The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) no longer owns a 20 per cent stake in the refinery.
Dangote said this while briefing journalists in Lagos State on Sunday, July 14, 2024.
According to him, the Nigerian oil company now owns only 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.
e stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2%.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
n September 2021, NNPC acquired a 20 percent interest in Dangote Refinery for $2.76 billion.
NNPC in its audited financial statements for 2022 said the equity was acquired through $1.036 funding from Lekki Refinery Funding Limited, of which $1 billion was paid to Dangote Refinery and $36 million accounted for transaction costs.
