Only 7.2 percent of the refinery is now owned by the Nigerian National Petroleum Corporation (NNPC), according to Aliko Dangote, the company’s chief executive officer.
Compared to their original 20 percent investment, this represents a huge decrease.
Dangote clarified to reporters in Lagos State on Sunday that NNPC’s share was reduced because of their inability to fulfil their financial commitments. NNPC was not able to pay the outstanding sum by June as scheduled.
PENGASSAN Reacts As Dangote Refinery Misses Production Deadline
Dangote stressed how crucial it is to keep your word when making financial promises in order to uphold stakeholder interests. He pointed out that this shift in ownership proportion emphasises how important it is to make large-scale investment payments on schedule.
Concerns have been made concerning NNPC’s financial plan and the impact on Nigeria’s oil and gas industry by the company’s reduction in equity. The possible effect on upcoming partnerships and investments worries analysts.
Despite the shifts in ownership, Dangote reaffirmed the refinery’s dedication to meeting its production targets.
“NNPC no longer owns a 20% stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” he stated.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.