The Federal High Court in Abuja has dismissed the N100 billion suit filed by Dangote Petroleum Refinery and Petrochemicals FZE against Nigeria National Petroleum Company Limited (NNPCL) and others over fuel import licence dispute.
Justice Mohammed Umar, in a ruling yesterday, dismissed the suit following an oral application by lawyers to the defendants after Dangote Refinery’s lawyer, C. O. Adegbe applied to withdraw the case.
Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and NNPCL; AYM Shafa Limited; A. A. Rano Limited; T. Time Petroleum Limited; 2015 Petroleum Limited, and Matrix Petroleum Services Limited were the defendants.
Dangote Refinery had prayed the court to nullify the import licences issued by NMDPRA to NNPCL and the five other companies for the purpose of importing refined petroleum products.
It sought a N100 billion in damages against NMDPRA for allegedly continuing to issue import licences to NNPCL and the five companies for importing petroleum products, among other reliefs.
Meanwhile, NNPCL plans to raise its shares in Dangote Refinery to 20 per cent, Group Chief Executive Officer, Bayo Ojulari, revealed at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Ojulari said NNPCL was improving transparency about its performance in preparation for a long-awaited initial public offering.
“The IPO journey is by law. The PIA (Petroleum Industry Act) prescribes for NNPCL to journey towards achieving IPO. It’s not an option for us.
“We have begun to publish our monthly performance since May this year and that has continued”, Ojulari added.
However, he did not give a time like for the IPO.
In Edo State, protesters led by the National Association of Polytechnic Students (NAPS) took to the streets demanding protection for Dangote Refinery..
The protesters, who marched through the streets of Benin City, said the refinery was not just a business venture but a symbol that the country is capable of refining crude domestically.
They said actors within PENGASSAN, NUPENG, and DAPMAN aligned with fuel importation cartels to protect a business empire built on Nigeria’s weakness.
National President of NAPS, Comrade Eshiofune Paul Oghayan, called on the Federal Government to defend and protect Dangote Refinery as a national strategic asset.
Comrade Oghayan said any sabotage against the refinery must be treated as economic terrorism, urging the federal government to ensure 100% crude oil supply allocated to the Dangote Refinery.
“If we feed the refinery fully, it will crash fuel prices, strengthen the Naira, and stop the bleeding of foreign exchange. We call on the Federal Government to halt the importation of fuel entirely.
“While we appreciate the 15% slash in fuel importation approved by President Bola Ahmed Tinubu, we insist that half-measures cannot deliver full recovery.
Nigeria must refine what we use.
“We demand national priority for locally refined fuel in government procurement, transport, aviation, power and military sectors.
“We urge Mr. President to dismantle the importation cartel and support genuine national industrialization,” it added.
Source; The Nation News