NNPCL's 7.25% stake in Dangote Refinery serves national interest — Agbese (NTN Update 1025)

The deputy spokesperson of the House of Representatives, Philip Agbese, has defended the Nigerian National Petroleum Company Limited’s 7.25 percent equity in the Dangote Refinery, describing it as a strategic move aimed at protecting Nigeria’s national interest.

Agbese spoke in a statement issued on Friday, amid growing criticism trailing President Bola Tinubu’s recent Executive Order directing the direct remittance of oil revenues to the Federation Account—a move that has reportedly reduced some of the state-owned oil firm’s revenue streams.

The Executive Order has generated debate across Nigeria’s oil and gas sector.

Despite the controversy, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, recently led a delegation to the 650,000-barrel-per-day Dangote Refinery as part of efforts to deepen collaboration with the private sector.

Reacting to the development, Agbese stressed that the partnership between NNPCL and the refinery would significantly enhance Nigeria’s energy security and industrial growth.

“This will strengthen energy security and restore confidence in Nigeria’s industrial capability.

“When the national oil company retains a 7.25 percent stake in a strategic asset of this magnitude, it ensures that national interest is embedded in its success,” he said.

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According to available reports, this development remains significant within its context. All key names, figures and timing in the source account have been retained in this rewritten version.