NNPCL no longer owns 20% of Dangote Refinery – Aliko

The chairman of Dangote Group and owner of Dangote Refinery, Aliko Dangote has said that the Nigerian National Petroleum Company Limited, NNPCL, no longer owns a 20 per cent stake in Dangote Refinery.

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

The African richest man noted 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 stated that while NNPCL had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $20 billion refinery to 7.2 per cent.

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

However, NNPCL has yet to speak on the disclosure made by Dangote as of the time of filing this report.

In August 2021, the Group Chief Executive Officer of NNPCL, Mele Kyari, told lawmakers that the company had acquired 20 per cent of Dangote Refinery.

The development comes amid the crude oil supply challenge experienced by the Dangote refinery in the past due to high prices.

The 650,000 barrel-per-day refinery had accused international oil companies of frustrating its kickoff by selling crude oil at a higher price.

It was reported recently by Bloomberg that the indigenous firm is expected to import crude from Brazil.

Earlier, the company had imported fuel from the United States of America.

Meanwhile, the refinery had insisted that it would commence the supply of fuel in Nigeria in mid-July 2024.