Nigerian government officials are wicked. They invested heavily in the Dangote group on an individual basis. The group borrowed US $3 billion to build the refinery, which evidently cost US $3.8 billion to build.
Fraud No 1 – The refinery was revalued on paper to US $13.9 billion when it was 70% completed.
Fraud No 2 – NNPC led by Mele Kyari, the statutory industry regulator and affirmatively a competitor with three moribund refineries in Port Harcourt, Warri and Kaduna, decided without public knowledge or imput, to buy 20% shares in Dangote Refinery. The 20% shares is US $2.8 Billion.
The total amount required to revamp Warri and Port Harcourt refineries is US $2.65 billion. The question here is; what is the special interest of government and officials in Dangote Refinery?
Fraud No 3 – The immediate past President Muhammadu Buhari of Nigeria before leaving office, hurriedly commissioned a refinery that is only 80% completed. The refinery may not be effectively functional until January 2024. NNPC, the industry regulator had advised the House of Representatives Appropriation Committee that the Dangote Refinery would be up and running in March 2023, hence there would be no need to make provisions for Subsidy in 2023/24 Budget. Unfortunately, the Refinery is not ready and there are no provisions for subsidy in the budget.
At the commissioning of the half baked Refinery, Emefiele, the infamous Central Bank of Nigeria Governor, announced that Dangote had paid 70% of the loan he took for the Refinery.
It is pertinent to ask, how did a Refinery that is not operational raise money to pay 70%? The Nigeria stock exchange does not have any record of share sales in relation to Dangote Refinery other than the NNPC investment.
Fraud No 4 -When Dangote came into cement production, the government brought in a fictitous quality standard designed to restrict cement supply to his company and cut off all imports.
The same style has now been adopted to grant Dangote the exclusive right to supply petrol to NNPC at a price determined by Dangote and his co- travellers.
In conclusion, the subsidy removal was planned and agreed by the government as a pre-condition for Dangote to build a refinery when the Western world is moving away from Fossil Fuel. The removal of the subsidy is to maximise profits for the owners of Dangote Refinery which are allegedly Buhari, Mele Kyari, Emefiele, and so on. The list is long.
They do not care about the common man. They forgot that there is no social welfare in Nigeria. They can tell us stories about loans and palliatives to deceive us as usual.
What they do not know is that Nigeria is about to be set ablaze by the greed of the Buhari team before leaving office on May 29th, 2023.
SOURCE: Social Media
