Nigerian state-owned oil firm NNPC shareholding in Dangote refinery has been whittled down to 7.2% from 20% after failing to pay the balance of funding owed, Aliko Dangote, the refinery’s owner told the BusinessDay newspaper.<\/p>\n
NNPC has decided to cap its shareholding at 7.2%, which it has paid for and was communicated to the Dangote refinery, NNPC spokesperson Olufemi Soneye said in a statement.<\/p>\n
NNPC, which is in talks over another\u00a0oil-backed loan\u00a0to boost its finances, agreed three years ago to\u00a0buy shares\u00a0for $2.7 billion in the 650,000 barrels per day refinery.<\/p>\n
But Dangote told reporters during a briefing at the plant on the outskirts of Lagos on Sunday that NNPC failed to meet its part of the deal, the BusinessDay newspaper reported on Monday.<\/p>\n
“NNPC no longer owns a 20% stake in the Dangote refinery. They were (meant) 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 was quoted saying.<\/p>\n
NNPC is grappling with growing debt owed to gasoline suppliers, while the cost of gasoline subsidies has further depleted its cash reserves.<\/p>\n
The Dangote refinery has struggled to secure enough crude supplies locally because Nigeria’s production is constrained by lack of investment, pipeline vandalism and crude theft.<\/p>\n
That has forced the refinery to import U.S. crude to reach its full capacity next year.<\/p>\n
Dangote said he expected the refinery and a fertiliser plant, which is in the same complex, to be listed on the Nigerian stock exchange in the first quarter of 2025.<\/p>\n
A senior company executive said in May the refinery aimed for a\u00a0dual listing\u00a0on the London and Lagos bourses.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigerian state-owned oil firm NNPC shareholding in Dangote refinery has been whittled down to 7.2% from 20% after failing to pay the balance of funding owed, Aliko Dangote, the refinery’s owner told the BusinessDay newspaper. NNPC has decided to cap its shareholding at 7.2%, which it has paid for and was communicated to the Dangote […]<\/p>\n","protected":false},"author":1,"featured_media":8883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":6,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"Reuters","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[2099,1096,175,2745],"class_list":["post-12469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-aliko-dangote","tag-dangote-refinery","tag-nigeria","tag-nigerian-national-petroleum-corporation-nnpc"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/12469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=12469"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/12469\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/8883"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=12469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=12469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=12469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}