Business
For Failing To Meet Equity Contribution, NNPC’s Stake In Dangote Refinery Slashed To 7.2%
In a significant development, Aliko Dangote, the Chairman of Dangote Group, announced that the Nigerian National Petroleum Company Limited’s (NNPCL) stake in his refinery has been drastically reduced. The stake, which initially stood at 20%, has been slashed to 7.2%.
Dangote made this revelation during a press briefing at the refinery on Sunday, attributing the reduction to NNPC’s failure to meet its financial obligations. According to him, NNPC missed the payment deadline for their share, which was due in June.
“NNPC’s inability to fulfill their financial commitments has resulted in a significant reduction of their stake in the Dangote refinery, from 20% to 7.2%,” Dangote stated.
This development marks a significant shift in the ownership structure of the refinery, with Dangote Group now holding a more substantial share. The implications of this change are yet to be fully understood, but it is clear that NNPC’s financial constraints have led to a loss of equity in the project.
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