By Seyi Babalola
The Nigerian National Petroleum Company Limited has opted not to increase its prior investment in the Dangote Refinery, which produces 650,000 barrels per day.
Olufemi Soneye, an NNPCL spokeperson, revealed this in a brief statement in response to Dangote Refinery’s news that NNPC’s investment has dropped to 7.2 percent, down from 20%.
According to Soneye, NNPCL chose some months ago to limit their investment to the amount previously paid.
Soneye said that the decision not to invest any further in the Dangote refinery did not impact NNPC’s business.
“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,” he said.
This comes as the Chairman of Dangote Group, Aliko Dangote, revealed that NNPCL’s stake in the Dangote Refinery is now 7.2 percent due to NNPC’s failure to pay the balance of their shares, which was due in June last month.
