Nation
NNPC Moves To Buy 20% Stake In Dangote Refinery With Bank Loans
The Nigerian National Petroleum Corporation (NNPC) has concluded plans to raise bank loans for the acquisition of 20 per cent shares in the $12billion Dangote Refinery.
Contrary to speculation that the shares would be acquired through the Federation Account, the Group Managing Director, NNPC, Mallam Mele Kyari, said negotiations were ongoing with the selected banks.
In an interview with Channels Television, yesterday, Kyari, said the bank loans would be backed by cash flows from the project.
He said the stake which might be worth as much as N19billion is still under valuation, while assuring that the investment would be viable, thus ensuring petrol products security for the country.
Specifically, he said, “The investment is sustainable and that is why the banks have come forward to lend to us, so that we can take equity in this. We are not putting anything at stake.
“The information in the public domain alluding that the investment is inappropriate is not correct. We are very proud that we did.
“This is good for our shareholders, which include 200million Nigerians, who would have also happily bought shares from this refinery.
“But have done so on their behalf. Ultimately, the value will come to the country.
“There’s no way you can watch a business of this magnitude, of this sensitive to run without an embodiment of the national oil company. No country does that.”
According to him, when the Refinery becomes operational with the NNPC owned refineries, the country will become a net exporter of petroleum products across the West African sub-region.
He also disclosed that having successfully awarded the complete rehabilitation of the Port Harcourt Refinery, the contracts for the Warri and Kaduna refineries would be awarded before the end of July, 2021.
Kyari, who acknowledged that the corporation has not managed the refineries well in the past, said when fully rehabilitated, the refineries would be managed by others in line with the agreement reached with banks funding the projects.
“We are not going to take any government money to overhaul these refineries. We are borrowing also on the back of the cash flows of these refineries.
“It means they can deliver commercially. Part of the requirements of the lenders is that we should not operate these refineries.
“We must have operations and maintenance contracts. Practically, these refineries will be run by the lenders”.
Already, the Dangote Fertilizer Limited, which is part of the project, has commenced commercial production of Urea.
Speaking at the commencement of production, June 5, 2021, President of the Dangote Group, Aliko Dangote, had told visitors that the plant, with a capacity to churn out three million metric tonnes per annum of urea, has been classified as the biggest project in the entire fertiliser industry in the world.
Specifically, he had informed the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, and other bankers that, “this Phase 1 of the project, which is estimated to cost $2.5billion, is to manufacture 3mmtpa of urea per annum.
“This capacity will later be expanded to produce multi grades of fertilisers to meet soil, crop, and climate-specific requirements for the African continent.”
According to Dangote, the fertiliser plant would make Nigeria the biggest urea exporting country in sub-Saharan Africa and the biggest producer of polypropylene and polyethylene.
Responding, Emefiele, had also, said, “Nigeria needs between 1million metric to 1.5million metric tonnes of Urea to meet the local demand.
“So, we have the potentials to export at least three to 4million metrics tonnes of Urea to different parts of the world.
“With this latest development, Nigeria has become one of the major producers of Urea in the world. This for me is a story, which no one would have believed would happen in Nigeria.
“Nigeria now ranks amongst the leading countries in the production of Urea in the world. This, for me, is a story that no one would have believed will happen in Nigeria.
“Dangote has committed that mechanical completion will be achieved by the end of this year and we are expecting that the refinery will be completed by the first quarter of next year.”
The organisation joined the global observance of the day under the theme, “International Day of the Girl Child: End Child Marriage and Invest in Girls’ Rights,” with a sensitisation programme at Government Girls Secondary School, Oromenike, D-Line, Port Harcourt, Rivers State.
Led by its Vice Chairperson, Daba Benebo, the group engaged the students in discussions on the dangers of early marriage, teenage pregnancy, sexual abuse and other challenges that threaten the education, safety and development of the girl child.
Speaking during the programme, Benebo urged the students to reject early marriage and remain focused on their studies, stressing that education would empower them to make informed decisions about their lives and future.
She cautioned the girls against allowing anyone to deprive them of their right to education and dignity, advising them to report cases of harassment, abuse and other violations of their rights to the appropriate authorities.
Benebo assured the students that SWS remained available to support them whenever they encountered violations of their rights.
She also encouraged them to maintain discipline and responsible conduct while avoiding behaviours that could expose them to negative influences and jeopardise their future.
Beyond formal education, the SWS vice chairperson urged the students to acquire vocational skills that could provide additional opportunities for economic independence and help them navigate future challenges.
The sensitisation programme, enlivened by singing, dancing and to share their views and experiences on issues affecting the girl child interactive sessions, provided an opportunity for the students to share their views and experiences on issues affecting the girl child.
One of the major issues raised during the discussion was the appropriate age for marriage. While some participants maintained that 18 years was the constitutionally approved age, the discussion highlighted the need to consider not only age but also the maturity, preparedness and responsibilities associated with marriage.
