The National Petroleum Corporation (NNPC) has reportedly approached the African Export-Import Bank (Afreximbank) for financial support to acquire a stake in Dangote Refinery.
NNPC is soliciting for $2.5 billion to finance its stake acquisition in Africa’s largest refinery and the world’s largest single-track refinery which is scheduled to commence operation next year.
The corporation had revealed that it was interested in acquiring 20 percent minority stake in the Dangote Refinery, a decision that is part of a larger move to become stakeholder in six other privately-owned refineries.
Negotiation talk with Dangote refinery reportedly compelled the NNPC to enter into a loan discussion with Afreximbank, according to Daily Independent, but it is not clear if NNPC will take same route for other stake acquisition.
Ripples Nigeria had reported two weeks ago that the government-owned oil company plans to become a minority stakeholder in refineries that have an output capacity of over 50,000 barrels per day.
With BUA refinery – which is still in development phase – having production capacity of 200,000 barrels per day, NNPC will have a holding in the company as well.
NNPC was yet to respond to enquiry sent to it as at the time of filing this report.
By Fakoyejo Ayodeji…
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....