June 28, 2021

Mr. Mustapha Yakubu, Chief Operating Officer, Refineries & Petrochemicals, NNPC, says there is no fraudulent dealing in NNPC’s planned equity participation in Dangote Oil Refining Company (DORC).

Yakubu made the declaration on Monday in Abuja while briefing newsmen.

“Our attention has been drawn to media reports ascribing to me alleging fraudulent dealing around the plan by the NNPC to acquire equity participation in DORC”.

“The publication is very embarrassing, disgusting and above all, horrifying and damaging to my character and personality as a dutiful officer of the Federal Republic of Nigeria, and more importantly as a top management staff of NNPC.

“I hereby state categorically that I did not speak with any news person or organisation on the issue.

“I wish also to state that, to the best of my knowledge, there is no such plan or fraudulent motive behind the equity acquisition arrangement with the DORC or any of the other private refinery that NNPC is in talks with,’’ he said

Yakubu added that the decision to acquire participating stake in some private refineries was reached after an evaluation carried out by local and international experts.

“I was part of the team that further evaluated the report of the working committees (Technical and Commercial) and the subsequent adoption of the plan by the top management committee of the NNPC.

“This is in concert with the Federal Government’s overall energy security strategy,” he said.

The planned investment in DORC is one out of many other planned investments in domestic refining, including development of crude oil modular refineries and condensate refineries near crude sources to curb pipeline vandalism.

“I am strongly in support of the Federal Government’s overall energy security strategy which indeed is part of my schedule.

“I will continue to do everything within my power to ensure the realisation of this laudable Federal Government’s objective.

Yakubu urged members of the public to disregard the report as it was obviously designed to scuttle Federal Government’s energy security agenda for the nation (NAN)