NNPC no longer have 20% shares in Dangote Refinery–Aliko Dangote

Maureen Aguta

The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20 per cent stake in Dangote Refinery.

Dangote disclosed this during a press briefing at the refinery on Sunday.

The business mogul revealed that the Nigerian oil company now owns only 7.2 per cent of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

He 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 per cent.

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