NNPC Loses 12.8% Stake In Dangote Refinery Due To Unpaid Balance

Aliko Dangote, Chief Executive Officer of Dangote Refinery, has said the Nigerian National Petroleum Corporation (NNPC) now holds only a 7.2 per cent stake in the refinery, down from its initial 20 per cent.

According to Dangote, the reduction in NNPC’s shareholding results from the corporation’s failure to meet its financial obligations.

While addressing journalists in Lagos, Dangote explained, “NNPC no longer own a 20% stake in the Dangote refinery. They were meant to pay their balance in June but have not fulfilled their obligations. Now, they only own a 7.2% stake in the refinery.”

He also told journalists during a tour of the refinery, located at the Lekki Free Trade Zone in Lagos, that the refinery is scheduled to begin producing petrol for the umpteenth time in August 2024, following the resolution of its crude oil supply issues with the assistance of the Nigeria National Petroleum Company Limited (NNPCL) and the federal government. However, reports of the production start date are not new, as it has been postponed several times.

Recall Dangote Industries Limited (DIL) raised concerns about attempts by international oil companies (IOCs) to obstruct efforts to purchase crude for the refinery.

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