NNPC holds 7.2% stake in Dangote Refinery, not 20% – Aliko Dangote

Billionaire businessman Aliko Dangote has clarified that the Nigerian National Petroleum Company (NNPC) holds a 7.2 per cent stake in the Dangote Refinery, contrary to the previously reported 20 per cent.

According to Dangote, the Nigerian oil company now owns only 7.2 per cent 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 per cent.

“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said on Sunday.