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

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.