NNPC reduces shares in Dangote Refinery to 7.2%

By Eyo Nsima

THE NNPC Ltd has reduced its shares in the $20 billion Dangote Refinery to 7.2 per cent, from 20 per cent.

Confirming the development, Mr. Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd, said: “NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals. The decision to cap its equity participation in the Dangote Refinery was made several months ago.”

Similarly, Africa’s richest man, Aliko Dangote, said the NNPC Limited shares in the Dangote Petroleum Refinery is currently 7.2 per cent, due to non-payment.

Speaking during a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 per cent of the refinery because it did not pay the balance of its share, which was due in June 2024.

He said: “NNPC no longer owns 20 per cent 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% stake in the refinery.”

Dangote expressed strong commitment towards Nigeria’s development, adding that his passion for an industrialized Nigeria is the sole reason he doesn’t have houses outside Nigeria.

Dangote revealed that he once had a London house which he sold in 1996, explaining that “the reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria.

“I figured that if I had those houses, there will be one reason or the other for me to visit those places thereby causing distraction for me.

“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state Kano and a rented one in Abuja,” he revealed.

Also, the Group Executive Director, Commercial Operations, Fatima Dangote, commended Dangote for never giving up on the Nigerian dream.

She said: “I have not seen anyone as hard working as my father, sometimes I wonder how he never gives up.

“I wish we have a few more men like my father in Nigeria, the country will be a better place.”