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NNPC No Longer Owns 20% Of Dangote Refinery, Says Aliko Dangote

Published by admin on July 15th, 2024.

NNPC No Longer Owns 20% Of Dangote Refinery, Says Aliko Dangote

Aliko Dangote Announces NNPC’s Reduced Stake in Dangote Refinery

Aliko Dangote, CEO of Dangote Refinery, announced that the Nigerian National Petroleum Corporation (NNPC) Limited has reduced its stake in the refinery from 20% to 7.2%. This change results from NNPC’s failure to pay the remaining balance of their share, which was due in June.

During a press briefing at the refinery on Sunday, Dangote explained that despite NNPC’s commitment to provide the necessary funds, it has not fulfilled its financial obligations. As a result, NNPC’s ownership in the $19 billion refinery has been significantly decreased.

“NNPC was supposed to settle their remaining balance by June but did not do so. Consequently, their stake in Dangote Refinery is now 7.2%,” Dangote stated.

**Aliko Dangote Announces NNPC’s Reduced Stake in Dangote Refinery**

Aliko Dangote, CEO of Dangote Refinery, announced that the Nigerian National Petroleum Corporation (NNPC) Limited has reduced its stake in the refinery from 20% to 7.2%. This change results from NNPC’s failure to pay the remaining balance of their share, which was due in June.

During a press briefing at the refinery on Sunday, Dangote explained that despite NNPC’s commitment to provide the necessary funds, it has not fulfilled its financial obligations. As a result, NNPC’s ownership in the $19 billion refinery has been significantly decreased.

“NNPC was supposed to settle their remaining balance by June but did not do so. Consequently, their stake in Dangote Refinery is now 7.2%,” Dangote stated.