NNPCL’s Stake In Dangote Refinery Drops To 7.2% – Here’s Why

The Nigerian National Petroleum Company Limited (NNPCL) has seen its stake in the Dangote Refinery drastically reduced.

Eko Hot Blog reports that the companies initiatial 20% share has dropped to 7.2% due to a failure to meet the required payment obligations.

This was announced on Sunday by the Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote during a press briefing at the refinery on Sunday.

Mele Kyari, MD, NNPCL

According to him, the NNPCL only owns 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June.

“NNPC no longer owns 20% 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% stake in the refinery,” Dangote said.

Details Later…

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