The Nigeria National Petroleum Company Limited, NNPCL, says the decision to cap its equity participation in the Dangote Refinery was made several months ago, and it informed the Dangote Refinery at that time.
Responding to the statement made by Aliko Dangote on Sunday that NNPC no longer owns a 20% stake in the refinery as it failed to pay for the additional stake by June.
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The NNPCL previously agreed to buy the 20% stake in the refinery and pay for it with large amounts of crude. According to the company’s most recent financial statements, the NNPC committed 335,000 barrels a day to acquire the stake.
