NNPCL Explains Reduction of Stake in Dangote Refinery to 7.2%

The Nigerian National Petroleum Company Limited (NNPCL) has announced its decision not to increase its investment in the 650,000 barrels per day Dangote Refinery. NNPCL spokesperson Olufemi Soneye disclosed this in response to the Dangote Refinery’s announcement that NNPC’s stake is now 7.2 percent, contrary to the previously claimed 20 percent stake.

According to Soneye, NNPCL decided several months ago to cap its investment at the amount already paid. He emphasized that this decision does not impact NNPC’s business.

“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,” Soneye stated.

This development follows the revelation by Aliko Dangote, Chairman of Dangote Group, that NNPCL’s stake in the Dangote Refinery is now 7.2 percent due to NNPC’s failure to pay the balance of their shares, which was due in June. This contrasts with the widely announced claim by NNPCL Group Chief Executive Officer Mele Kyari that the company had acquired a 20 percent stake in the Dangote Refinery.