Aliko Dangote, chairman of the Dangote Group, announced that the Nigerian National Petroleum Company Limited (NNPCL) no longer holds a 20% stake in the Dangote Refinery.
During a press briefing at the refinery on Sunday, Dangote revealed that NNPCL’s stake has been reduced to 7.2% due to their failure to pay the balance of their share, which was due in June.
“NNPC no longer owns a 20% stake in the Dangote refinery. They were meant 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 stated.
The change in ownership comes amid ongoing crude oil supply challenges faced by the refinery, which has accused international oil companies of frustrating its operations by selling crude at higher prices. Consequently, the refinery has had to import crude from Brazil and the United States.
Despite these obstacles, the refinery remains committed to commencing fuel supply in Nigeria by mid-July 2024.
