"I Think the Management of the Refinery and the Government Are Not Being Honest" - David Hundeyin

Investigative journalist David Hundeyin critiques the refinery management and the federal government's transparency amid revelations that "NNPCL no longer owns a 20 percent stake in Dangote Refinery," reduced to 7.2%. Hundeyin discusses the implications of NNPC's financial challenges and their proposed $2 billion crude oil-backed loan, raising questions about Nigeria's energy sector stability. Join us for an insightful analysis of these developments shaping Nigeria's economic landscape.
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[@rowlandezeani6365]

The NNPC is the world's most 'Opaque' Organisation, headed by some of the most powerful criminals. Nigeria's economic dilemma is directly tied this organisation

[@jojoobiako7875]

The NNPCL is a compilation of high school graduates who couldn't even make 5 credit pass. Now they are confronted with professional real life industry suitation. And you can see clearly, they are all falling apart.

[@ted.n9609]

The Nigerian public is left again to suffer because some Nigerian officials made deals with their Cabals by selling Nigerian oil in the future for borrowed loan and using crude Oil as collateral in advance . Now, the dangote oil refinery is ready, but the Nigerian government do not have enough crude oil for their domestic refinery. Hence, Dangote refinery has no choice but to buy crude from foreign sources. Nigerian Oil is been sold as oil backed loans in advance in the future, while the Nigerian public are left in the dark of these deals. It is also important to not that that this is the reason why the repaired Nigerian oil refineries are not functioning now.

[@nsogbu1115]

MONOPOLY AGAIN. WE HAVE NOT HEARD THE TRUE STORY YET.

[@chijiokeuba343]

Truth is that why things don't work in Nigeria is wickedly deliberate.There exists a very wicked greedy set who profit immensely from the rot & collapse of the system. That is why electricity can't be constant & fuel importation will never end . That is the sad reality of the African.

[@ahmedkarage9633]

NNPC from the beginning planned to buy the 20% stake using crude oil that would be given to Dangote refinery . But their inability to provide Dangote with the crude needed has changed the dynamics of their initial agreement. Dangote now has to go out to buy crude from the US and other foreign markets. I believe when NNPC has been able to sort out its backlogs, they will definitely increase their stake some time in the future, however, it would be more expensive by then as the refinery shares/stock would have increased in value.

[@francisoke1498]

Please can someone tell me where is all the money that were printed and borrowed by Aliko. Has he paid it back as claimed and when. Has he build this incomplete project with huge loan from the Emefiole and the cattle man Buhari. Nigeria should have been called LIEGERIA, the government is a fraud and the law we are guided with is a shamble, valueless

[@chijiokeuba343]

@@ahmedkarage9633 would they ever be able to? When they keep borrowing against crude supplies.

[@adon8672]

​@@francisoke1498most of the depth incurred by Dangote in building the refinery are foreign and in US dollars.

[@Didmasela]

Nigeria needs a tough, charismatic, visionary, revolutionary Pan-African military leader like Captain Ibrahim Traore of Burkina Faso, Colonel Assimi Goïta of Mali, and General Abdourahamane Tchiani of Niger who chased away French companies and nationalised their countries mining and extraction industries and gave antesenal miners shares in the nationalised companies. Now they are building mineral processing plants and industries in their respective countries.

[@ox_A_9597]

Yes, Nigeria needs visionary leadership. However, the three coup criminals in Niger, Chad and Burkina Faso are not visionary leaders. Sure they are anti-France that does not make them visionary. Senegal is anti-France and has better leadership than those three coup plotting criminals

[@henrymanshop8029]

The incumbent government is the main villain here...well said!!!

[@derrickbaustin]

God bless you young man and watch your back!

[@abdulrasheedbuhari5116]

Refusing supply him with crude, refusing to issue license and refusing to pay for their stake at the refinary so as to sabotage his financial plan by distrupting his cash Flow. Nigeria will continue to suffer because of conflict of interest.

[@bggees]

Because he stole Nigeria's money in building that refinery

[@sariat2307]

​@@bggeesHow did he steal it? How would he have gotten access to the money?

