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Dangote Refinery Cuts Down NNPC Shares Over Unpaid Money
The Dangote refinery owned by Africa’s richest man, Aliko Dangote is gradually distancing itself from the NNPC.
According to Dangote, NNPC no longer owns a 20% stake in the Dangote refinery. He says NNPC were to pay their balance in June, but have yet to fulfil the obligations.
“Now, they only own a 7.2% stake in the refinery,” Dangote added. The Dangote Refinery has been facing challenges of local crude supply.
This is as a result of NNPC’s failure to supply the crude quantity which the 650,000 barrels per day refinery requires.
Although, challenges like pipeline vandalism, crude theft, lack of investments are the basic issues shortchanging NNPC’s capacity.
Perception: Dangote Refinery is now currently importing crude from US and even Brazil, when it is built in an oil rich country. The irony is unbecoming.
