NNPC Stake In Dangote Refinery Now 7.2 Per cent 

The Nigerian National Petroleum Company (NNPC) Limited now owns a 7.2 per cent stake in the Dangote Petroleum Refinery, and not a 20 per cent stake as initially announced before the inauguration of the facility at the Lekki Free Trade Zone, President of Dangote Group, Aliko Dangote disclosed at the weekend.

 Dangote explained during a press briefing on Sunday that NNPC’s stake dropped to 7.2% over the company’s failure to pay the balance of their share, which was due in June. The NNPC had acquired a 20 per cent interest in the $20 billion Dangote refinery for $2.76 billion.

“NNPC no longer owns a 20 per cent 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 per cent stake in the refinery,” Dangote said.

The NNPC confirmed the development in a statement late Sunday. “NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals,” said a spokesman for the company.

“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago,” said Olufemi Soneye.