The Nigerian National Petroleum Company (NNPC) Limited has explained why it now holds 7.2 per cent equity in the $19 billion Dangote Refinery, instead of the widely speculated 20 per cent, saying the decision was taken after assessment of its investment portfolio to ensure alignment with the company’s strategic goals
Olufemi Soneye, Chief Corporate Communications Officer of NNPC, in a statement, said the decision to reduce the investment was carefully considered and communicated several months ago to Dangote Refinery.
“NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.
“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago,” NNPC said.
President of Dangote Group, Aliko Dangote told journalists on Sunday that NNPC no longer holds a 20 per cent stake in the refinery, following its failure to pay the balance of their share, which was due in June.
