Grapevine

By Premium Times
Jul 24, 2024

NNPC speaks on 7.2% stake in Dangote refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd) said it now owns a 7.2 per cent stake in the 650,000 barrels per day Dangote refinery.

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, disclosed this in a statement on Sunday.

The NNPC Ltd made this known in reaction to reports that the company no longer owns a 20 per cent stake in the refinery.

“The agreement was actually 20 per cent, which we had with NNPC, and they did not pay the balance of the money up till last year, and then we gave them another extension up till June (2024), and they said that they would remain where they have already paid which is 7.2 per cent. So NNPC, the government (sic) owns only 7.2 per cent, not 20 per cent,” Mr Dangote said, according to reports.