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Dangote Announces Reduction of NNPC's Stake in Dangote Refinery

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NAIJA NEWS: Dangote Announces Reduction of NNPC's Stake in Dangote Refinery [New Naija News] » Naijacrawl
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Aliko Dangote, CEO of Dangote Refinery, has announced that the Nigerian National Petroleum Corporation (NNPC) Limited no longer holds a 20% stake in the refinery.



During a press briefing at the refinery on Sunday, Dangote revealed that NNPC now owns only 7.2% of the refinery due to its failure to pay the remaining balance of its share, which was due in June.


Dangote explained that although NNPC had promised to provide the necessary funds, it has been unable to fulfil its financial obligations. Consequently, NNPC's stake in the $19 billion refinery has been reduced to 7.2%.


"NNPC no longer owns a 20% stake in the Dangote refinery. They were supposed to pay their balance in June, but they have yet to meet their obligations. Now, they only own a 7.2% stake in the refinery," Dangote stated.

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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