The Nigerian National Petroleum Company (NNPC) Limited now owns a 7.2% stake in the Dangote Petroleum Refinery, and not a 20% 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 $20bn 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% 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.
