The Dangote Refinery plans to divest a 12.7% stake in 2024 to address loan obligations, according to Fitch Ratings. Initially, the Nigerian National Petroleum Company (NNPC) was expected to acquire a 20% stake, but it purchased only 7.25% in 2021 and chose not to buy the remaining 12.75%. This could affect the refinery’s ability to service its debt. Aliko Dangote revealed that NNPC’s stake is 7.2%, not 20% as previously thought. Calls for an independent audit of the NNPC’s investment decision have emerged, questioning the use of $3.3 billion borrowed for this purpose.
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