Dangote refinery: Commercial decision to cap investment at 7.2 percent was taken several months ago – NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that the company decided to cap investment at 7.2 percent at the Dangote refinery several months ago.

Earlier, the Chief Executive Officer of Dangote Refinery, Aliko Dangote, revealed that the Nigerian National Petroleum Corporation now owns only 7.2 percent stake in the refinery.

He said the figure was reduced from the initial 20 percent.

Dangote said this while briefing journalists in Lagos State on Sunday.

He said: “NNPC no longer owns a 20% stake in the Dangote refinery. They were due to pay their balance in June but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery.”

But in a statement on Sunday, the Chief Corporate Communications Officer of NNPC Ltd., Mr. Olufemi Soneye, said the decision “has no impact” on business with the refinery.

He 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.”