Federal Executive Council acquires 20% equity stakes in Dangote Refinery

NIGERIA – Federal Executive Council (FEC) has approved the acquisition of 20% equity stakes in Dangote Refinery, an integrated refinery project under construction, by the Nigerian National Petroleum Corporation (NNPC) for a cash consideration of US$2.76 billion. The NNPC had earlier announced in May 2021 its intention to acquire an equity stake in Aliko Dangote’s refinery, as well as in five other refineries that are in the development phase, to promote national energy security. Nigeria has four refineries – located in Port Harcourt, Kaduna, and Warri- with a combined installed…

Read More