The NNPC has responded to recent reports indicating a reduction in its stake in the Dangote refinery from 20% to 7.2%. Aliko Dangote, CEO of Dangote Group, clarified during a press conference that NNPC's stake decrease was due to the corporation failing to meet its financial obligations. He noted that while NNPC was initially welcomed as a significant partner in the project, delays in payment necessitated the adjustment in ownership.
Dangote emphasized, "NNPC no longer holds a 20% stake in the Dangote Refinery," and attributed the reduction to their inability to fulfill financial commitments, resulting in their ownership being adjusted to 7.2%. Earlier, NNPC had announced plans to invest $2.7 billion for a 20% stake but ended up paying $1.3 billion.
In response, NNPC explained that the decision to limit its investment in Dangote was made months ago, reflecting a strategic reassessment of its investment portfolio. According to Olufemi Soneye, NNPC's Chief Corporate Communications Officer, "NNPC Limited periodically evaluates its investment portfolio to ensure alignment with the company’s strategic objectives."
The adjustment underscores NNPC's proactive approach to managing its investments in line with its long-term strategic goals.
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