NNPCL stake in Dangote refinery drops to 7.2%

www.greatachievermagazine.com.ng 5:06 AM NEWS,

The Chief Executive Officer of Dangote Refinery, Aliko Dangote, revealed on Sunday that the Nigerian National Petroleum Corporation (NNPC Ltd) no longer holds a 20% stake in the refinery.

Speaking to journalists in Lagos State, Dangote explained that NNPC Ltd failed to meet its payment obligations in June, resulting in a reduced stake of 7.2% in the refinery.

Dangote’s statement is however at variance with earlier claims suggesting that NNPCL held a significant stake in the refinery.

The billionaire entrepreneur clarified that NNPCL initial 20% stake had been reduced due to unpaid balances.

In a swift response, The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, confirmed that the company had made a commercial decision to cap its investment in the refinery months ago.

Soneye in a Whatsapp message to Energy Correspondents assured that this decision does not impact their business operations.

Our Correspondent reports that the development highlights the evolving nature of business partnerships and investments in large-scale projects such as the Dangote refinery.

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Great Achiever Magazine was established in 1996 as a specialized publication. The magazine showcases people of great accomplishments and their contributions to societal development; historic and memorable events; and general interest news. The magazine was first published in 1996, and has consistently made its mark in the core area of educating, informing and entertaining the reading public through its successive editions. From time to time, the magazine, through special edition, commemorates Award ceremony organized in honour of distinguished personalities of impeccable character and great accomplishments; people who have attained great heights in their professions and businesses; people whose outstanding achievements and contributions to societal development are sources of inspiration to the present and future generations. The magazine has also added to its stable biographical book series, with the publication of WHO’S WHO in the society. Yomi Ogunsanu Publisher/Editor-in-Chief