Dangote Refinery: Why we reduced our stake to 7.2% — NNPCL

The Nigerian National Petroleum Company (NNPC) Limited has slashed its stake in the $20 billion Dangote Petroleum Refinery from 20% to 7.2%, redirecting funds towards the development of Compressed Natural Gas (CNG) infrastructure. This move aligns with President Bola Ahmed Tinubu’s initiative to ease the financial strain on Nigerians following the removal of fuel subsidies.

During a Brekete Family program, NNPC spokesperson Femi Soneye explained that the decision was driven by the affordability and global shift towards cleaner energy sources like CNG. He emphasized that Nigerians could fuel their vehicles for two weeks with just N10,000 using CNG, a far cheaper alternative.

Soneye also dismissed rumors of conflict with the Dangote Refinery, affirming NNPC’s commitment to its success. “We are stakeholders in the refinery and have no interest in destabilizing it,” he said, underlining NNPC’s investment in the project.

This strategic pivot towards CNG demonstrates NNPC’s focus on sustainable energy solutions that benefit the Nigerian masses.