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NNPC’s Operations: Interrogating Businessday newspaper’s “opacity” tag and other matters, by Olufemi Soneye

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Setting the Record Straight: Clarifying NNPCL's Role in the Dangote Refinery Investment

*NNPC’s Operations: Interrogating Businessday newspaper’s “opacity” tag and other matters, by Olufemi Soneye

 

 

I have read the story published by Businessday newspaper in its edition of 16th July, 2024 with the headline: “‘World’s Most Opaque Company’ Stench Trails NNPC Secret Deals”. As the spokesperson of the Nigeria National Petroleum Company (NNPC) Limited, I would have ignored the story which was basically a rehash of false allegations that were rooted in ignorance. To be sure, the allegations, in their various shapes and dimensions, have, over the years, been proved to be untrue. But I am compelled to reply for two reasons.

First, I am mindful of the fact that falsehoods left unchallenged have always become accepted as the truth. Second, I have noticed a consistent, but worrisome trend of negative reportage verging on antagonism from the Businessday. A few examples will suffice: Between January and now, almost every report on NNPC Ltd is given a negative slant. Some, among others, went with headlines such as: “Compared to Its Peers, NNPC’s N2.5tr Profit Leaves Little to Cheer” – 29th January, 2024; “While NNPC Forages for Cash, Its Peers Pay Bumper Dividend” – 7th May, 2024; and “NNPC’s $6bn Payment Backlog Fuels Petrol Queues” – 5th July, 2024.

In the report under reference, the newspaper stated that “…non-publication of financial accounts and refusal to disclose contracts signed with oil companies may be justifying public sentiments that the Nigeria National Petroleum Company (NNPC) Limited is the world’s most opaque oil company”. The question, I ask, arising from this, is: Which financial accounts or contracts has NNPC Ltd refused to publish?

NNPC Ltd is on record to have consistently published its Audited Financial Statements since 2019. Even before its transition to a limited liability company in 2022 under the Petroleum Industry Act, it had started publishing its annual financial statements. As can be seen above, Businessday published the story of the publication of the company’s 2022 financial statement on 29th January, 2024. It is worthy to note the negative slant the newspaper gave the story. All the company’s Audited Financial Statements are published on its website. But Businessday does not and cannot see them because of its fixation on hanging the tag of opacity on the NNPC Ltd.

Keen on justifying its predetermined schema of painting NNPC Ltd negatively, the newspaper went ahead to rejig an allegation by the former governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, that NNPC Ltd failed to remit foreign exchange to the Federal Government, an allegation that had been proved to be false. It is a fact that NNPC Ltd, in spite of its new operational status as limited liability company, entered into an arrangement in which it remits its forex earnings to the CBN. That arrangement, which was well reported in the media, is deliberately lost on Businessday for reasons best known to it. Rather, it went to town with a spurious report on how NNPC Ltd was the opaquest company in the world.

Not done with its malicious agenda of portraying NNPC Ltd in bad light, the newspaper went ahead to cite the company’s acquisition of stake in the Dangote Refinery as another example of its opaque transactions. Riding on the recent disclosure that NNPC Ltd could not go through with the acquisition of the 20% stake it had earlier announced, Businessday came up with the allegation that the transaction was not transparent. But how could a transaction that was announced to the world when it was carried out be opaque? It is on record that when the transaction was announced, there was so much public outcry against it. Many questioned the rationale behind it. But NNPC Ltd, in keeping with its commitment to the operational philosophy of Transparency, Accountability, & Performance Excellence (TAPE), came up with explanations as to the reasons why the Federal Government directed it to acquire the equity stake, and the furore died down.

Since the appointment of Mr. Mele Kyari as the Group Chief Executive Officer of the NNPC Ltd, the company has been conducting its business transparently. It is in furtherance of its transparency push that it signed up as a supporting company of the Extractive Industry Transparency Initiative (EITI) in 2019 to become a member of EITI’s state-owned enterprise network. With that, it upgraded its operations to meet the standard for EITI supporting companies. Since then, NNPC Ltd has not looked back in its transparency journey, publishing every information that the public should know. In the face of various allegations of financial malfeasance, NNPC Ltd has always made itself available for probes or opportunities for reconciliation of figures with other agencies of government as the case may be; and, it has always been vindicated.

