Why NNPC Ltd’s stake dropped to 7.2% in Dangote refinery — Official

The Nigerian National Petroleum Company Limited (NNPCL) has said that its period assessment of investment portfolio has led to the decline in its share of the Dangote refinery.

This follows the revelation made by Aliko Dangote who stated that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns as much as 20 percent share in Dangote Refinery.

Read also:NNPC holds 7.2% stake in  Dangote Refinery, not 20% – Aliko Dangote

Dangote, who addressed a press briefing at the refinery on Sunday, said that the shares owned by NNPCL has dropped to 7.2 percent due to the NNPC’s failure to pay the balance of their share, which was due in June 2024.

“NNPC no longer owns a 20 percent stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfill the obligations. Now, they only own a 7.2 percent stake in the refinery,” he said.

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In his response, Olufemi Soneye, the chief corporate communications officer, NNPC Ltd in a statement on Sunday said that the NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.

He explained that the decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.

“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals,” Soneye said.

“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.”