Aliko Dangote says NNPC holds 7.2%, not 20% stake in Dangote Refinery; Why NNPCL’s stake dropped _ Official

Billionaire businessman Aliko Dangote has clarified that the Nigerian National Petroleum Company Limited (NNPCL) holds a 7.2 per cent stake in the Dangote Refinery, contrary to the previously reported 20 per cent.

According to Dangote, the Nigerian oil company now owns only 7.2 per cent of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

Dangote revealed this on Sunday while addressing journalists at the refinery. “NNPC no longer owns a 20 percent stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfill the obligations. Now, they only own a 7.2 percent stake in the refinery.”

He stated that while the NNPCL 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.

The Nigerian National Petroleum Company Limited (NNPCL) has said that its period assessment of investment portfolio has led to the decline in its share of the Dangote refinery.

In his response, Olufemi Soneye, the chief corporate communications officer, NNPC Ltd in a statement on Sunday said that the NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.

He explained that the decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.

“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals,” Soneye said.

“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.”