Africa’s wealthiest individual, Aliko Dangote, announced during a press briefing at the Dangote Petroleum Refinery on Sunday that the Nigerian National Petroleum Company (NNPC) Limited has reduced its ownership stake in the refinery from 20 percent to 7.2 percent.
Dangote clarified that NNPC’s stake was originally slated to be 20 percent, following a transaction in September 2021 where NNPC acquired this interest for $2.76 billion. However, due to NNPC’s failure to fulfill its financial obligations by the June deadline, their ownership has now decreased to 7.2 percent.
“NNPC no longer holds a 20 percent stake in the Dangote refinery. They were supposed to complete their payment in June, but they have not fulfilled their obligations. Consequently, they now only own 7.2% of the refinery,” Dangote explained.
NNPC, in its audited financial statements for 2022, disclosed that NNPC Greenfield manages this investment. The statement outlined that the remaining $1.76 billion of the equity investment in Dangote refinery will be paid upon the refinery’s completion or at a mutually agreed-upon future date.
The Dangote refinery commenced production on January 12.
Cable