The NNPC on Sunday evening in a press statement said it has decided to cap its investment in Dangote Refinery based on the amount already paid.
Olufemi Soneye, Chief Corporate Communications Officer
NNPC Ltd. stated this in a statement in reaction to Dangote announcement.
“Several months ago, we made a commercial decision to cap our investment at the amount already paid.
“This decision was taken by NNPC Ltd and has no impact on our business,”
Soneye said in the statement issued in Anuja on Sunday .
Africa’s richest man, Aliko Dangote, had earlier on Sunday said the Nigerian National Petroleum Company (NNPC) Limited no longer owns 20 per cent stake in Dangote Petroleum Refinery.
Speaking during a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 per cent of the refinery over failure to pay the balance of their share, which was due in June.
“NNPC no longer owns 20 per cent stake in the Dangote refinery.
“They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2 per cent stake in the refinery,” Dangote said.
Recalled that in September 2021, NNPC acquired a 20 per cent interest in Dangote refinery for $2.76 billion.
Revealing details of the transaction, NNPC, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.
NNPC said the balance ($1.76 billion) of the cost of equity investments made in Dangote refinery would be paid upon completion of the refinery project or any other date agreed.
Dangote refinery commenced production on January 12, 2024.
(vitalnewsngr.com)
