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NNPCL to pay pending $1.76bn equity in Dangote Refinery

Published

2 years ago

January 27, 2024

Dangote Refinery

NNPCL to pay pending $1.76bn equity in Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPCL) is to pay its pending $1.76 billion equity in Dangote Refinery with $2.5/barrel crude oil and dividend accruals.

The NNPCL disclosed that once the plant came on stream, which was initially for April 2023, it would begin the discounting of $2.5 for every barrel from the supply of 300,000 barrels per day to offset its remaining equity participation.

This is contained in NNPCL’s latest Audited Financial Statement (AFS) released on Friday.

“In September 2021, the NNPC acquired 20 per cent interest in Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE) worth $2.76 billion. This investment is held by NNPC Greenfield (a special purpose vehicle that is 100 per cent owned by NNPC) in trust for NNPC.

“This acquisition was financed by a $1.036 billion funding of which $1 billion was paid to Dangote Refinery and $36 million accounting for transaction costs.

“The balance of the cost of equity investments made in DPRP FZE, which is $1.76 billion will be paid upon completion of the refinery project starting April 1, 2023 or any other date agreed between the parties, that is the NNPC and Dangote Oil Refining Company Limited.

“(This shall be done) via a combination of a $2.5/bbl discount on the official selling price per barrel on 300,000 barrels per day to DPRP FZE, and 100 per cent of NNPC’s portion of any dividend declared by DPRP FZE throughout the repayment period,” the report said .

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However, it stated that it already entered into a forward sale agreement with Lekki Refinery Funding Limited, to supply 35,000 barrels of crude oil per day for the settlement of the $1.036 billion (N426.2 billion) funding already received for the financing of the investment in Dangote refinery.

“The interest rate for the facility is three-month libor plus 6.125 per cent. The arrangement has been scheduled to commence from August 30, 2023. Project Bison has been transferred to NNPC Limited,” the AFS highlighted.

Aside from the 35,000 forward sale for the repayment of the $1 billion part payment for the Dangote refinery, the NNPC also has a 90,000 bpd oil-for-debt financing deal of $3.3 billion with Afreximbank.

The increase in the overall performance of the NNPC, including the profit which it attributed to “owners of the company” and “non-controlling interest”, may also have been further enhanced by the recent decision to take the liability occasioned by the controversial fuel subsidy off its books after commercialisation.

Meanwhile, the report said NNPCL increased its revenue profile by 37.2 per cent, from N6.42 trillion in 2021 to N8.81 trillion in 2022, its latest Audited Financial Statement (AFS) released yesterday revealed.

The document, the fourth in the series to be made public since 1977, when the then NNPC began operations, also showed that the company recorded Profit After Tax (PAT) of N2.52 trillion, representing about 274 per cent increase when compared to the N674 billion it recorded in 2021.

In all, the audited statement for the year ended December 2022 showed that during the period under review, the NNPC had total non-current assets of N37 trillion and current assets of N21.59 trillion, to give a total of N58.65 trillion in assets.

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It also meant an increase by about 260.47 per cent compared to N16.27 trillion in 2021. But non-current liabilities stood at N19.98 trillion, while current liabilities were N29.3 trillion, to hit N49.35 trillion at the end of 2022 as against N13.46 trillion in 2021. This was an increase of about 266.6 per cent.

According to the new AFS, deferred tax liabilities was N13.23 trillion during the year, while deferred tax assets were N3.098 trillion. Cost of sales climbed to N6.7 trillion in 2022, that is, a 25.47 per cent increase from N5.34 trillion in 2021.

The NNPCL’s auditors noted that for the 16-month period ending December 2022, they had no doubt that the NNPC could continue as a going concern without fear of going bankrupt.

“The financial statements have been prepared in accordance with the going concern principle under the historical cost convention.

“Nothing has come to the attention of the directors to indicate that NNPC will not remain a going concern for at least 12 months from the date of these financial statements. At this time, no significant events after the reporting date that may have an impact on going concern have been noted,” the auditors said in their notes to the 2022 AFS.

Signed into law by ex-President Muhammadu Buhari in 2021, under the PIA, NNPC officially ‘transformed’ from a state-run oil corporation to a commercial venture in July 2022, even though it is still, to a large extent, being controlled by the federal government.

