The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) now holds only a 7.2 percent stake in the refinery.
This marks a significant reduction from their initial 20 percent stake.
Speaking to journalists in Lagos State on Sunday, Dangote explained that the reduction in NNPC’s stake was due to their failure to meet financial obligations. NNPC was supposed to pay the remaining balance by June but failed to do so.
Dangote emphasized the importance of fulfilling financial commitments to maintain stakeholder interests. He noted that this change in ownership percentage highlights the need for timely payments in large-scale investments.
The reduction in NNPC’s stake has raised questions about the corporation’s financial strategy and its implications for the Nigerian oil and gas sector. Analysts are concerned about the potential impact on future collaborations and investments.
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Dangote reiterated the refinery’s commitment to achieving its production goals despite the changes in ownership structure.
“NNPC 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,” he stated.
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