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Olugbemi. Adeyinka Ogunleye
9 months ago
Overview
NNPCL: Why we limited our investment in Dangote Refinery to 7.5%
The Nigerian National Petroleum Company Limited (NNPCL) recently clarified its decision to limit its equity investment in the Dangote Refinery to 7.5% instead of the widely speculated 20%. According to Aliko Dangote, Chairman of the Dangote Group, NNPC’s stake dropped due to the Corporation’s failure to fulfill its financial obligations.
However, NNPCL maintains that this reduction aligns with its strategic goals and has no impact on its business. In a statement by its Chief Corporate Communications Officer, Femi Soneye, on Sunday, NNPCL said its decision to reduce its investment in the refinery was well thought out. The company added that it informed Dangote of its decision to cap its investment in the refinery many months ago
Credit : PM News; Nigerian Eye
