‘NNPCL stake in our refinery now 7.2%’ – Aliko ?angote

Dangote NNPCL

Africas richest person, Aliko ?angote, has said the Nigerian National Petroleum Company Limited, (NNPCL), no longer owns 20% stake in Dangote Petroleum Refinery.

Dangote NNPCL2

Speaking during a press briefing at the refinery yesterday, ?angote said NNPC now owns 7.2% of the refinery over failure to pay the balance of their share, which was due in June.

NNPC no longer owns 20% stake in the Dangote Refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery, he stated.

Recall that in September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion. Revealing details of the transaction, NNPCL, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.

NNPCL said the balance ($1.76 billion) of the cost of equity investments made in ?angote refinery would be paid upon completion of the refinery project or any other date agreed.

?angote refinery commenced production on January 12.

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