Nigeria’s State Oil Firm Rebuts Dangote Claim on Refinery Stake
- NNPC said it made a commercial decision to cap its investment
- Mega Dangote Refinery is owned by Africa’s richest man
The Dangote oil refinery near Lagos, Nigeria.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria’s state-owned oil company rebutted claims by Africa’s richest man that it failed to meet its payment obligations to increase its stake in his mega refinery to 20% from 7.2%.
“As a company, NNPC Ltd. periodically assesses its investment portfolio to ensure alignment with our strategic goals,” Nigeria National Petroleum Co. said Monday by text message. “The decision to cap our equity participation in the Dangote Refinery was made several months ago, and we informed the Dangote Refinery at that time,” it said.