By Tochukwu Bliss, Abuja
The Nigerian National Petroleum Company (NNPC) Limited, yesterday, said its decision to cut its stake in Dangote Petroleum Refinery, was strictly business.
This explanation is sequel to the Chairman of Dangote Group, Aliko Dangote’s disclosure to journalists that the NNPC no longer holds a 20% stake in the Refinery.
NNPC’s Chief Corporate Communications Officer, Femi Soneye, in a statement, said: “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.
“The decision to cap the equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago.”
Africa’s richest man, Mr. Dangote, had told journalists that NNPC now owns 7.2% of the refinery over failure to pay up for the balance of their shares in the $20billion Refinery valued at $2.76 billion.
He said: “NNPC no longer owns a 20 percent stake in the Dangote refinery. They were meant to pay their balance in June but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the Refinery.”
This comes as Mr. Dangote disclosed that the refinery was set to roll out its premium motor spirit (MPS), popularly called petrol, next month, having resolved the crude supply challenges with the international oil companies (IOCs) through the Federal Government and NNPC intervention.
“The issue of crude oil has been settled last week. But we hope that the IOCs will respect it,” he said.
Additionally, he revealed: “We plan to list the refinery and petrochemicals before the end of the first quarter of next year.”
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.
