NNPC slashes investment in Dangote refinery
The Nigerian National Petroleum Company Limited said on Sunday that its investment in Dangote refinery was reduced several months ago.
The NNPC’s statement comes hours after Aliko Dangote, president/chief executive of Dangote Group, said the state-owned oil firm only has a 7.2 percent stake in the refinery.
“NNPC no longer owns 20% 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 on Sunday.
The Federal Executive Council had in August 2021 approved the sum of $2.76 billion for the acquisition of a 20 percent equity stake in Dangote refinery.
“Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business,” the NNPC said in response to Dangote’s disclosure.
