Jonathan Nwokpor
The Nigerian National Petroleum Company Limited, NNPCL, no longer has a twenty percent share in Dangote Refinery, according to Aliko Dangote, chairman of the Dangote Group and owner of the refinery.
Dangote made this revelation on Sunday at the refinery at a news briefing.
The richest man in Africa stated that because the Nigerian National Petroleum Company (NNPC) failed to pay the remaining amount owed in June, the NNPC now only owns 7.2% of the refinery.
Despite having committed to providing the funds, he said, NNPCL has been unable to fulfil its commitments, lowering its ownership position in the $20 billion refinery to 7.2%.
“NNPC no longer owns a 20 per cent stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfil the obligations. Now, they only own a 7.2 per cent stake in the refinery,” Dangote said.
As at the time this news was filed, NNPCL has not yet commented on Dangote’s disclosure.
Mele Kyari, the Group Chief Executive Officer of NNPCL, informed lawmakers in August 2021 that the company had purchased 20% of Dangote Refinery.
The development coincides with the difficulty the Dangote refinery previously faced in obtaining crude oil due to high costs.
International oil firms were accused by the 650,000 barrel-per-day refinery of impeding its launch by selling crude oil at a higher price.
Bloomberg recently revealed that the domestic company is anticipated to import crude from Brazil.
Prior to this, the company had imported fuel from the US.
The refinery, meantime, had asserted that it would start the supply of fuel in Nigeria in mid-July 2024.
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