ALIKO DANGOTE, SAYS THE NNPCL NO LONGER OWNS 20 PERCENT STAKE IN DANGOTE PETROLEUM REFINERY 14-07-24
By Sadiq Aminu Africa’s richest man, Aliko Dangote, says the Nigerian National Petroleum Company (NNPC) Limited no longer owns 20 percent stake in Dangote Petroleum Refinery.
Speaking during a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June.
“NNPC no longer owns 20 percent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
In September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion.
Reacting to the development, the NNPC Limited in a statement by its Chief Corporate Communications Officer Olufemi Soneye says it periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.
Soneye explained that The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.