. Reduced from initial 20%
Chief Executive Officer of Dangote Refinery, Alhaji Aliko Dangote, on Sunday, disclosed that the Nigerian National Petroleum Corporation now owns only 7.2 per cent stake in the refinery.
The Richest Man in Africa said the figure reduced from the initial 20 per cent.
Dangote disclosed this while briefing journalists in Lagos.
According to him, “NNPC no longer owns a 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.”
In September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion.
NNPC, while revealing details of the transaction in its audited financial statements for 2022, said NNPC Greenfield holds the investment.
It stated that the balance ($1.76 billion) of the cost of equity investments made in Dangote refinery would be paid upon completion of the refinery project or any other date agreed.
On January 12, Dangote refinery commenced production.