[@abdulrasheedbuhari5116]

@@bggees rumors and baseless accusation.

[@bggees]

@@abdulrasheedbuhari5116 ok. If Nigeria is working well for you, congratulations. I don’t think that is just a rumor. If it was, why did he return some money back? Common sense!

[@abdulrasheedbuhari5116]

@@bggees what is the solution then!

[@abdulrasheedbuhari5116]

Tinubu is not in good terms with dangote

[@mavisayorinde8766]

Nope. Tinubu will do all it takes for france and USA to keep supporting his illegality.

[@sijifalore8252]

It is probably not only the government not being honest. Imagine they committed to oil collateral to burrow the loan which funded the refinery itself and now the same beneficiaries want to bypass the terms of same said lending by diverting the crude oil to the refinery. It is not a straight forward dilemma.

[@robertdavis9393]

0:00 Africa is in the midst of exponential growth And development,with Dangote leading the way.. Africa must leave the past and move forward for the future, for such a time as this, God is blessing Africa it is Africa time to shine for the world to see this great paradise of a treasure trove of great wealth...

[@thebeatnumber]

I love your weird combination of optimism and stupidity

[@JM-st1le]

​@@thebeatnumber So salty 😂. I agree that OP is waaaay too optimistic.

[@bbnCRLB]

From 20% to 7% is Tinubu and his men buying up shares with government money. Let's look at the investors/companies that took over the 13% stock.

[@otown1714]

Nigeria and Africans, support Dangote Refinery a 100%, no foreigner can give you for free, no matter what country they are from, presentations or any media news they use to convey their proposal or message, they are and will always be foreigners and remain internationals organizations and international governments. No one would want an African resource production, meaning eating what you produce, everyone wants Africans to buy and they sell. It is time for Africa to sell to African consumers their own produces, be it food or services or manufactured product or health research. What they call diseases in the West are not seen or even regarded as diseases in Africa... An African has alot of advantages just as a human being. Fully support your own. MTP.

[@Nengit]

How about support those who own the Oil? He should buy Oil He was supported for Cement Nigeria has some of the highest cement prices in the World.

[@chijiokeuba343]

@@otown1714 but most time we cooperate with them to sabotage ourselves

[@garryj6311]

Other countries are looking at how to reduce carbon emissions by turning to renewable energy. Meanwhile Nigeria is still playing politics with crude oil as if it is a new discovery.

[@soulrelaxation5977]

Oga who are the other countries? Who do you think is buying Saudi oil, Iran oil, Iraq oil and Russia oil? Don't let them fool you. Cos they have fooled us for so long. And they are the same buying and stealing Nigerian oil. And you are talking of green energy. Think again. The preach green energy to Africa while the steal coal and crude from Africa, ask yourself what are they doing with it? To make tea and drink abi. Go and research b4 you talk

[@mola3845]

Do you know that your masters Europe and USA are still using coal talk less of oil and gas. But a person from one of the poorest countries in the world is criticising their oil usage. This life no balance.

[@garryj6311]

@@mola3845 First of all no country is my master. Maybe yours. Secondly, you completely misunderstood the entire point of my statement. Read it again slowly this time, with an open mind.

[@d.bcooper2271]

Brainwashed ​@@garryj6311

[@d.bcooper2271]

Renewable energies are FAKE. We can't control the sunlight nor the wind. ​@@garryj6311

[@mikeobasi9177]

Oil-backed loan every time? Questionable indeed.

[@tlwiid2613]

Even the people who comment on this controversy don't speak clearly for people to understand. No wonder Nigeria is so messed up.

[@chebertrand1096]

Nigerian government will be losing money if there is local production because taxes will reduce from importation... This should clearly explain why they r stalling.