Looking back, in 2018, the NNPCL recorded a loss of N803 billion, while in 2019, it was reduced to N1.7 billion by the company. The NNPCL appeared to have turned the corner in 2020 when it posted a profit of N287 billion for the first time in its history and thereafter disclosed N674.1 billion as profit in 2021.

NNPCL to pay pending $1.76bn equity in Dangote Refinery

Related Topics:Dangote refinery Featured NNPCL

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NNPC CEO Ojulari Receives Prestigious Energy Institute Fellowship in London

Published

8 hours ago

February 21, 2026

Trends Admin

NNPC Group Chief Executive Officer Engr. Bashir Bayo Ojulari Receives Prestigious Energy Institute Fellowship

NNPC CEO Ojulari Receives Prestigious Energy Institute Fellowship in London

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has earned international acclaim as its Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, has been conferred with the Fellowship of the Energy Institute (FEI), United Kingdom — one of the highest honours in the global energy industry.

The Fellowship recognises senior energy leaders who have demonstrated sustained, high-impact contributions to the advancement of the energy sector. It was formally conferred on Ojulari during International Energy Week (IEW) in London, a leading platform for energy policy, finance, and industry leadership. (punchng.com)

The honour was presented by Andy Brown, President of the Energy Institute, who praised Ojulari’s transformative leadership of NNPC Ltd., highlighting his role in strengthening governance, embedding a performance-driven culture, and repositioning the company for long-term value creation.

Under his stewardship, NNPC Ltd. has implemented investor-focused reforms, enhanced operational excellence, and expanded strategic global partnerships, all contributing to increased confidence in Nigeria’s energy sector. The recognition reinforces NNPC’s ongoing transformation into a commercially driven, globally competitive, and transparent energy company.

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Significance for Nigeria and Africa

Experts note that the FEI Fellowship is not only a personal achievement for Ojulari but also a major institutional endorsement of NNPC Ltd.’s reform agenda. Being recognised at International Energy Week, which convenes policymakers, financiers, regulators, and industry leaders, positions the company at the centre of critical global energy discussions on sustainability, energy transition, and capital formation.

The award also signals growing international confidence in NNPC Ltd. and highlights Nigeria’s strategic role in Africa’s energy security and global energy transition ambitions. (vanguardngr.com)

Ojulari’s Leadership Achievements

Since assuming office, Engr. Ojulari has overseen multiple strategic reforms at NNPC Ltd., including:

Driving governance and operational reforms to boost accountability.
Expanding strategic partnerships and investor-focused initiatives.
Enhancing execution efficiency across the company’s subsidiaries.
Positioning NNPC Ltd. as a credible, investment-ready energy enterprise.

These efforts have not only improved the company’s profitability and performance but also strengthened Nigeria’s energy security and market competitiveness. (punchng.com)

Ojulari described the Fellowship as a reflection of collective effort within NNPC and reiterated his commitment to sustainable value creation, global best practices, and energy sector innovation.

NNPC CEO Ojulari Receives Prestigious Energy Institute Fellowship in London

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FCT Polls: CSO Situation Room Flags Late Voting, Vote Buying, Logistical Challenges

Published

8 hours ago

February 21, 2026

Trends Admin

FCT Polls: CSO Situation Room Flags Late Voting, Vote Buying, Logistical Challenges

The Nigeria Civil Society Situation Room has raised concerns over multiple irregularities in the ongoing Federal Capital Territory (FCT) Area Council Elections, citing late polling unit openings, reports of vote buying, and logistical challenges that could affect voter participation.

According to the Situation Room, a coalition of over 70 civil society organisations advocating for credible elections in Nigeria, many polling units opened late, with an average start time of 9:15 a.m., well after the official 8:30 a.m. schedule. Observers also noted low voter turnout in several areas, particularly in AMAC, although queues began forming later in Kuje, Kwali, Gwagwalada, and Abaji Area Councils.

Vote Buying Observed

The coalition reported instances of vote buying, with voters allegedly offered up to ₦10,000 in exchange for ballots in units such as PU008, PU056, PU057, and PU058 in Gidan Mangoro Ward, AMAC. While some of the transactions were open, others were conducted discreetly.

