NNPCL Clarifies Reduction of Stake in Dangote Refinery to 7.2%

In a recent development concerning the Dangote Refinery project, the Nigerian National Petroleum Company Limited (NNPCL) has clarified its decision to reduce its stake in the refinery to 7.2%. This decision comes in response to Dangote Refinery’s announcement that NNPC’s stake now stands significantly lower than the previously reported 20%.

NNPCL spokesperson Olufemi Soneye addressed the matter in a brief statement, stating that the company had opted not to increase its initial investment in the 650,000 barrels per day refinery. “Several months ago, we made a commercial decision to cap our investment at the amount already paid,” Soneye explained. He emphasized that this decision had no adverse effects on NNPC’s operations.

The statement follows remarks made by Aliko Dangote, Chairman of Dangote Group, who indicated that NNPC’s reduced stake was due to the company’s failure to fulfill financial obligations by the stipulated deadline in June.

This development contrasts with previous assertions by NNPC’s Group Chief Executive Officer, Mele Kyari, who had earlier announced that the corporation held a 20% stake in the Dangote Refinery project.