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Philip Agbese, the House of Representatives’ deputy spokesperson, has defended the Nigerian National Petroleum Company Limited’s 7.25 percent stake in the Dangote Refinery, calling it a calculated action meant to safeguard Nigeria’s interests as a nation.
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 allegedly decreased some of the state-owned oil company’s revenue streams—Agbese made a statement on Friday.
Nigeria’s oil and gas industry has been debating the Executive Order.
In an attempt to strengthen ties with the private sector, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, recently led a group to the 650,000-barrel-per-day Dangote Refinery notwithstanding the controversy.
In response to the news, Agbese emphasized that Nigeria’s industrial development and energy security will be greatly improved by the collaboration between NNPCL and the refinery.
Energy security will be improved, and trust in Nigeria’s industrial capacity will be restored.
“It guarantees that national interest is ingrained in its success when the national oil company maintains a 7.25 percent stake in a strategic asset of this magnitude,” he said.