The speaker stressed that marriage required adequate mental and emotional preparation, as well as the capacity to shoulder its responsibilities.
She therefore advised the students to concentrate on acquiring a sound education before considering marriage, noting that education would equip them with the knowledge and skills needed to make responsible decisions and manage family life.
The issue of teenage pregnancy also featured prominently during the question-and-answer session.
In addressing the subject, the speaker explained that pregnancy could occur even at the age of 12, using the example to underscore the vulnerability of young girls to the consequences of early sexual activity.
She advised the students to avoid sexual intercourse and prioritise their education, personal safety and future aspirations.
The discussion also examined the difficulties some girls encounter when living with hostile spouses, relatives or guardians.
Benebo encouraged the students to cultivate patience, humility and diligence, noting that these qualities could help them navigate difficult situations and build a brighter future.
However, she warned that patience and humility should never be interpreted as an obligation to endure violence, abuse or degrading treatment.
She urged girls experiencing hostile or abusive living conditions to seek help from their parents, trusted adults or appropriate support services rather than remain in environments that could expose them to physical or emotional trauma.
“When such happens, please return to your parents and engage in petty trade or learn a skill to support your education rather than stay in a hostile environment,” Benebo stressed.
The programme also underscored the importance of protecting girls from early marriage and other harmful practices that can disrupt their education, compromise their well-being and limit their opportunities in life.
It also reinforced the need for families, schools, communities and relevant organisations to work together to ensure that girls have access to education, vocational training, protection and the support they need to realise their potential.
For SWS, the message was clear: empowering the girl child begins with protecting her rights, investing in her education and equipping her with the confidence and skills to make informed choices about her future.
Stories by Kevin Nengia
The initiative, established by former Caretaker Committee Chairman of Akuku-Toru Local Government Council, High Chief Sobomabo Jackrich, popularly known as Egberipapa, is designed to make transportation more accessible and affordable for residents across the Kalabari area.
The scheme was launched on Monday, October 12, 2026, and is expected to address longstanding transportation challenges confronting residents, particularly those in riverine and hard-to-reach communities.
Communities expected to benefit from the initiative include Krakrama, Minama, Angulama, Sangama, Omekwe-Tariama and Omekwe-Ama.
The project is expected to ease movement within and beyond the Central Group area, while providing residents with a more convenient means of transportation for their daily activities.
For decades, transportation difficulties have posed significant challenges to several Kalabari communities, making movement between settlements both cumbersome and expensive. These challenges have also affected commercial activities, social interactions and access to essential services.
The introduction of the mass transit scheme is therefore expected to provide relief to residents, strengthen inter-community connections and stimulate economic activities across the benefiting communities.
Beyond improving mobility, the initiative could contribute to community development by facilitating the movement of people and goods, supporting local businesses and enhancing social and economic interactions within the Kalabari area.
As the scheme gets underway, attention will be focused on its implementation, accessibility and sustainability, as well as its capacity to deliver lasting transportation benefits to the target communities.
The initiative represents a potentially significant step towards addressing transportation challenges and promoting grassroots development across the Kalabari Kingdom.
The family, through its legal counsel, Barrister Ndubuisi Agumagu, issued the warning amid an ongoing legal dispute over the ownership and control of the property, which is said to comprise more than 900 plots of land.
The matter is currently before the Isiokpo High Court of Rivers State in a suit numbered IHC/246/CS/2026, presided over by Justice Sobere Biambo.
The claimants in the suit include Chief Green Amaewhule and others, while Fabulous Amaewhule and Odibola Properties are listed among the respondents.
Counsel to the Amaewhule family, Barr Ndubuisi Agumagu, advised prospective land buyers and members of the public to exercise caution and refrain from purchasing any portion of the disputed property pending the determination of the case by the court.
According to the legal counsel, the property is a family estate belonging collectively to the Amaewhule family, and no individual member of the family has the authority to unilaterally dispose of portions of the land.
The counsel specifically maintained that Fabulous Amaewhule, one of the respondents in the suit, does not have the legitimate authority, according to the family’s position before the court, to sell portions of the disputed property.
The family further warned that anyone who proceeds to purchase land from the respondents while the matter remains before the court would be doing so at their own risk.
It stressed that such buyers could potentially lose their investments should the court eventually deliver judgment against the validity of the transactions.
The legal team said the warning became necessary to prevent unsuspecting members of the public from committing their resources to a property whose ownership and right of disposition are currently the subject of judicial determination.
The family also urged prospective investors, developers and land buyers to conduct proper legal inquiries and obtain independent verification of the status of the property before committing funds to any transaction relating to it.
The Amaewhule family said its position was intended to protect members of the public from possible financial losses and further legal complications while the case remains sub judice, stressing that interested parties should await the final determination of the court.
Akujobi Amadi