Aliko Dangote, Africa’s richest person says the Nigerian National Petroleum Company, NNPC, Limited no longer owns 20 percent stake in Dangote Petroleum Refinery.
During a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June.
He stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2 per cent.
“NNPC no longer owns 20 percent 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,” Dangote said.
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In September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion.
Disclosing details of the transaction, NNPC, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.
NNPC said the balance ($1.76 billion) of the cost of equity investments made in Dangote refinery would be paid upon completion of the refinery project or any other date agreed.
Dangote refinery commenced production on January 12.
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