The CEO Of Energy Transition Group of Nigeria Gas Association, Olabode Sowunmi has alleged that Dangote Refinery is primarily responsible to its shareholders and not to Nigerians. He stated that the primary goal of the Dangote refinery is to generate profits.
He argued that it is NNPC and the government that have the primary responsibility for societal development. He pointed out that when the interests of the Nigerian state and Dangote Refinery’s shareholders diverge, the interests of the state may suffer. He clarified the difference between NNPC and Dangote Refinery, emphasizing that they are distinct entities with different priorities and responsibilities. He noted that NNPC’s influence is limited to its percentage shares, whereas Dangote Refinery has more control over its day-to-day operations and decision-making processes.
He said in an interview with Arise TV From 4:21, ”NNPC and Dangote refinery are totally different. NNPC influence is limited to the percentage shares it has while Dangote has influence to be able to galvanize whatever actions happened on the board in terms of the day to day runnings of Dangote refinery. Dangote refinery is responsible primarily to it shareholders and not to Nigerians. There is an emotional thinking that their primary responsibilities is to Nigeria, it is not.
It is the NNPC and the government that have the primary responsibility to the development of the Society. This is an Investor with his fellow investors who have put in capital and who have taken the risk, their primary purpose is profit. There is the expectation of Nigerians that this is a Nigeria project but it should be understood that where the interest of the Nigerian state does not align with the interest of shareholders of Dangote refinery, the one that will suffer is the interest of the state.”….Check _ Next