But Businessday, for whatever reason(s), chose not to see NNPC Ltd.’s tremendous strides in transparency, preferring to rehash past allegations that had been proved to be false in every respect. Rather than hang the tag of opacity on a company that has shown so much commitment to transparency, Businessday, which in 2021 conferred the award of “Energy Executive of the Year” on Mr Mele Kyari, should have been more circumspect with its report that was at best shambolic. Indeed, for descending so low as to publish rehashed, stale and false stories[SO1] to justify its bias, Businessday should hang its head in shame.

As a media professional, I respect the roles of the media in society, but the point must be made that the obvious bias, exhibited in the Businessday report as well as in the various other reports before it, in which the NNPC Ltd had been cast in bad light, calls to question the professionalism of the newspaper. I therefore demand that Businessday should allow professionalism to, henceforth, guide its reportage.

I take this opportunity to make this avowal: that a new era in communication and information management has begun at the NNPC Ltd. The days of intimidating the company with falsehoods are over. Baseless and unconscionable allegations will no longer go unanswered. Through my office, we will decisively respond to any false claims made against the NNPC; and if the false claims are so egregiously damaging, necessary legal steps to preserve the integrity of the company will be taken. The time for passive acceptance of allegations that are lurid and ridiculous had passed; it is time to stand firm in defence of the truth exemplified in the NNPC’s operational philosophy of TAPE.

■ Soneye is Chief Corporate Communications Officer of NNPC Limited.

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Aare Adetola EmmanuelKing Felicitates Olofin of Ilisan Remo on 86th Birthday

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Aare Adetola EmmanuelKing Felicitates Olofin of Ilisan Remo on 86th Birthday

 

The Borokinni of Ilishan Remo, Sir Aare Adetola EmmanuelKing KOF, has extended warm birthday felicitations to the Olofin of Ilisan Remo, His Royal Majesty, Oba (Dr.) Barr. Michael Olufemi Mojeed Sonuga Daniyan II, as the revered monarch celebrates his 86th birthday anniversary.

In a statement released to commemorate the royal father’s birthday, Aare Adetola EmmanuelKing described the monarch as a symbol of peace, wisdom, progress, and exemplary royal leadership, whose reign has continued to bring honor and development to Ilisan Remo.

According to him, since ascending the revered throne of his forefathers, the Olofin has consistently demonstrated purposeful leadership and unwavering commitment to the unity, growth, and cultural advancement of the kingdom, while fostering peace and harmony among the people.

He further noted that the monarch’s reign has inspired pride and confidence among indigenes of Ilisan Remo both at home and in the diaspora, adding that Kabiyesi’s dedication to community development and preservation of tradition remains highly commendable.

The Borokinni prayed for continued divine grace, sound health, long life, and greater wisdom for the royal father as he continues his impactful reign on the throne of his ancestors.

“On behalf of my family, associates, and well-wishers, I heartily congratulate His Royal Majesty, Oba (Dr.) Barr. Michael Olufemi Mojeed Sonuga Daniyan II, the Olofin of Ilisan Remo, on the joyous occasion of his 86th birthday. May Almighty God continue to strengthen Kabiyesi with peace, sound health, and many more years of fruitful reign,” he stated.

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Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows

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Titans and Trailblazers: Nigeria’s Great Entrepreneurs from Abiola to Dangote — The Story of Wealth, Influence, and National Impact. By George Omagbemi Sylvester | Published by saharaweeklyng.com 

Aliko Dangote Foundation, WEF Unveil 2026 YGL Aliko Dangote Fellows

…Spotlighting Africa’s Next Generation of Change Leaders

 

 

 

World Economic Forum (WEF) in partnership with the Aliko Dangote Foundation (ADF) has announced the 2026 cohort of the Young Global Leaders (YGL) Aliko Dangote Fellows, highlighting a new generation of African leaders committed to expanding opportunity and strengthening institutions across the African continent.

 

 

 

The Fellowship serves as a critical bridge between Africa’s emerging changemakers and the global Young Global Leaders network, fostering collaboration, knowledge exchange, and sustainable development. The YGL Aliko Dangote Fellowship supports high-impact African leaders by enabling their full participation in the Forum of Young Global Leaders (YGL) programme and broader WEF activities.

