Africa’s richest man, Aliko Dangote, announced that the Nigerian National Petroleum Company (NNPC) Limited no longer holds a 20 percent stake in Dangote Petroleum Refinery.
During a press briefing at the refinery on Sunday, Dangote revealed that NNPC’s stake has been reduced to 7.2 percent due to their failure to pay the remaining balance of their share, which was due in June.
“NNPC no longer owns a 20 percent stake in the Dangote refinery. They were supposed to pay the remaining balance in June but have yet to fulfill their obligations. As a result, they now only own a 7.2 percent stake in the refinery,” said Dangote.
In September 2021, NNPC acquired a 20 percent interest in the Dangote refinery for $2.76 billion.
Reacting to this development, NNPC Limited, in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, stated that the company periodically assesses its investment portfolio to ensure alignment with its strategic goals.
Soneye explained, “The decision to cap our equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.”
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