The Nigerian National Petroleum Company (NNPC) Limited has explained why it holds only a 7.2% equity in the $19 billion Dangote Refinery, instead of the widely speculated 20%.
A statement released on Sunday by Femi Soneye, the Chief Corporate Communications Officer of NNPCL, addressed the company’s recent decision regarding its investment in the Dangote Refinery.
Soneye said that the decision to reduce their investment was carefully considered and communicated several months ago to Aliko Dangote.
Dangote mentioned to newsmen on Sunday that NNPC no longer holds a 20% stake in the refinery.
He explained that this change occurred because NNPCL failed to pay the balance of their share, which was due in June.
Reacting, NNPC said:
“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.
“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago,” NNPC said.
Nairametrics
