The Nigerian National Petroleum Company Limited actually bailed out Dangote refinery to the tune of $1 billion in 2021.
ENERGY TIMES learnt that the NNPC Group Chief Executive, Mele Kyari, had agreed to buy into Dangote Refinery’s equity as a strategy to help the President of Dangote Industries Limited, Aliko Dangote in its bid to finish construction of his 650,000 barrels petrochemical refinery.
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Sources explained that the $1 billion support which was sourced from international banks was converted to equity which gave NNPC 7.25% shares against the 20% stated.
…More details in ENERGY TIMES