The Situation Room warned that such electoral malpractice undermines the integrity of the election and called on electoral officials, political parties, and security agencies to intervene and prevent further incidents.

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Logistical and Accessibility Issues

Observers noted that some voters struggled to locate their polling units after last-minute changes communicated by INEC via text messages. The Bimodal Voter Accreditation System (BVAS) generally performed efficiently, with a one-minute average accreditation time, though malfunctions were reported in a few units including Gwako Town Primary Schools II & IV and PU143, Gwagwalada.

The Situation Room also highlighted accessibility challenges for voters with disabilities, noting that braille ballot guides, magnifying glasses, and other assistive materials were largely absent, even in designated disability communities such as Karimajiji and PU052, Wuse.

Security and Election Conduct

Security personnel, including officers from the Nigeria Police, Civil Defence, Immigration Service, and Fire Service, were present in significant numbers and generally maintained order and professionalism.

Isolated incidents of intimidation and harassment were reported in locations such as Grade 1 Area Court, Rubochi (Kuje); Naharati Sabo School II, Rimba/Ebagi; and PU3, UNG Liman/UNGWAR LIMAN 1, Abaji Central, but security agents swiftly resolved these situations.

Call for Calm and Integrity

The Situation Room commended the INEC FCT Help Desk for promptly addressing reported issues and called on all stakeholders to maintain calm, resist vote buying, and ensure that the will of the people is respected as the polls continue and results are collated.

The report was jointly signed by Mma Odi and Celestine Odo, co-conveners of the coalition.

FCT Polls: CSO Situation Room Flags Late Voting, Vote Buying, Logistical Challenges

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Trump Moves to Indefinitely Suspend Work Permits for Asylum Seekers

Published

8 hours ago

February 21, 2026

Trends Admin

U.S President Donald Trump

Trump Moves to Indefinitely Suspend Work Permits for Asylum Seekers

United States President, Donald Trump, has introduced a sweeping immigration proposal that could halt the issuance and renewal of work permits for asylum seekers for many years, marking what analysts describe as one of the most consequential shifts in U.S. asylum employment policy in decades.

The proposed rule, released on Friday by the U.S. Department of Homeland Security (DHS), seeks to suspend new employment authorisation for asylum applicants until the average processing time for designated asylum cases falls to 180 days or fewer.

According to DHS data, the asylum case backlog now exceeds 1.4 million applications, with the department projecting that meeting the 180-day benchmark could take between 14 and 173 years under current conditions—effectively creating an indefinite suspension of asylum work permits.

Despite the bleak projections, DHS said administrative restructuring, staffing increases, and efficiency-focused reforms could eventually reduce processing delays. However, officials acknowledged that significant improvements would take time.

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In a statement accompanying the proposal, DHS said the rule, if finalised, “would reduce incentives for frivolous, fraudulent, or otherwise meritless asylum claims.” The department stressed that work authorisation is not an entitlement, but a discretionary benefit granted by the DHS secretary.

If implemented, the policy would generally bar migrants who entered the United States unlawfully from receiving new work permits or renewing existing ones while their asylum claims remain pending.

Limited exemptions would apply only to individuals who alerted U.S. border officials within 48 hours of arrival that they feared persecution, torture, or faced another urgent humanitarian threat.

The proposal forms part of a broader immigration clampdown under President Trump, who returned to office in 2025 after campaigning on stricter border enforcement and tougher asylum standards.

Throughout his campaign and early months back in office, Trump portrayed immigrants and asylum seekers as economic and security burdens, claims that critics argue are not supported by crime or labour market data.

Immigrant advocacy groups, civil rights organisations, and some Democratic lawmakers have criticised the proposal, warning that denying work permits could push asylum seekers into poverty, increase dependence on charities, and drive people into undocumented employment.

Legal experts also expect significant court challenges, arguing that the rule could weaken long-standing U.S. and international asylum protections and undermine due-process guarantees.

The proposal will undergo a 60-day public comment period once it is formally published in the Federal Register on Monday. The regulatory process could extend for months or even years, with the final outcome uncertain amid anticipated legal battles.

Until then, existing regulations governing asylum seeker work permits in the United States remain in force.