Newscenter Media News In a significant development for Nigeria’s energy sector, Aliko Dangote, CEO of Dangote Refinery, announced on Sunday that the Nigerian National Petroleum Corporation (NNPC) has seen its stake in the refinery reduced from 20% to 7.2%.
Speaking at a press briefing held in Lagos, Dangote clarified that NNPC’s reduced ownership was a result of their failure to meet financial obligations.
“NNPC no longer holds a 20% stake in the Dangote Refinery,” stated Dangote, highlighting that the corporation had missed a payment deadline in June. “As a consequence of their inability to fulfill their financial commitments, their ownership in the refinery has been adjusted to 7.2%.”
The Dangote Refinery, touted as Africa’s largest single-train refinery, has been a focal point of Nigeria’s efforts to enhance its refining capacity and reduce dependence on imported petroleum products.
Originally, NNPC had secured a 20% stake in the project, signaling a strategic partnership aimed at bolstering domestic energy production.
Read also: Abia workers issue ultimatum for indefinite strike
“We had initially welcomed NNPC as a key partner in this crucial venture,” Dangote remarked, reflecting on the earlier stages of the collaboration. “However, the delay in their payments has necessitated this adjustment in ownership structure.”
Despite the ownership adjustment, Dangote expressed confidence in the refinery’s operational readiness. The project, which has garnered attention for its scale and potential impact on Nigeria’s economy, represents a milestone in the nation’s quest for energy self-sufficiency.
The post Dangote Refinery updates stake ownership, NNPC’s share reduced to 7.2% appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.