NNPCL explains reason for drop in Dangote Refinery’s stake to 7.2%

According to the Nigerian National Petroleum Company Limited, it has chosen not to increase its previous investment in the Dangote Refinery, which produces 650,000 barrels of oil per day.

In response to Dangote Refinery’s disclosure that NNPC’s investment has decreased to 7.2 percent from the original 20 percent stake, NNPCL spokesperson Olufemi Soneye made this revelation in a curt statement.

Soneye claims that NNPCL made the decision to cap its investment at the amount already paid several months ago.

Soneye claimed that NNPC’s operations were unaffected by the decision to stop making additional investments in the Dangote refinery.

“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,” he said.

This is in line with the revelation made by Aliko Dangote, the chairman of the Dangote Group, that NNPC’s refusal to pay the outstanding balance of its shares, which was due in June of last month, has reduced NNPCL’s ownership in the Dangote Refinery to 7.2 percent.

The stance, however, runs counter to Mele Kyari, the Group Chief Executive Officer of NNPCL, who made the highly publicised assertion that the company had acquired a 20 percent stake in Dangote Refinery.

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