In a significant development for Nigeria’s energy sector, Aliko Dangote, CEO of Dangote Refinery, announced on Sunday that the Nigerian National Petroleum Corporation (NNPC) has seen its stake in the refinery reduced from 20% to 7.2%.
Speaking at a press briefing held in Lagos, Dangote clarified that NNPC’s reduced ownership was a result of their failure to meet financial obligations.
“NNPC no longer holds a 20% stake in the Dangote Refinery,” stated Dangote, highlighting that the corporation had missed a payment deadline in June. “As a consequence of their inability to fulfill their financial commitments, their ownership in the refinery has been adjusted to 7.2%.”