[@agnesosiyemi3309]

No tax on imported petroleum

[@ekeneokere5898]

While I usually appreciate David's takes. But in this situation he is completely wrong about Dangote. Dangote is genuinely up against an international oil cartel and should be supported

[@nwananka]

He is not, Dangote is primarily dealing with the Nigeria oil industry. The incompetence of NNPC makes it seem he is fighting cabal

[@honestfriend767]

@@nwanankathe NNPC is a cabal

[@vok7584]

​@@nwananka Guys, there is little or no crude available for Dangote. Buhari has borrowed money using our quota of crude as collateral. There is very little left for supply to only him. He is insisting on gulping everything amidst the scarcity of crude. Until loans are fully serviced, he can't get the crude to run his refinery. It's that simple!

[@nwananka]

@@vok7584 the same amount of crude we produce officially, an equivalent amount is stolen. We have enough for Dangote

[@Patriot24712]

​@@nwanankaApt.

[@AkeredoluDamilare-gd3ff]

He is very right.

[@peterbikam8695]

My friend patronize Nigeria products. What about the NNPC has any of them produced any products? What are the strategic goals?

[@elliotono2341]

It's so obvious that some government officials are being bribed by foreign entities to undermine this Dangote's refinery. And since Tinubu doesn't think he should be involved in this glaring drama. So is Tinubu receiving some kickbacks from from foreign entities? Because this administration is so rotten with corruption. Years ago,my in-law was recruited in NYC for a job as an engineer. At the time, he thought going back to serve his country was the right thing to do. He was stationed in Warri. The whole cooperation was rift with corruption, his colleagues padding contracts and doing all sorts of illegallities. He received to partake in their corruption. He was retired in his forties for any justifications. His name was given to the military administration by his superiors. After all these years, NNPC is still a cutrupt entity. My is doing so well in the U.S. You can all keep your Nigeria. I'll continue to help my friend and her 7yo daughter in Nsukka.

[@nnfefe9451]

The government should not get involved in private enterprise. The four refineries are government controlled. The AJokuta iron and steel industry, a $40 billion white elephant, the Peugeot assembly plant in Kaduna, Nigerian airways and so many industries are government controlled. Take a look at the very efficient privately controlled businesses. Private enterprise is the commander of capitalism.

[@JM-st1le]

I agree. But it isn't impossible for state owned companies to be competent. Although that usually happens in countries with good institutions.

[@yonduodi8693]

The Nigerian govt under Tinubu is playing chess with Dangote. They wanted Dangoate to build the refinery but the end game is for him to sell the refinery to the Nigerian govt at 70% of its value(when you consider inflation costs). The support from the Nigerian govt from the start was a scam.

[@kamalismail4497]

AD doesn't seem to be in the good books of Tinubu. He enjoyed massive support in the Buhari era. Tinubu is the problem. NNPCL cannot play games with AD without Tinubus full support.

[@alntdi1]

@@kamalismail4497 Then Tinubu will go.

[@user-zd4sl8jg4t]

I have it under good authority it is going to be nationalized at no cost and Dangote will be turned into Jack Ma

[@PapaSamo]

It's really simple. Dangote should just buy the "stolen" crude.

[@aokaparagit]

Oil backed loans for what exactly?

[@user-ty3of2yo1c]

They are not being honest that's all

[@greenpastureministrygpm4289]

Scam. Does it mean Nigerian Government falsely claimed upto 20% to justify the initial support it invested in that project?? I see something else playing out here.

[@michaeleno3498]

Borrow and loot government.

[@veraaddoyobo8482]

Now, if this happens in Kenya 🇰🇪. People will be out in force

[@oceejekwam6829]

This is a serious deterrent for anyone who might have even considered about investment in that country.

[@mosestekper7659]

Nigerians should rise up and demonstrate. It is their lives that the cabals are playing with.

[@malizanik]

To David : You as an investigative journalist should validate if indeed there's an Oil Cartel in Nigeria, dont just dismiss it as hogwash. The questions you keep referring back to should form the basis of your investigation. otherwise you just a journalist and not an investigative journalist.

[@ibrahimsuleiman8473]

Now who is stupid enough to invest in Nigeria again.

