Africa’s richest man, Aliko Dangote, says the Nigerian National Petroleum Company Limited (NNPCL) Limited no longer owns 20 percent stake in Dangote Petroleum Refinery.
Mr Dangote who was speaking at a Press Conference at the Weekend said NNPC now owns just 7.2 percent of the refinery as against the 20 percent announced when the refinery was undergoing construction over a failure to pay the balance of their share, which was due in June.
He said “NNPC no longer owns 20 percent stake in the Dangote refinery. They were 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.
The NNPCL had announced the acquisition of a 20 percent stake in September 2021.
Revealing details of the transaction, NNPC, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.
NNPC disclosed at the time that 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.
The Dangote refinery commenced production on January 12, 2024.
In a swift reaction by the NNPCL to the statement by Mr Dangote, on Sunday evening, it said the company “made a commercial decision to cap investment at the amount already paid.”
Read Full Statement e-signed by Olufemi Soneye, spokesperson for the oil giant below…
PRESS RELEASE
On Dangote’s Claim of NNPC Ltd’s Stake in his Refinery
Submit Cargo Price Quotes Monthly, NUPRC Orders Oil Producers, Refiners
Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business.
Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja.
14 July, 2024
