NNPC Loses Stake in Dangote Refinery

Aliko Dangote, CEO of Dangote Refinery, revealed that the Nigerian National Petroleum Corporation (NNPC) Limited's stake in the refinery has decreased from 20% to 7.2% due to NNPC's failure to pay the remaining balance, reducing its involvement in the $19-20 billion project. Despite NNPC's commitment to provide funds, they have not fulfilled the financial obligations, leading to the stake reduction. Dangote emphasized that NNPC now holds only 7.2% in the refinery, with the company's promise to begin fuel supply in Nigeria by mid-July 2024.