Categories: NewsNigeria News

NNPCL Gives Reason For Drop In Dangote Refinery’s Stake To 7.2%

NNPCL has given reason for the drop in Dangote Refinery’s stake to 7.2%.

 

Glamtush reports that the Nigerian National Petroleum Company Limited (NNPCL) has said that it decided not to add to its earlier investment in the 650,000 barrels per day Dangote Refinery.

This online news platform understands that NNPCL spokesperson, Olufemi Soneye disclosed this in a terse statement in reaction to Dangote Refinery’s announcement that NNPC’s stake is now 7.2 percent contrary to the 20 percent stake.

According to Soneye, NNPCL had several months ago decided to cap its investment at the amount already paid.

Soneye said that the decision not to invest any further in the Dangote refinery did not impact NNPC’s business.

“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,” he said.

This comes as the Chairman of Dangote Group, Aliko Dangote, revealed that NNPCL’s stake in the Dangote Refinery is now 7.2 percent due to NNPC’s failure to pay the balance of their shares, which was due in June last month.

However, the position is contrary to the widely announced claim by the Group Chief Executive Officer of NNPCL, Mele Kyari, that the company had bought 20 percent in Dangote Refinery.

GLAMTUSH

Recent Posts

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

The governor of Ekiti state, Biodun Oyebanji has honoured Primate Elijah Ayodele’s late father by…

7 hours ago

Star Life: Saras & Kumud Teasers November 2024

Star Life's new series, Saras & Kumud teasers November 2024, can be accessed below.  …

17 hours ago

Polaris Bank Clinches “Best Mobile App” Award At Digital Jurist Awards 2024

Polaris Bank clinched the "Best Mobile App" award at the Digital Jurist Awards 2024.  …

17 hours ago

Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

Access Holdings’ total assets grew to ₦41.1 trillion in Q3.   Glamtush reports that Access…

18 hours ago

Nigeria Ranks Fifth Globally In Daily Social Media Usage (FULL LIST)

Nigeria has been ranked fifth globally in daily social media usage.   Glamtush reports that…

18 hours ago

Saras & Kumud Premieres On Star Life (Synopsis, Full Story, Casts)

Saraswatichandra, retitled Saras & Kumud, is Star Life’s upcoming series, which is a shift from…

18 hours ago