changed their minds and they want to remain at 7.2 percent. So, okay, fine. So, we left it and we own now the rest of the shares, they own 7.2 per cent. And that\u2019s what it is. But I think they made a big mistake.\u201d<\/em><\/p>\n

Dangote added that there was no room again for further negotiation of the shares, stating, \u201cThe agreement is finished, dead, completed. It\u2019s 7.2 percent<\/em>.\u201d<\/p>\n<\/div>\n<\/div>\n

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The President of Dangote Group and founder of Dangote Refinery, Aliko Dangote, has said the decision of the Nigeria National Petroleum Company (NNPCL) to settle for a 7.2 percent share in its refinery was...<\/p>\n","protected":false},"author":2,"featured_media":2684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2683"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2683\/revisions"}],"predecessor-version":[{"id":2685,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2683\/revisions\/2685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/2684"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}