The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery.
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Dangote disclosed this during a press briefing at the refinery on Sunday.
The business mogul revealed that the Nigerian oil company now owns only 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.
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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%.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
Last updated on November 15th, 2024 at 11:22 am
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