Nigeria’s Oil Giant No Longer Owns 20% of Dangote Refinery, Says Owner
In March 2021 NNPC planned to raise the sum of $2.76 billion in credit facility to purchase 20% stake in Dangote refinery, an obligation it has however been unable to meet, thus reducing its stake in the $19 billion refinery to 7.2%.
Speaking during a press briefing at the refinery site, Aliko Dangote, President Dangote Group revealed that the Nigerian National Petroleum Corporation (NNPC) Limited failed to fulfill its obligations that was due last month.
The refinery is expected to generate 9,500 direct jobs and an additional 25,000 indirect jobs, providing a substantial economic boost to the region.
Once fully operational, the refinery will produce approximately 50 million litres of petrol and 15 million litres of diesel daily, equating to 10.4 million tonnes of petroleum products annually.
Meanwhile, Aliko Dangote has announced plans to list the fertilizer and petrochemical business of the Dangote Refinery on the stock exchange in the first quarter of 2025.
It will be dual listing on the London and Nigerian stock exchanges.