Nigerian Oil Company, NNPC Holds 7.2% Stake In Dangote Refinery, Not 20% After Failing To Meet Obligations, Says Dangote
According to the businessman, NNPCL failed to meet its obligations by paying the remaining balance by June.
Aliko Dangote, the Chief Executive Officer of Dangote Refinery, announced on Sunday that the Nigerian National Petroleum Company Limited (NNPCL) does not have 20% stake in the refinery.
Dangote made this disclosure during a press briefing in Lagos State, clarifying the current ownership structure of the refinery.
According to the businessman, NNPCL failed to meet its obligations by paying the remaining balance by June.
He said, “NNPC no longer owns a 20% stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery.”
In June, Dangote Industries Limited’s (DIL) Vice President of Oil and Gas, Devakumar Edwin, alleged that International Oil Companies (IOCs) in Nigeria were deliberately undermining the Dangote Oil Refinery and Petrochemicals project, actively working against its success.
During a training programme for Energy Editors hosted by the Dangote Group, Edwin revealed that International Oil Companies (IOCs) were hindering the refinery’s attempts to procure local crude oil by artificially inflating prices, compelling the refinery to import crude from distant nations like the United States, thereby increasing production costs.
