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The Nigerian National Petroleum Company Limited has said that it decided not to add to its earlier investment in the 650,000 barrels per day Dangote Refinery.<\/p>\n

NNPCL spokesperson, Olufemi Soneye disclosed this in a terse statement in reaction to Dangote Refinery\u2019s announcement that NNPC\u2019s stake is now 7.2 percent contrary to the 20 percent stake.<\/p>\n

According to Soneye, NNPCL had several months ago decided to cap its investment at the amount already paid.<\/p>\n

Soneye said that the decision not to invest any further in the Dangote refinery did not impact NNPC\u2019s business.<\/p>\n

\u201cSeveral months ago, we made a commercial decision to cap our investment at the amount already paid.<\/p>\n

\u201cThis decision was taken by NNPC Ltd and has no impact on our business,\u201d he said.<\/p>\n

This comes as the Chairman of Dangote Group, Aliko Dangote, revealed that NNPCL\u2019s stake in the Dangote Refinery is now 7.2 percent due to NNPC\u2019s failure to pay the balance of their shares, which was due in June last month.<\/p>\n

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.<\/p>\n

\u00a0<\/p>\n

NNPCL explains reason for drop in Dangote Refinery\u2019s stake to 7.2%<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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