NPPC's stake in Dangote Refinery has reduced from 20% to 7.2% - Dangote
Dangote attributed the reduction to NNPC's failure to pay the balance of their share, which was due in June last month.
Business mogul and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has disclosed that the Nigerian National Petroleum Corporation (NNPC) stake in his refinery has depleted massively.
According to the billionaire, the national oil company no longer owns a 20% stake in the Dangote Refinery, as its share now stands at 7.2%.
Dangote revealed this during a press briefing at the refinery facility in Lagos on Sunday, July 14, 2024.
He attributed the reduction to NNPC's failure to fulfil the balance of their share, which was due for payment in June last month.
He said despite its promise to provide the funds, the national oil company failed to meet the obligations, leading to a reduction of its stake in the $19 billion refinery.
“NNPC no longer owns a 20% stake in the Dangote refinery. They were meant 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.
