The Nigerian National Petroleum Company Limited (NNPCL) has clarified its decision to limit its investment in the Dangote Refinery to the initial amount paid, resulting in its stake dropping to 7.2%.
NNPCL spokesperson Olufemi Soneye stated this in response to the recent announcement by Dangote Refinery, which indicated that NNPC's stake had decreased from the previously reported 20%.
Soneye explained that NNPCL decided several months ago to cap its investment at the existing amount, which does not affect NNPC's business operations.
"Several months ago, we made a commercial decision to cap our investment at the amount already paid. This decision was taken by NNPC Ltd and has no impact on our business," Soneye said.
This development follows Aliko Dangote, Chairman of Dangote Group, revealing that NNPCL's stake is now 7.2% due to the company not paying the remaining balance of their shares, which was due in June.
This position contrasts with previous statements by NNPCL Group Chief Executive Officer Mele Kyari, who had announced that the company held a 20% stake in the Dangote Refinery