The Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery.
This was announced on Sunday by the Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote during a press briefing at the refinery on Sunday.
According to him, the NNPCL only owns 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
The NNPC also confirmed the development in a statement late Sunday.
“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals,” said a spokesman for the company.
The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago,” said the spokesperson of the NNPCL, Olufemi Soneye.
Meanwhile, Dangote has disclosed that the refinery is set to roll out its petrol in August 2024.
News360 Info recalls that Dangote Industries Limited (DIL) recently raised an alarm over attempts by international oil companies (IOCs) to frustrate efforts at purchasing crude for the refinery.
However, Dangote, in an interview with journalists on Sunday during a guided tour of the refinery, which is located at the Lekki Free Trade Zone in Lagos, said the refinery had resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company Limited (NNPCL) and the federal government.
Dangote noted that the crude supply challenge, which affected the supply of petrol from the refinery, was resolved last week after the federal government intervened.
Beyond resolving the crude supply issues and announcing plans to roll out petrol in August, Dangote also told journalists that the refinery’s fertiliser unit would resume production in two weeks, giving farmers more access to fertiliser for their farm products.
Dangote added that there was a massive request for fertiliser from Nigerians and the rest of Africa, so his group had no choice but to respond positively.
