The National Petroleum Corporation (NNPC) has reacted to reports that its stake in Dangote refinery reduced from 20% to 7.2%.
On Sunday, the Chief Executive officer of Dangote Group, Aliko Dangote in a press conference in Lagos revealed that NNPC’s 20% stake in the company’s refinery had dropped to 7.2%. He added that it was due to the Corporation’s failure to fulfil its financial obligations.
In his words; “NNPC no longer holds a 20% stake in the Dangote Refinery,”
“As a consequence of their inability to fulfill their financial commitments, their ownership in the refinery has been adjusted to 7.2%.”
“We had initially welcomed NNPC as a key partner in this crucial venture,”
“However, the delay in their payments has necessitated this adjustment in ownership structure.”
