Just In: NNPC No Longer Owns 20% of Dangote Refinery, says Aliko Dangote

The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Company (NNPC) Limited no longer owns a 20 percent stake in Dangote Refinery.

Dangote made this known during a press briefing at the refinery on Sunday.

The business mogul revealed that the Nigerian oil company now owns only 7.2 percent of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

He stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2 percent.

“NNPC no longer owns 20 percent 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,” Dangote said.

Details shortly…