[@WorlTramp]

After the massive MTN fines a lot of companies sat up and took note. ShopRite which is successful in many countries in Africa pulled the plug in Nigeria … the Nigerian authorities are not straight forward and change the goalposts as they please

[@isee8423]

The fact is foreign entities own Nigerian oil. Nigerian oil is sold as unrefined raw crude for US dollars which the government is addicted to. It is sold cheap and the refined products are bought in US dollars for more than it was sold for. Most likely the government is being threatened that if it diverts it's oil to local refineries it will be squeezed by US dollars being held back from it. It won't be able to service it's US dollar debt and it is being blackmailed. Nigeria needs an energy policy that enables it to divert its oil for its State security. Once you frame it a National Energy Security you can do whatever you want with the resources coming from your soil. Shame, shame. Nigeria is talking about rules and economic realities that are imposed on them from outside forces. Please wake up

[@macaulayokunsebor9146]

There is no government in Nigeria. ALL WE HAVE ARE THIEVES IN GOVERNMENT. TINUBU IS THE OIL MINISTER AND TO HIM THE NIGER DELTA OIL BELONG TO HIM. MAYBE HE IS FIGHTING THE FULANI ON THE ECONOMIC GROUND. ARE WE NOT ASHAMED OF THE SITUATION. WHERE ARE WARRI AND KADUNA REFINERY?

[@SCh9912]

Why should the Nigerian be ashamed….it didn’t start today!!! Their lies are eventually unraveling!!!

[@abiodunadeyemi3812]

Why shouting?! 😅😅

[@TabsT-vy5jy]

😂😂 us intelligent people saw this coming even before dangote started building the refinery. Nigeria is too corrupt for anything to work.

[@user-qb1gw3yp4s]

Why is the watermark covering the speakers mouth? This is lousy graphics and annoying nuisance. I don't like this.

[@GeraldAkinyemi]

😊

[@christianokolocha4416]

Tinubu is a businessman. He wants his cut .

[@jimmye.787]

Criminal*

[@alntdi1]

You mean an ex @#$$&^_! dealer?

[@sylviasworld9397]

He is a gangster and a criminal. Calling him a businessman is an insult to actual businessmen.

[@plentywater773]

It is impossible for Dangote to call out Nigeria like this if not politically planned by both parties. Any corporation like Dangote will be scared of the government hitting them with anything such as environmental hazard or whatever to get back at Dangote. So all those shares stories are just deceit.

[@nwananka]

Imagine Dangote telling Nigerians that our stake in his refinery is now 7% lol . Nobody saying or doing anything

[@user-cx1jn2nc1z]

Underline the word, (his Refinery)

[@osas3857]

​@@user-cx1jn2nc1z you go school at all? Isn't that the reason we should have a share in it?

[@user-cx1jn2nc1z]

@@osas3857 I don't think there is a law that mandates him sell shares to the government, if there is please provide. Also, why can't Nigeria have it own functional refineries

[@04105er]

@@user-cx1jn2nc1z Nigeria money was used to fund this refinery. They are teaming up to scam Nigerians. Dangote should account for all the funds Emefiele gave to him. Nigerians forgets too soon. 13 billion dollars from Nigeria GDP was given to this state made billionaire. its all part of the scam.

[@abdulrasheedbuhari5116]

@@nwananka well can't you say something.

[@user-zd4sl8jg4t]

Only a fool or a true Patriot would invest in Nigeria😂😅

[@Patriot24712]

Dangote has proven to be a true patriot. He can never be referred to as a fool based on his antecedents.

[@plentywater773]

Una Dey play my fans, but una know Tinubu naa before making him President. Just has everything state, Tinubu don collect more shares be that. Tinubu that couldn’t buy a plot of land on broad street because of the families that own them, he used state power to create Eko Atlantic and made sure Lagos Islnd did not develop.

[@michaeleno3498]

Nnpc has become private company 😅😅. Will use oil to buy shares for private used. They don't care about anyone. #Bring back buhari

[@listenup2882]

Nigeria is a big joke.

[@uyiuyi5924]

Look at someone father & husband shame on you

[@Nengit]

NNPCL did the right thing let the market decide.

