🗣Dangote Refinery Clarifies 20% Stake Sale with NNPCL
The Dangote Petroleum Refinery clarified that the original agreement with NNPCL was for a 20% stake worth $2.76 billion, with $1 billion paid upfront and the balance to be recovered over five years through crude oil deductions and dividends.
Anthony Chiejina, Dangote Group’s Chief Branding Officer, dismissed claims that the $1 billion loan was due to liquidity issues, highlighting the generous, credit-based payment terms.
Due to NNPCL's failure to supply the agreed 300,000 barrels per day, their stake was reduced to 7.24% after missing a June 30, 2024 deadline. Chiejina emphasized that NNPCL remains a valued partner and called for accurate reporting of the situation.
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The Dangote Petroleum Refinery clarified that the original agreement with NNPCL was for a 20% stake worth $2.76 billion, with $1 billion paid upfront and the balance to be recovered over five years through crude oil deductions and dividends.
Anthony Chiejina, Dangote Group’s Chief Branding Officer, dismissed claims that the $1 billion loan was due to liquidity issues, highlighting the generous, credit-based payment terms.
Due to NNPCL's failure to supply the agreed 300,000 barrels per day, their stake was reduced to 7.24% after missing a June 30, 2024 deadline. Chiejina emphasized that NNPCL remains a valued partner and called for accurate reporting of the situation.
Nairaland Pulse News | Subscribe