The Chief Executive Officer of Dangote Refinery, Aliko Dangote, announced that the Nigerian National Petroleum Corporation (NNPC) now holds only a 7.2% stake in the refinery, down from the original 20%.
Speaking to journalists in Lagos State on Sunday, July 14, 2024, Dangote explained that the reduction in NNPC’s stake was due to its 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 supposed to pay their balance in June but have yet to fulfill their obligations. Now, they only own a 7.2% stake in the refinery,” Dangote stated.
READ ALSO: Dangote Refinery to Begin Petrol Production in August 2024
In September 2021, NNPC had acquired a 20 percent interest in Dangote Refinery for $2.76 billion.
According to NNPC’s audited financial statements for 2022, the equity was acquired through $1.036 billion funding from Lekki Refinery Funding Limited, with $1 billion paid to Dangote Refinery and $36 million for transaction costs.
The investment is held by NNPC Greenfield, a special purpose vehicle 100% owned by NNPC, in trust for the company.
