BREAKING: Dangote Reveals NNPC No longer Owns 20% of Dangote Refinery

Nigerian National Petroleum Corporation (NNPC) Limited is no longer the owner of a twenty percent ownership in Dangote Refinery, according to CEO Aliko Dangote. Dangote made this revelation on Sunday at the refinery at a news briefing.

The business mogul disclosed that the Nigerian oil company’s ownership of the refinery has decreased to just 7.2% as a result of the NNPC’s refusal to make the share payment that was due last month in June.

He stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2%.

“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.

This is a developing story…