NNPCL Clarifies Reduction in Stake at Dangote Refinery to 7.2%
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NNPCL Clarifies Reduction in Stake at Dangote Refinery to 7.2% |
The Nigerian National Petroleum Company Limited (NNPCL) has explained its decision not to increase its investment in the 650,000 barrels per day Dangote Refinery.
NNPCL spokesperson, Olufemi Soneye, issued a brief statement in response to the Dangote Refinery's announcement that NNPCL's stake has decreased to 7.2%, contrary to the previously stated 20%.
Soneye clarified that NNPCL had decided several months ago to cap its investment at the amount already paid.
“This decision was made by NNPC Ltd and does not affect our business operations,” Soneye stated.
This announcement follows remarks by Aliko Dangote, Chairman of Dangote Group, who revealed that NNPCL's stake in the refinery is now 7.2% due to the company's failure to pay the remaining balance of their shares, which was due last month in June.
This position contrasts with earlier claims by NNPCL's Group Chief Executive Officer, Mele Kyari, who had announced that the company had acquired a 20% stake in the Dangote Refinery.
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