Africa’s richest man, Aliko Dangote, has disclosed that the Nigerian National Petroleum Company Limited (NNPCL) Limited no longer owns 20 percent stake in Dangote Petroleum Refinery.
Mr Dangote who was speaking at a Press Conference at the Weekend said NNPC now owns just 7.2 percent of the refinery as against the 20 percent announced when the refinery was undergoing construction over a failure to pay the balance of their share, which was due in June.
He said “NNPC no longer owns 20 percent stake in the Dangote refinery. They were to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
The NNPCL had announced the acquisition of a 20 percent stake in September 2021.
Revealing details of the transaction, NNPC, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.
NNPC disclosed at the time that the balance ($1.76 billion) of the cost of equity investments made in the Dangote refinery would be paid upon completion of the refinery project or any other date agreed upon.
The Dangote refinery commenced production on January 12, 2024.
Reacting to the assertion, NNPCL in a statement on Sunday said it “made a commercial decision to cap investment at the amount already paid.”
