In a recent announcement, billionaire businessman Aliko Dangote disclosed that the Nigerian National Petroleum Corporation (NNPC) no longer holds a 20% ownership stake in the Dangote Refinery.

The NNPC's ownership has been reduced to 7.2% due to non-payment of the balance for the shares that was due in June.

The Dangote Refinery, which began producing diesel and aviation fuel in January 2024 after years of delay, is expected to generate 27 million liters of diesel, 11 million liters of kerosene, and 9 million liters of jet fuel daily.

The refinery is poised to source crude oil from various producers in Nigeria, including the country's state oil company.

This development marks a significant shift in the ownership structure of the refinery, which was initially announced as a joint venture between Dangote Industries and NNPC.

The reduction in NNPC's stake may have implications for the project's financing and operations.

Dangote's revelation has sparked interest in the industry, with many awaiting further details on the implications of this change.

The Dangote Refinery is considered a significant project for Nigeria's energy sector, and its successful operation is expected to have a positive impact on the country's economy.