The Chief Executive Officer of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) no longer owns a 20% stake in the refinery. According to Dangote, the corporation had been expected to settle its outstanding balance by June but has yet to do so.
As a result, the NNPC’s stake in the refinery has been reduced to 7.2%. In an exclusive briefing with journalists in Lagos, Dangote explained that the corporation had defaulted on its obligations, leading to the reduction of its stake.
The development comes as a surprise, given the significant investment NNPC had previously committed to the project. However, it appears that the corporation’s failure to fulfill its financial obligations has led to a significant dilution of its stake.
The reduction in NNPC’s stake is seen as a major shift in the dynamics of the refinery’s ownership structure. The Dangote Group will now have an increased majority stake in the refinery, giving it greater control over its operations and decision-making processes.
The development is likely to have significant implications for the refinery’s future plans and investments. With its increased stake, the Dangote Group is expected to play a more dominant role in shaping the refinery’s strategy and direction.
It remains to be seen how this development will impact the relationship between NNPC and Dangote Refinery, but one thing is clear: the ownership structure of the refinery has undergone a significant change.
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