The Nigerian National Petroleum Company Limited (NNPCL) has clarified statements made by Aliko Dangote, Africa’s richest man, regarding its stake in the Dangote Refinery.
Dangote had disclosed that the NNPC’s shareholding in his refinery had been reduced to 7.2%, contrary to the widely held notion of 20%.
Reports claimed that the reduction was due to NNPC’s limited failure to pay the balance of funding owed to Aliko Dangote.
While speaking to journalists on Sunday, July 14, Dangote noted that the agreement with NNPC was 20%.
His words:
Responding to Dangote in a statement, NNPCL’s chief corporate communications officer, Olufemi Soneye, confirmed the stake reduction.
He explained:
Dangote Refinery is a massive oil project with 650,000 barrels per day (BPD) in the Lekki Free Zone, Lagos.
The plant has an 838 KTPA polypropylene facility, covers an area of approximately 2,635 hectares, and is key to ending Nigeria’s petrol challenges.
Earlier, TimesNow.com.ng reported that Dangote, in a chat with journalists, confirmed that petrol production had already begun.
The billionaire also revealed that sales of petrol to marketers would commence from August 2024.
The refinery is expected to help reduce petrol prices from the current rate of over N700.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
