Aliko Dangote, CEO of Dangote Refinery, announced that NNPC Limited no longer owns a 20% stake in the refinery due to non-payment of their share. NNPC now owns only 7.2% of the $19 billion refinery. In 2021, NNPC had planned to raise $2.76 billion to acquire the 20% stake, but has only paid enough to acquire 7.2%. The Dangote Refinery, located in Lagos, has a capacity of 650,000 barrels per day and aims to become Africa’s largest oil refinery.
