The Chief Executive Officer of Dangote Refinery, Aliko Dangote, revealed on Sunday that the Nigerian National Petroleum Corporation (NNPC Ltd) no longer holds a 20% stake in the refinery.
Speaking to journalists in Lagos State, Dangote explained that NNPC Ltd failed to meet its payment obligations in June, resulting in a reduced stake of 7.2% in the refinery.
Dangote’s statement is however at variance with earlier claims suggesting that NNPCL held a significant stake in the refinery.
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The billionaire entrepreneur clarified that NNPCL initial 20% stake had been reduced due to unpaid balances.
In a Swift response, The Chief Corporate Communications Officer of NNPCL Olufemi Soneye, confirmed that the company had made a commercial decision to cap its investment in the refinery months ago.
Soneye in a Whatsapp message to Energy Correspondents assured that this decision does not impact their business operations.
Our Correspondent reports that the development highlights the evolving nature of business partnerships and investments in large-scale projects such as the Dangote refinery.
EDITOR: TIENABESO BIBIYE
