Dangote refinery has declared that Nigerian National Petroleum Corporation Limited (NNPCL) has only 7.2% share in the refinery and no longer the agreed and earlier publicised 20% equity.
Speaking during a press conference on Sunday at the refinery in Lagos, Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, said the drop in share is due to the NNPC’s failure to pay the balance of their share, which was due last month in June.
He explained that although, the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2%.
His words: “NNPC no longer owns 20% 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% stake in the refinery”
According to its promoters, the Refinery will meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export. They added that the multi-billion dollar project will create a market for $21 Billion per annum of Nigerian Crude.
