Nigeria’s pastorprueners have to come to Dangote’s aid by floating the Anointed Oil Company that will buy the NNPC with its three refineries so we can solve this petroleum problem once and for all

Ayo Akinfe

[1] Nigeria is currently witnessing inflation of over 30% as a result of high petrol and diesel prices. Our over-dependence on road transport and private generators means that high petrol and diesel prices have a domino effect on the rest of the economy with devastating consequences

[2] What is at play here is simply demand and supply fundamentals. We do not produce enough petrol, diesel, kerosene, aviation fuel, etc, so prices soar. Step up production, flood the market and watch prices drop

[3] Given the structure of the Nigerian economy, if we half petrol and diesel prices, the cost of consumer goods and food items will also fall drastically. It is basic economics as once transpiration cost fall, so too will the end price

[4] Now, Aliko Dangote has tried to solve this problem by building a refinery that will meet all our domestic needs but alas, the man is being frustrated at every turn. At one stage, the cabal making billions from the current chaos even set fire to his refinery

[5] Some commentators have called for the reinstatement of the petrol subsidy but that is just illiterate economics. It is only perpetuating the problem as our national debt will grow, we will have less to spend on social services and it will limit the availability of capital for infrastructural investment. What we need to do is augment Dangote’s efforts by flooding the Nigerian market with cheap petrol and diesel

[6] For me, the only people who have the deep pockets to do this are our evangelical clergymen like Oyedepo, Adeboye, Ashimolowo, Sulaiman, Oritsejafor, Oyakhilome, Okotie, etc. Nigeria has three comatose oil refineries in Port Harcourt, Warri and Kaduna that are bleeding her dry. They need to buy them and get these facilities operating at full capacity

[7] Our evangelical pastorprueners are sitting on billions of dollars of what is known in economics as dead capital. As a matter of national necessity they must float an Anointed Oil Company that can raise up to $10bn on the international money markets, using about $3bn to purchase these three refineries and then maybe using another $6bn to refurbish them and bring them up to modern production standards

[8] What I have in mind is a Christian company run according to ethical principles like the Quaker companies such as Kellogg’s, Cadbury’s, Rowntree, Barclays, Quaker Oats, etc. In every industrialised country in the West, religious finance was at the centre of industrial production and wealth creation

[9] This Christian company should also have exemplary guidelines when it comes to corporate social responsibility. For instance, there should be a set threshold of spending a minimum of say 10% of profits in any community where the conglomerate operates

[10] If we had this Anointing Oil Company competing directly with Dangote Industries, it would bring fair, decent, healthy and productive competition into the Nigerian crude oil and petrol industries. There will be no monopoly and the need to be competitive will eliminate nepotism when it comes to appointments. At the moment, the NNPC is the epitome of corruption and nepotistic behaviour

Ayoakinfe@gmail.com