 

WEF said the 2026 YGL Aliko Dangote Fellows represent diverse professional backgrounds spanning healthcare, technology, entrepreneurship, and advocacy across sub-Saharan Africa. The newly selected fellows are Dr. Esperance Luvindao; Charlot Magayi, Founder of Mukuru Clean Stoves; Rewa Udoji, Founder of Cranstoun; Dr. Stephen Modise; Dr. Musa Kika; Hatim Eltayeb; Kemi Lala Akindoju; and Vimbai Masiyiwa.

 

 

 

With a strong emphasis on empowering women leaders, the Fellowship is designed to support Africans shaping solutions to pressing social and economic challenges while strengthening leadership capacity across key sectors.

 

 

 

Over the past 14 years, the Aliko Dangote Foundation–powered Fellowship has supported more than 130 young African leaders, providing access to Davos meetings, executive education opportunities, and influential peer networks that amplify African voices on the global stage.

 

 

 

Commenting on the announcement, Fatima Aliko Dangote, Trustee of the Aliko Dangote Foundation and Group Executive Director, Oil & Gas, Dangote Industries Limited, described the 2026 fellows as “leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms.”

 

She added: “Africa’s future will be defined by the strength of its people. When the right leaders—especially women—are empowered and given a global voice, they do not just lead; they reshape what is possible. That is why we invest in people: because it is the surest path to lasting global prosperity, stability, and self-determination. The 2026 cohort embodies this vision.”

 

According to her: the 2026 YGL Aliko Dangote Fellows represent that future leaders who will expand opportunity and strengthen institutions, advancing Africa on its own terms while helping define a world whose future will be shaped by the continent.

 

 

 

 

 

She explained that the idea behind the YGL Aliko Dangote Fellowship is to cultivate, empower, and support exceptional African leaders under 40, ensuring they have the resources to participate in the World Economic Forum (WEF)’s Young Global Leaders (YGL) community. It specifically aims to accelerate their impact on the continent and globally.

 

 

 

 

 

Details of the new fellows in the announcement indicated that; Hatim Eltayeb, is the Chief Executive Officer of African Leadership Academy, strengthening one of the continent’s most important leadership institutions; Dr Esperance Luvindao, Namibia’s Minister of Health and Social Services, combining clinical experience with digital health and grassroots innovation; Charlot Magayi, the Kenyan founder of Mukuru Clean Stoves, linking clean energy, public health and livelihoods; Dr Stephen Modise, Botswana’s Minister of Health, bringing a data-driven approach to public health reform.

 

 

 

 

 

Dr Musa Kika, Executive Director of the Institute for Human Rights and Development in Africa, using law to defend constitutionalism and civic space; Rewa Udoji, the Nigerian artist and finance professional whose work bridges culture, capital and women’s economic literacy; Kemi Lala Akindoju, the Nigerian producer and actor helping reshape the creative economy through talent development, financing and more grounded storytelling; and Ms Vimbai Masiyiwa, co-founder and Chief Executive Officer of Batoka Africa, building a model of tourism rooted in sustainability, community ownership and women’s empowerment. Together, they reflect the range of leadership the fellowship is designed to support public leaders, entrepreneurs, institution-builders and cultural actors already shaping systems in very different ways.

 

 

 

It would be recalled that Aliko Dangote YGL Fellowship has supported more than 90 Fellows from over 25 African countries, thus enabling full participation in the World Economic Forum’s Young Global Leaders programme through access to convenings, executive education, peer networks and global platforms.

 

Over that period, Fellows have taken part in more than 400 engagements across Annual Meetings, regional summits and learning modules, contributing to debates on finance, climate, health, technology and governance.

 

 

 

 

 

 

 

 

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Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments

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Norwegian Sovereign Wealth Fund Eyes Partnership with Dangote Group on Africa Investments

 

The President/Chief Executive of Dangote Group, Aliko Dangote has held a high-level meeting with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets valued at approximately $1.9 trillion.

 

At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across the African continent, with a focus on strategic sectors including power, energy, renewables, agriculture, fertiliser and cement.

 

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, one of the world’s leading fertiliser and agricultural companies, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

 

The engagement shows growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation.

 

For Dangote Group, the potential partnership represents a significant opportunity to deepen its investments across key sectors critical to Africa’s development, particularly in energy transition, food security and industrial capacity expansion.

 

The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.

 

The collaboration between the fund and Dangote Group could unlock substantial capital flows into critical infrastructure and industrial projects, further accelerating economic growth and regional integration across the continent.

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