IT WILL be difficult to understand the link that binds NNPCL, Dangote and Government. The trio in my opinion, represent the trinity of economic manipulators in modern Nigeria.
NNPCL can become a parallel government because of its huge financial strength. It is the goose that lays Nigeria’s golden egg. In recent times, most presidents have realised that the best way to put the organisation in check is to bring it directly under the president. Dangote is a Friend of Any Government (FAG) in power. Dangote is a political party that doesn’t contest elections.
Trying to understand how the trio function, the role each one plays in the tripartite mechanisation of the proceeds of our collective patrimony, is like trying to know the role each item that hangs in the shrine of a witch doctor plays in the divination process.
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We have believed their lies for too long, because it used to come well crafted. But like an old record, it has played for too long and has cracked and is no longer making any meaning. Wickedness is the only reason that can better explain why all the four refineries are allowed to lie fallow for years while government keep voting funds for their turnaround maintenance annually. Nigeria’s oil industry, and in fact NNPCL, has actually become a breeding ground for world class economic hitmen. Their arguments do not make meaning to sound minds, but it puts excess cash into their pockets at the detriment of Nigerians masses.
The game NNPCL is playing is to be in full control of the oil prices irrespective of private ownership of refining processes. The organisation used its audacity of size to announce to Nigerians that it bought PMS for N898.00 from Dangote refinery, believing that it can intimidate Dangote. Dangote, aware that he is a beneficiary of a weak structural economy, has refused to tell us how much he sold to NNPCL. Even if it is in dollars, the dollar amount should be mentioned, so we can convert it. Government, as the deity that gave birth to the behemoths, is sitting on Olympian heights watching with deafening silence. The price of N898 per litre could lead to petrol being sold to Nigerians for over N1,000 per litre
Dangote was joined by friends, NNPCL and government in 2023 to celebrate the commissioning of the private refinery that is said to be the biggest in Africa. It was impossible for many people to understand why a government that couldn’t put any of its four refineries to use, could be celebrating a new refinery that was built by loan from its own bank. If there’s argument between the trio, people should not join forces with anyone. No Nigeria can unravel the code of secrecy that binds them. Nigerians should be ready for the worst fuel scarcity in our history, the most hidden and ridiculous oil deals ever. A plethora of hidden lies and untold truths are wrapped in shady dealings by the government-owned agency, okayed by state powers and, sadly, Nigerians bear the hurtful brunt.
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When a nation is ruled by economic gangsters, conventional economic principles and theories do not make meaning. The gangsters in the petroleum business space would tell us that the landing cost of petrol per litre is always higher than the selling price/ltr. We all know that no capitalist will be involved in a business that does yield profit. The propaganda that landing cost is always higher than the pump price is a wicked lie. The truth of the matter is that landing cost plus subsidy gives excess profit. Excess profit is what create economic gangsters all over the world. These gangsters have formed the hub of our oil industry. I am not sure if any government will muster the political will to dislodged them.
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We have believed their lies for too long, because it used to come well crafted. But like an old record, it has played for too long and has cracked and is no longer making any meaning. Wickedness is the only reason that can better explain why all the four refineries are allowed to lie fallow for years while government keep voting funds for their turnaround maintenance annually. Nigeria’s oil industry, and in fact NNPCL, has actually become a breeding ground for world class economic hitmen. Their arguments do not make meaning to sound minds, but it puts excess cash into their pockets at the detriment of Nigerians masses.
Dangote, government and NNPCL know and understand the game they are playing.
When and how this oppression and economic hardship will last is left in the hand of Nigerians who keep adjusting, tightening, re-arranging to adapt to the new hardship. I hope we don’t get to our breaking point so soon.
Amechi, a trade unionist and pro-democracy activist, writes from Lagos.
