Dangote Refinery’s CEO, Aliko Dangote, has stated that the Nigerian National Petroleum Corporation Limited no longer has a 20% share in the refinery.
This was disclosed during his address to pressmen in Sunday.
Dangote said that NNPCL currently owns only 7.2% of the refinery due to the NNPC’s refusal to pay the remaining portion of its share, which was due last month in June.
He added that, despite promising to supply the funds, the NNPC has failed to complete its obligations, decreasing its interest in the $19 billion refinery to 7.2%.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
Recall late in August, 2022, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari had disclosed that NNPCL owns 20 per cent equity in the Dangote Refinery.
Kyari said that aside from owning 20 percent equity in Dangote Refinery, NNPC Ltd had the right of first refusal to supply crude oil to that plant.
“And that means we have locked down the ability to sell crude oil for 33,000 barrels minimum by right for the next 20 years.
“By right also, we have access to 20 percent of the production from that plant,” Kyari added.
However, Dangote claims that the NNPCL has only paid enough to acquire 7.2% of the refinery and has failed to meet its commitments, which were due last month.
The Dangote Refinery is a major oil project located in the Lekki Free Zone in Lagos, Nigeria, with a capacity of 650,000 barrels per day.
With its capacity, it has the potential to become the largest single refinery in the africa and Europe at optimum operation.
