In a statement issued by Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company explained that its equity participation in the refinery has been capped at the paid-up sum due to a periodic assessment of its investment portfolio.
"NNPC Limited periodically assesses its investment portfolio to ensure alignment with the company's strategic goals. The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago," Soneye said.
This statement comes in response to reports that NNPC Ltd no longer owns a 20% stake in the refinery, as previously agreed. Aliko Dangote, the President of Dangote Group, had earlier stated that NNPC Ltd failed to pay the balance of its share, which was due in June 2024.
The Dangote Refinery commenced production of diesel and aviation fuel in January 2024 and has since been supplying petroleum products to the local market.
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