“We made a commercial decision to cap our investment at the amount already paid.” Word-for-word of what NNPCL spokesman, Olufemi Soneye, said on the claim by Dangote

Africa’s richest man, Aliko Dangote, says the Nigerian National Petroleum Company (NNPC) Limited no longer owns 20 percent stake in Dangote Petroleum Refinery, a statement that has drawn a reaction from the state oil firm.

Speaking during a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June.

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

In September 2021, NNPC acquired a 20 percent interest in Dangote refinery for $2.76 billion.

Revealing details of the transaction, NNPC, in its audited financial statements for 2022, said NNPC Greenfield holds the investment.

NNPC said the balance ($1.76 billion) of the cost of equity investments made in Dangote refinery would be paid upon completion of the refinery project or any other date agreed.

Dangote refinery commenced production on January 12, 2024.

Reacting to the statement by Dangote, the NNPCL in a press release Sunday evening, said the company “made a commercial decision to cap our investment at the amount already paid.”

Here below is the statement e-signed by Olufemi Soneye, spokesperson for the oil Company.

PRESS RELEASE

On Dangote’s Claim of NNPC Ltd’s Stake in his Refinery

Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd
Abuja.
14 July, 2024