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Our Decision To Cap Equity Participation Strategic’ – NNPC Replies Dangote Refinery Over Claims Of Losing 20% Stake
The Nigerian National Petroleum Company Ltd has reacted to claims from the Chief Executive Officer of Dangote Refinery, Aliko Dangote, that the national oil company no longer owns a 20 per cent stake in Dangote Refinery.
The business mogul had claimed that 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 had 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 $19bn refinery to 7.2 per cent.
“NNPC no longer owns 20 per cent 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 per cent stake in the refinery,” Dangote said.
But reacting to the claims made by Dangote, the NNPC said in a statement that it periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.
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