Aliko Dangote, CEO of Dangote Refinery, announced on Sunday that the Nigerian National Petroleum Corporation (NNPC) Limited no longer holds a 20% stake in the refinery.
During a media parley, Dangote disclosed that NNPC’s ownership has dropped to 7.2% due to its failure to pay the remaining balance of their investment, which was due in June.
“The agreement was actually 20%, but they did not pay the balance of the money up till last year, and then we gave them another extension up till June. They said that they would remain at the 7.2% they had already paid for,” Dangote explained.
This revelation comes as a surprise to many Nigerians who believed the NNPC had secured a significant stake in the refinery, as previously stated by the government.
The reduction in ownership reflects NNPC’s inability to fulfill its financial obligations, as noted in its 2022 audited financial statement. Despite this setback, Dangote assured that the refinery’s operations, sourcing crude from the US and Brazil, continue to move forward, with government support to resolve ongoing supply challenges.
