Why we didn’t raise investment at Dangote Refinery – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) said on Monday it has not increased its earlier investment in the 650,000 barrels per day Dangote Refinery for a commercial reason.

NNPCL Chief Information Officer, Olufemi Soneye disclosed this in a terse statement in Abuja.

He was reacting to a statement credited to the Chairman of Dangote Refinery, Aliko Dangote that NNPC’s stake was now 7.2 percent contrary 20 percent mentioned earlier.

According to Soneye, NNPCL had several months ago decided to cap its investment at the amount already paid.

READ ALSO:Dangote Refinery updates stake ownership, NNPC’s share reduced to 7.2%

Soneye said that the decision not to invest any further in the Dangote refinery did not impact NNPC’s business.

He said: “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.”

However, the position is contrary to the widely announced claim by the Group Chief Executive Officer of NNPCL, Mele Kyari, that the company had bought 20 percent in Dangote Refinery.

By: Babajide Okeowo

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