Aliko Dangote, Chairman of Dangote Group and owner of Dangote Refinery, announced that the Nigerian National Petroleum Company Limited (NNPCL) no longer holds a 20 percent stake in Dangote Refinery.
During a press briefing at the refinery on Sunday, Dangote revealed that NNPCL now owns only 7.2 percent of the refinery due to their failure to pay the remaining balance of their share, which was due in June.
“NNPC no longer owns a 20 percent stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfil the obligations. Now, they only own a 7.2 percent stake in the refinery,” Dangote stated.
In August 2021, Mele Kyari, Group Chief Executive Officer of NNPCL, informed lawmakers that the company had acquired a 20 percent stake in Dangote Refinery.
This development follows the crude oil supply challenges faced by Dangote Refinery due to high prices. The 650,000 barrel-per-day refinery had accused international oil companies of hindering its startup by selling crude oil at inflated prices.
It was recently reported by Bloomberg that Dangote Refinery is expected to import crude from Brazil, after previously importing fuel from the United States.
Despite these challenges, the refinery has maintained that it will commence fuel supply in Nigeria by mid-July 2024.