[@sirrainbow1672]

David Hundeyin, supposedly and Investigative Journalist has not personally investigated the government or Aliko Dangote on this refinery matters and neither is a petroleum investigative journalist, has he been to Nigeria to collect information on what is going on with the refinery? Yesterday the Chairman of the Refinery, Dangote himself had a press conference at the refinery where he went through all his businesses including the refinery. For him to say that the refinery and the government are not being honest what does he know that that nobody else know and how did he get the information. If News Central TV is located in Nigeria you should know more about the refinery than someone who is antigovernment and always thinking that he knows more about Nigeria and its people and yet dares not visit country.

[@emmaorusachima4160]

😂😂 u are a proper Nigerian, scared of the truth.

[@Nadel60]

.​@@emmaorusachima4160And irredeemably so!

[@nsogbu1115]

David dey speak turenchi... The truth will soon come out.

[@EbukaMark-cu1bk]

​@@emmaorusachima4160 proper Nigerian indeed, highly corrupt and always afraid of truth.

[@EbukaMark-cu1bk]

Your eye go soon clear.

[@kestonagboro4262]

Who is the silly man in glasses talking here? Have you built o at least tried to build anything before? Because if you have you would known that shifting launch dates is a normal thing.

[@kaiblade760]

Up to 9 times within several years abi?

[@abdulrasheedbuhari5116]

This analyst wait for business to be established in order to analyze it. When will he establish something something in his life.

[@maquindesign9158]

He is making money from his analysis business. So he is established in something.

[@04105er]

Na because he get brain pass you, hence they keep inviting him and not you. Olodo, Dolo.

[@ajibolak9022]

I'm not surprised by the comments coming from this cow brain.

[@Patriot24712]

You probably don't know much about him. If you do, you will know that he established the West African weekly; even though he has sold the major stake in it out, it still runs. And just so you know, he is not a business analyst. He is an independent investigative journalist.

[@abdulrasheedbuhari5116]

@@Patriot24712 interesting 🤔

[@odiwechieokechukwu2119]

The same guy said the Refinery doesn't exist. Lol

[@user-ic3xh4eb5w]

Learn how to listen or read.....NO

[@kestonagboro4262]

Yes, this guy is a clown because he is the one shifting post. I remember when he openly said the refinery is a scam that it does not exist.😂

[@sydneychukwukelu]

He said it's not going to be ready on time. He also said that it doesn't guarantee that fuel price would drop He never said it's a scam .

[@smoothchilling64]

​@@kestonagboro4262 u need to study u have learnt nothing since!

[@uwemudoh3225]

This man is not an expert on this issue, he should stick to topics his knowledgeable in... Dangote refinery would provide 100k direct & indirect jobs to Nigerians...that's something ...

[@gbengaadebisi6621]

He said the refinery isn't ready for full operations until 2025, and this is one year after. That is like the 10th time the date of their refinery's completion is being postponed. All he said saying is that both sides are not being truthful

[@imotumbokanaka4157]

bring a petroleum economist like bala not this guy. no insight. am

[@tundeadagun]

This guy has no idea.

[@Victor-gj7pi]

You stupid.

[@Victor-gj7pi]

What else did you want to hear

[@pardmplus9996]

If you have an idea, then do share .... It doesn't take a rocket scientist to decipher what he's saying and not saying. NNPCL should be under ICPC scrutiny and the politics 4D chess ♟️ being played by all the main actors is digging us deeper into this quagmire

[@d.bcooper2271]

This channel always seeks for bad news

[@otown1714]

Nigeria and Africans, support Dangote Refinery a 100%, no foreigner can give you for free, no matter what country they are from, presentations or any media news they use to convey their proposal or message, they are and will always be foreigners and remain internationals organizations and international governments. No one would want an African resource production, meaning eating what you produce, everyone wants Africans to buy and they sell. It is time for Africa to sell to African consumers their own produces, be it food or services or manufactured product or health research. What they call diseases in the West are not seen or even regarded as diseases in Africa... An African has alot of advantages just as a human being. Fully support your own. MTP.