By Yemie ADEOYE

THE saying that when two elephants fight, the grass suffers is being brought to light and affirmed more than any time in recent history by the ongoing tussle nay controversy between the Dangote refinery and the federal government of Nigeria as represented by the state-owned Nigeria National Petroleum Company Limited, NNPCL and the industry regulatory agency, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.

Gracefully, the minister of petroleum resources, Mr. Bola Tinubu, who also ‘doubles’ as Nigeria’s President has waded in to offer some succor via a directive to the NNPCL to sell a percentage of Nigeria’s crude in Naira to the Dangote refinery. That was a relief according to several industry watchers even if it is seen as a short term solution to a long term situation.

Even as that seem to have calmed frayed nerves for a bit, reports and counter reports continue to hit the news, thereby keeping the issue on the front burner, even after a presidential mediation. Only recently, there has been a back and forth over the facilitation and non-delivery of 29 million barrels of crude oil to the refinery.

It goes without saying that the advent of the Dangote industries in the business of refining at the time it did, and up until this moment was and is still is, a necessity for the Nigerian economy. Even if it’s just for the dignity and pride it brings to the African continent, that alone is enough to fight or die for.

Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri , flanked by Alhaji Aliko Dangote, and heads of NNPCL, NUPRC, NMDPRA

This is outside other immediate economic advantages that accrues to Nigeria as a country, from mass employment to indirect domestic businesses, FDI attraction reduction in forex need and pressure amongst others. The list as they say is endless, only if our business climate is not unduly charged, cumbersome, and difficult for no logical reason.

Almost the same thing applies to the NNPCL, save for the fact that it is a public trust. This company, since inception in 1977 is now almost the single most important company in Nigeria, if only we allow it to work for the country. The issues aren’t so difficult to address, but it seems Nigeria has allowed undue politics and interference to affect the functionality of the NNPCL.

Oil, amongst a few others, is a globally priced commodity, which reacts negatively to undue and non-technical interference. This is the bane of the NNPCL debacle, and until the company, supposedly the largest oil company south of the Sahara is completely free of this interference and obstacles, thereby operating like any other International Oil Company, it will be absolutely impossible for the company to reach its full potentials for the benefit of the global oil and gas industry and the Nigerian economy specifically.

Over the decades, there has been several suggestions on the most beneficial modus operandi for the company, with many experts agreeing that the Nigeria Liquefied Natural Gas, NLNG module will best serve the oil behemoth and better position the company for international plays just like it’s supposed contemporaries, Saudi Aramco, PETROBRAS, PETRONAS, Equinor, SONANGOL and their likes.

Currently, the operational rig count in Nigeria is around 15 rigs. This is abysmally low when compared to other major oil cities or countries. The state of Texas in the USA has 278 operational rigs at work at the time of this report, while Saudi’s Aramco has 300. Algeria has the highest in Africa at 42 rig counts, while even troubled Libya has 20 operational rigs at the moment.

This should serve as a crucial area of focus for the current Nigerian government and indeed, the NNPCL, in order for the country to at least meet the traditional OPEC quota of 2.4 million barrels and enable it meet its contractual obligations, and still feed all domestic refineries starting with the Dangote refinery, with a proviso to produce first for the nations’ local consumption before any export in the interest of national security.

It goes without saying that there would be interests, both foreign and domestic that prefers the status quo and current modus operandi to stay in effect, as they are direct and indirect beneficiaries of the current system, and this is why it is pertinent for the two companies to come together for the common good and national interest.

We live in a world where perception is almost reality, and Nigeria must never lose sight of this fact. Mr. Aliko Dangote is first and foremost a Nigerian, subject to the laws of the country, hence there are several legitimate ways the government can protect its own interest, if any without resorting to a public show.

Again, Inspite of himself and whatever allegations, sentiments or petitions that are leveled against him, Aliko Dangote ought to be properly managed by the regulators and the government for the giant strides he has embarked upon, thereby putting Nigeria on the global map for something positive outside of entertainment.

The nation’s regulator calling out such an investor, said to be the highest single tax payer in the country in such casual manner and on national television is not in the best interest of the nation’s fledgling economy, and image, especially in such a news sensitive industry.

It is also sad to note that the Dangote refinery has not produced any duly signed and legally enforceable agreement with any domestic crude oil supplier prior to this time, and for the purpose of feedstock supply to the refinery, which is very strange for a business of that magnitude, and a highly unusual and unprofessional practice in the oil and gas industry. This is actually the crux of the matter as the oil industry apparently operates differently from the cement and other industries where Mr. Dangote has been an experienced player for decades.

However, the Nigerian people are of any consideration in this equation, then It is in the best interest of Nigeria’s economy that the NNPCL, the NMDPRA, and the owners and management of the Dangote refinery sheath their swords and work together for the common good of the country. If that is the focus, it will be far too difficult to fight so publicly and so dirty. The opportunity of this massive Nigerian establishment must never be blown on the altars of ego and personal interest.

