The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will not increase its investment in the 650,000 barrels per day Dangote Refinery.
NNPCL spokesperson, Olufemi Soneye, disclosed this in a brief statement responding to Dangote Refinery’s announcement that NNPCL’s stake is now 7.2 percent, down from the previously reported 20 percent stake.
“Several months ago, we made a commercial decision to cap our investment at the amount already paid,” Soneye stated. “This decision was taken by NNPC Ltd and has no impact on our business.”
This announcement follows the statement from Aliko Dangote, Chairman of Dangote Group, that NNPCL’s stake in the refinery had been reduced due to the company’s failure to pay the remaining balance for their shares, which was due in June.
This new information contrasts with earlier claims by the Group Chief Executive Officer of NNPCL, Mele Kyari, who had publicly announced that the company had acquired a 20 percent stake in the Dangote Refinery.
