NNPCL Explains Why Its Stake In Dangote Refinery Dropped From 20% to 7.2%

 

The Nigerian National Petroleum Company Limited has explained why its 20% stake in Dangote Refinery reduced to 7.2%.

 

Reacting, NNPCL spokesperson, Olufemi Soneye confirmed the report as true.

 

According to Soneye, NNPCL had several months ago decided to cap its investment at the amount already paid.

 

Soneye said that the decision not to invest any further in the Dangote refinery did not impact NNPC’s business.

 

“This decision was taken by NNPC Ltd and has no impact on our business,” he said.

 

This comes as the Chairman of Dangote Group, Aliko Dangote, revealed that NNPCL’s stake in the Dangote Refinery is now 7.2 percent due to NNPC’s failure to pay the balance of their shares, which was due in June last month.

 

However, the position is contrary to the widely announced claim by the Group Chief Executive Officer of NNPCL, Mele Kyari, that the company had bought 20 percent in Dangote Refinery.