ADVERTISEMENT There are many things to admire in Aliko Dangote and his group of companies. It will be sad if all the hard work put into building the Dangote brand over the years is allowed to be smeared by NNPC. Investing public money in private enterprise may be good in some instances but this is […]
There are many things to admire in Aliko Dangote and his group of companies. It will be sad if all the hard work put into building the Dangote brand over the years is allowed to be smeared by NNPC. Investing public money in private enterprise may be good in some instances but this is not one of them… This kite ought not to fly. And if it attempts to, it should be shot down.
Should any company that cares about its reputation be found in bed with NNPC, which loses $340 million per month on PMS sales alone? That disclosure riled Dr Uju Ogubunka, a former Executive Secretary of the Chartered Institute of Bankers who wondered how NNPC would give what it does not have: “NNPC has not adequately managed its own assets too well”, he said. “The four refineries under its supervision have not refined at an optimal capacity over a decade” he said, noting that most successful acquisitions were better perfected by private entities.
A brand that enjoys positive perception may shoot itself in the foot when it unwittingly sends negative or subliminal messages in terms of whose company it keeps. It is possible for a company which has not done anything wrong to be negatively perceived — the baggage of the people they’re associating with will drag them down.
Allowing an underperforming public entity like NNPC to invest public money in an iconic project like Dangote Refinery is to force the new refinery to start on a dark note. Questions will be raised at the National Assembly as to why a Dangote Republic is being created with public funds in the petroleum sector. More questions will follow on how many other Nigerian enterprises the government has bought shares in.
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