NNPC Limits Investment in Dangote Refinery to 7.2%.

According to the Nigerian National Petroleum Company Limited (NNPCL), it has chosen not to increase its previous investment in the Dangote Refinery, which produces 650,000 barrels of oil per day. In response to the Dangote Refinery's disclosure that NNPCL's investment has decreased to 7.2 percent from the original 20 percent stake, NNPCL spokesperson Olufemi Soneye made this revelation in a statement.

Soneye claims that NNPCL made the decision to cap its investment at the amount already paid several months ago. He stated, “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.”

This decision follows NNPC's refusal to pay the remaining amount of its shares, which was due in June of last month, as disclosed by Aliko Dangote, Chairman of the Dangote Group. As a result, NNPCL's shareholding in the Dangote Refinery is currently 7.2%. This stance contrasts with the highly publicized assertion by Mele Kyari, the NNPCL Group CEO, who had claimed that the company had acquired a 20 percent stake in the Dangote Refinery.