The Nigerian National Petroleum Corporation Limited (NNPCL) has lost its 20% stake in the Dangote Refinery due to its failure to pay the outstanding balance for its shares.
This was revealed by Aliko Dangote, the CEO of the refinery, during a press briefing in Lagos State on Sunday.
According to Dangote, NNPCL was expected to pay the balance for their 20% stake by June but failed to fulfill the obligation.
“NNPCL no longer owns a 20% 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% stake in the refinery,” Dangote stated.
NNPCL had acquired a 20% stake in the Dangote Refinery in September 2021 for $2.76 billion. However, the company has failed to pay the outstanding balance, leading to the reduction in its stake. Olufemi Soneye, a spokesperson for NNPCL, confirmed the development, stating that the company had communicated its decision to cap its stake in the refinery several months ago.
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“Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business. NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.
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