REFINERY DEAL: DANGOTE BRIBES NNPC DIRECTORS WITH $100M TO JACK UP EQUITY SHARE TO 30%

https://chrisosamedia.com/2021/06/26/dangote-bribes-nnpc-directors-with-100m-to-jack-up-equity-share-to-30undisclosed-sum-marked-for-nass-approval/

Dangote Bribes NNPC Directors With $100M To Jack Up Equity Share To 30%…Undisclosed sum marked for NASS approval

The Board of the Nigerian National Petroleum Corporation, NNPC, has allegedly received $100million bribe to approve Nigeria’s 30 percent equity share in the  Dangote Refinery which is valued at $19billion, pointblanknews investigations have revealed.

Pointblanknews.com had exclusively  reported on the plans by the President Mohammadu Buhari’s cabal to acquire 30 percent, a move which allegedly angered some members of the NNPC board over what was considered an outrageous sums involved in the deal.

Sources confirmed to Pointblanknews.com the NNPC board met on Friday, collected the bribe money and swiftly stamped its approval for the 30 percent equity stake in Africa’s biggest oil refining facility, Dangote Refinery.

The Federal Government is expected to pay about $5.7 billion being the 30 percent worth of the equity to Dangote Refinery, a source told Pointblanknews

The Chief Operating Officer, Refining and Petrochemical, Engr. Mustapha Yakubu, had objected to the deal, accusing bird members of approving a deal that would have Nigeria cough out a scandalous $5.7billion, a source told Pointblanknews

According to the source, Yakubu had recommended a 20 percent equity stake in the  Dangote Refinery but pressure from Aliko Dangote and some members of the Presidency Cabal insisted on a 30 percent which would see them benefit from the deal.

The source further revealed that the leadership of the National Assembly are also expected to be bribed to stamp its approval of a $1billion loan to be obtained and paid to Dangote refinery as part of the $5.7billion deal in the 30 percent acquisition.

The remainder of the money is to be paid from crude to be given to Dangote refinery, a source knowledgeable about the deal confirmed to pointblanknews

According to the source, the bribe figure to be paid to the lawmakers has not been agreed upon by both parties but the money will be released early next week as the legislators prepare to embark on their summer vacation.

Pointblanknews gathered that the Federal Government will approach  Afrexim Bank for an inital $1billion to Dangote Refinery on the completion of the Memorandum of Understanding  as part of its equity while the balance will be offset using crude oil supply to the refinery.

According to source, “the Board of the NNPC already received a hundred million dollars from Dangote to agree to the deal to jack up the equity stake to 30 percent. Dangote is also planning to meet with the leadership of the National Assembly to discuss the matter.

Though no figure has been agreed but a sum in the region of $200 million is being projected as bribe considering the number of the would be beneficiaries. The lawmakers are preparing for their summer break and efforts are on to conclude the deal early next week.

“Part of the agreement is that Government will raise  $1billion through AFREXIM Bank which will be paid to Dangote Group as the initial payment however, the balance will be offset using crude oil. Crude will be supplied to the refinery regularly to balance the outstanding equity. “

Dangote Refinery, valued at $19 billion by its owners is estimated to have 650,000 barrels per day capacity, plus a mini 80,000 tonnes per annum petrochemical plant.
 
Pointblanknews had reported that for the audacity to block the fraud, NNPC Chief Operating Officer, Refining and Petrochemicals, Mr Mustapha Yakubu may be facing a sack, though he has over a year to retire from service.

Recall that Mr Yakubu, while speaking recently at the end of a 2-day Nigeria Oil and Gas Opportunity Fair (NOGOF), 2021, tagged: “Leveraging Opportunities and Synergies for Post Pandemic Recovery of the Nigerian Oil and Gas Industry” said that Nigerian government has approved only 20 percent equity stake in the Dangote Refinery and not 30 percent as demanded by the cabal.

The source said though bribe has been offered however, Yakubu’s insistence on 20 percent equity stake as directed by the presdiency is however causing a division amongst the NNPC board with some members insisting that the cabal are cashing out from the deal even when Dangote’s valuation of his refinery is suspect.


https://chrisosamedia.com/2021/06/26/dangote-bribes-nnpc-directors-with-100m-to-jack-up-equity-share-to-30undisclosed-sum-marked-for-nass-approval/

Dangote already cashing out even without completing the project

I doubt Dangote has to bribe anybody to acquire shares in a very lucrative refinery like this

Bloggers sha

Who is this another evening bloggers?

That refinery may be frustrated by corrupt admin looking to rip Dangote off.