The Nigerian Nationwide Petroleum Firm (NNPC) Restricted has diminished its funding within the Dangote Refinery from 20 per cent.
The chief government officer of Dangote Refinery, Aliko Dangote, who made this recognized in Lagos on Sunday, revealed that the nationwide oil firm now owns solely 7.2 per cent stake within the refinery.
In September 2021, NNPC had acquired a 20 per cent stake within the Dangote Refinery for $2.76 billion.
NNPC had initially financed the 20 per cent stake by means of a $1.036 billion funding from Lekki Refinery Funding Restricted, of which $1 billion was paid to Dangote Refinery and $36 million was for transaction prices.
The remaining $1.76 billion was to be paid by means of a mixture of a $2.5/barrel low cost on 300,000 barrels per day of crude oil provided to the refinery, and 100 per cent of NNPC’s portion of any dividends declared by the refinery.
Reacting to the assertion by Dangote, the NNPC in a press launch on Sunday night, stated the corporate “made a industrial resolution to cap our funding on the quantity already paid.”
“A number of months in the past, we made a industrial resolution to cap our funding on the quantity already paid. This resolution was taken by NNPC Ltd and has no influence on our enterprise.
“NNPC Restricted periodically assesses its funding portfolio to make sure alignment with the corporate’s strategic objectives.
“The choice to cap its fairness participation on the paid-up sum was made and communicated to Dangote Refinery a number of months in the past,” NNPC spokesman, Olufemi Soneye, stated in a press release on Sunday night.