The job of any government is to create a conducive atmosphere for every business interest both local, foreign, public or private to thrive, and for a struggling economy which currently begs for foreign direct investments above all else, no ambassador is better positioned for that message at this moment, than Mr. Aliko Dangote, Inpsite of himself. He has been there, and against all odds, he has done that which others are too concerned, or too cautious to do.  The NNPCL has to strategically increase its crude oil production to meet new demands. the company has to be intentional about this, it certainly isn’t a rocket science to achieve that, and that should be the log term focus.

That refinery, should be to the benefit of the NNPCL, the people and government of Nigeria, and of course the owners and management of the company, and this can only happen if national interest is the collective goal.

A sports team does not play or score goals against itself and still appear normal to spectators.

Yemie Adeoye

I have never been an advocate of government probes of preceding governments, simply because I have always believed that it is capable of slowing down a supposed good cause, aimed at good governance, and delivery of democratic dividends to the people.

But pardoning this gentleman, and former Governor of Nigeria’s central bank, Mr. Godwin Emefiele, and failing to probe his tenure as Central Bank of Nigeria (CBN) Governor will be an aberration, a difficult task, and tall order even for the Catholic Pope, were he to be the sitting President of Nigeria.

It will also be a colossal disservice to Fatherland, and a crime against humanity, especially the downtrodden, most of whom suffered severe hardship weeks before the last Presidential election, due to the dumbest, haphazard and cynical CBN policy in the history of policies. We all saw before our very eyes for the first time in our nation al history, Nigerians buying Naira with Naira. The banks across major cities of Lagos and Abuja, our capital and its commercial counterpart, suddenly stopped functioning, the chaos that ensued was indeed monumental and unprecedented. All these because one man. I sincerely do not want to remember that episode. It was a nightmare for want of words, one which memory will linger for a long time.

So you can imagine my disdain, when news filtered in that the government of President Tinubu was going to charge this man to court for a one count charge of possession of firearms, after his well publicized, albeit well deserved arrest. That was most cynical in my thoughts.

Now, seeing the Aljazeera report, stating that the charges against the former CBN Governor have been upwardly reviewed to 20 counts, I became most hopeful, as it began to make sense to me, even if I had some highly reliable back sources, who shared this news, and more with me even before it breaks.

Everything we are currently suffering as per the Naira/Dollar exchange rate is due to this very wicked individual, and his thoughtless policies while he held sway as the nation’s number one banker. He alone for reasons best known to him, single-handedly set the stage for our current national misfortune.

There are questions begging for answers now if we must move forward. For instance how much did Emefiele spent on his hurriedly planned new Naira redesign, and printing? And where is the money?? No one seems to have it! That is a big issue for audit, and must never be swept under the carpet, lest we have a repeat of this nightmare in the future.

I gathered also that about 50% of Nigeria’s foreign reserve has been staked as ‘surety bonds’ for all of Nigeria’s numerous foreign loans, and this was without legislative approval. Hence Naira fall against global currencies as we now see today, is inevitable.

We also recall how he told the that Aboki FX, an online foreign exchange trading platform was the sole reason behind the free fall of the naira. He even challenged his critics to “come out, lets us fight” just as a five year old would probably say or act, and this was before international cameras. Indeed when he made this cynical statement, the naira was trading for less than N500 to a dollar, and when he left, it was above N700.

Thus, without prejudice to the current government in Nigeria, and the case before the tribunal, any government that had emerged the winner of the last presidential election in Nigeria would have had this monster to deal with,  the land mines and booby traps were well laid out, and the absent minded former President signed everything that was brought to before him in his last days in office, thereby earning that befitting title, and setting the stage for our collective and current suffering

This is aside the subsidy debacle, another huge monster that must be tamed before it consumes all in its way. These are indeed perilous times, and sadly the people are the worst for it.

But at times like this, we should identify who the real enemies of the people are, before they sneak back into our midst, mingle with us again, and emerge as one of our leaders against the battles ahead for the future.

This gentleman, Godwin Ifeanyi Emefiele was never fit to head a community bank, let alone a bank as respected as zenith Bank, thereby getting to the prestigious and esteemed office he last occupied and destroyed. How Goodluck Ebele Jonathan, Nigeria’s former President ended up head-hunting him, and replacing an enigma like the former Emir of Kano, and current Khalifa, HRH Mohammad Sanusi Lamido II with this gentleman will forever remain a mystery for future unraveling. His appointment is infact one of President Jonathan’s most thoughtless policy to Nigeria and Nigerians. The next time any individual appears before the national Assembly for that very sensitive position, the grilling should be world-class.

If members of the relevant committee need to hire international consultants for that purpose, that is exactly what must be done. Now, we all know, and understand the extreme importance of that esteemed office, and should never leave it at the hands of mediocres ever again, as lives depends on it.

Yemie Adeoye, a Public Affairs and Energy analyst writes from Texas, USA.