July 14, (THEWILL) – The Nigerian National Petroleum Corporation’s (NNPC) stake in Dangote Refinery has dropped to 7.2% from the initial 20%, President of Dangote Group and Chief Executive Officer of the refinery, Aliko Dangote, has revealed.
This is as he confirmed that the 650,000 barrels per day (BPD) refinery was set to roll out its petrol in August 2024. He expressed confidence in meeting Nigeria’s domestic demand for petrol, diesel, kerosene, and aviation jet fuel, with surplus production earmarked for export.
Dangote, who spoke with media executives during a tour of the refinery and Dangote Fertiliser plants in Ibeju-Lekki, Lagos, on Sunday, said the NNPC only owns 7.2% of the refinery due to its failure to pay the balance of their share, which was due last month in June.
“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”, he said, adding that the issue the refinery was having with international oil companies regarding the supply of crude was resolved last week.
“The issue of crude has been settled last week. But we hope that the IOCs will respect it”, he added.
Dangote also disclosed that the group intends to lists the Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, on the Nigerian Exchange Group in the first quarter of 2025. This move, he said, will allow Nigerians to participate in the ownership of these companies.
He noted that the group, which began as a trading company in 1978, has expanded into a diversified conglomerate with investments spanning cement, agriculture, fertiliser, petrochemicals, oil & gas, auto assembly, infrastructure, and other sectors.
“Our joy lies in fostering self-sufficiency for Africa and promoting a circular economy where mutual growth is achievable. Our export strategy aims to alleviate foreign exchange pressures on the economy. We hope to list the refinery and fertiliser on the NGX by the first quarter of 2025”, he said.
The Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, reiterated the commitment of the company to enhancing local capacity in critical sectors of the economy.
He said Dangote Industries Limited has empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
While expressing appreciation to the media executives, the Group Executive Director of Commercial Operations at Dangote Industries Limited, Fatima Aliko Dangote, expressed the company’s commitment to making a positive impact on the economy. She commended Aliko Dangote’s unwavering determination in advancing the development of the continent.
“He (Dangote) is determined to ensure the success of Nigeria and Africa as a nation and a continent. Our focus is not on profit but on problem-solving and achieving self-sufficiency across all sectors in Africa. By meeting global standards, we have positioned ourselves to export our products to every continent in the world”, she said.
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