“NNPC Is Not Taking From Dangote At All, But They’ll Claim Trillions in Lost Profit” —Kenneth Okonkwo

According to a report by Channels TV, on Sunday October 11, 2026, Chieftain of the African Democratic Congress (ADC) and political commentator, Kenneth Okonkwo, has raised an alarm over what he describes as a dangerous move to reintroduce corrupt, import-dependent fuel subsidies in Nigeria.

Speaking in an interview addressing recent shifts in national petroleum pricing, Okonkwo criticized the Nigerian National Petroleum Company Limited (NNPC) for its continued reliance on imported refined products rather than off-taking from domestic facilities like the Dangote Petroleum Refinery.

Okonkwo argued that recent price adjustments by NNPC do not reflect local refining efficiencies, but rather a dangerous return to opaque subsidy mechanisms tied directly to imported fuel.

“Have you noticed the danger in their own purported subsidy? They want to return to the corrupt import-related subsidy that they were operating.”

He emphasized that NNPC’s pricing strategy remains tied to international import channels rather than local supply chains:

“NNPC is not producing any one liter of refined product for Nigeria. Okay. So the price they are reducing is the price of imported fuel by NNPC, because NNPC is not taking from Dangote at all.”

Highlighting the systemic vulnerabilities of the previous subsidy regime, Okonkwo cautioned that returning to import-based subsidy claims creates vast loopholes for inflated consumption figures and exaggerated profit losses.

“And they want to reintroduce the corrupt subsidy that they were operating. If you listen to Taiwo, he said once you go into that subsidy, you will see people—now when it is 15 million liters, they will say 70 million liters.”

He warned that such a framework opens the door for astronomical financial claims against the public treasury:

“And that is the subsidy they want to go in now to start saying that whatever cost they gave to NNPC—trust NNPC, they will tell you the profit they would have made is trillions of naira.”

Watch the video starting from 0:00 to 0:54

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