{"id":53552,"date":"2021-07-02T07:35:03","date_gmt":"2021-07-02T06:35:03","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=53552"},"modified":"2021-07-02T07:39:27","modified_gmt":"2021-07-02T06:39:27","slug":"sylva-reveals-why-fg-wants-to-acquire-stakes-in-dangote-refinery","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/07\/02\/sylva-reveals-why-fg-wants-to-acquire-stakes-in-dangote-refinery\/","title":{"rendered":"Sylva reveals why FG wants to acquire stakes in Dangote refinery"},"content":{"rendered":"<p>Minister of state for petroleum resources, Timipre Sylva has revealed why the federal government wants to acquire stakes in Dangote refinery.<\/p>\n<p>According to Sylva, the decision to acquire equity in private refineries is to prevent fuel scarcity.<\/p>\n<p>This was revealed by the minister on Thursday in Abuja while receiving an award from a group called \u201cCorruption Reporter.\u201d<\/p>\n<p>The group said the award was conferred on him for his achievements in fighting <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/12\/nigerians-still-vote-for-politicians-accused-of-corruption-says-president-buhari\/\">corruption<\/a> and the pursuit of transparency and accountability in the petroleum industry.<\/p>\n<p>On Tuesday,\u00a0Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC),\u00a0confirmed that the federal government would acquire\u00a0a 20 percent equity stake in the Dangote Refinery<\/p>\n<p>The corporation said to be discussing with\u00a0African Export-Import Bank\u00a0(Afreximbank) for a loan to acquire the stake.<\/p>\n<p>The\u00a0NNPC had announced plans to seek equity participation\u00a0in at least six private refinery projects.<\/p>\n<p>Sylva described the federal government\u2019s intention as \u201cstrategic\u201d, noting that private refineries controlled by the opposition may decide to cause fuel scarcity and trigger crises across the country.<\/p>\n<p>\u201cAcquiring stakes in Dangote Refinery and other private refineries was a strategic decision by the government to get involved in the running of these important assets and not allow them completely in the hands of private individuals,\u201d he said.<\/p>\n<p>\u201cParticularly in the absence of strategic security reserves to deploy if the private individual decided, maybe for political reasons, not to supply fuel.<\/p>\n<p>\u201cIf the refinery is left in the hands of individuals who support the opposition, they can cause fuel scarcity and trigger a nationwide crisis that can destabilise the country.<\/p>\n<p>\u201cGovernment should have stakes in the private refineries to protect the citizens\u2019 interest and ensure national stability at all times.\u201d<\/p>\n<p>Sylva proposed that the government should acquire even higher stakes than the proposed 20 percent to protect people and ensure stability.<\/p>\n<p>\u201cToday, petroleum products have to do with energy security and national stability. If there is fuel crisis, it can result in national instability in the society,\u201d he added.<\/p>\n<p>Describing corruption as an evil that must be exterminated, Sylva lamented that the inflated cost resulted in several abandoned projects.<\/p>\n<p>He said that before the coming of the present administration, the government had over 90 accounts opened for the deposit of revenues.<\/p>\n<p>\u201cThis administration has been able to control corruption at that level with the introduction of Treasury Single Account (TSA), where all payment of government revenues by ministries, departments and agencies are paid into just one account.<\/p>\n<p>\u201cToday, no more can government monies be swallowed by any snake. Today, if money is earned, it is paid directly into government accounts through the TSA.<\/p>\n<p>\u201cThose entrusted with the management of the monies, like permanent secretaries of ministries and other civil servants who award contracts, cannot have access to those monies as was the case in the past.\u201d<\/p>\n<p>Sylva urged all Nigerians to see the fight against corruption as a collective responsibility by reporting all corruption cases to the government to investigate.<!--\/data\/user\/0\/com.samsung.android.app.notes\/files\/share\/clipdata_210702_072540_862.sdoc--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister of state for petroleum resources, Timipre Sylva has revealed why the federal government wants to acquire stakes in Dangote refinery. According to Sylva, the decision to acquire equity in private refineries is to prevent fuel scarcity. This was revealed by the minister on Thursday in Abuja while receiving an award from a group called [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":53553,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[12336,12008,3646,9678,1660],"class_list":["post-53552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-dangote-refinery","tag-fuel-scarcity","tag-mele-kyari","tag-private-refineries","tag-timipre-sylva"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sylva reveals why FG wants to acquire stakes in Dangote refinery<\/title>\n<meta name=\"description\" content=\"Minister of state for petroleum resources, Timipre Sylva has revealed why the federal government wants to acquire stakes in Dangote refinery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/02\/sylva-reveals-why-fg-wants-to-acquire-stakes-in-dangote-refinery\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sylva reveals why FG wants to acquire stakes in Dangote refinery\" \/>\n<meta property=\"og:description\" content=\"Minister of state for petroleum resources, Timipre Sylva has revealed why the federal government wants to acquire stakes in Dangote refinery. 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