Huge Mistake’: Dangote Faults NNPC’s Decision to Reduce Stake in His Refinery From 20% To 7.2%.

Dangote has criticised NNPC’s reduced stake in the refinery, calling the decision a huge mistake during a recent interview.Aliko Dangote, Africa’s richest person and the President of the Dangote Group, owners of the new 650,000 barrels per day crude oil refinery in Lagos, on Monday argued that the decision by the Nigerian National Petroleum Company Limited (NNPC) to reduce its stake in the facility from 20 per cent to 7.2 per cent was a huge mistake.

Speaking during a Bloomberg Television interview in New York, monitored by THISDAY, Dangote further disclosed that although he has two oil blockswhich are set to begin production in October, he will likely not invest heavily in Nigeria’s upstream sector.

Besides, the billionaire businessman noted that the NNPC has pledged to supply the refinery 390,000 bpd barrels in October, stressing that the expected settlement of transactions in Naira would reduce pressure on the local currency by as much as 40 per cent.

But on the reduction of its interest in the refinery, the NNPC had defended the decision, stressing that it planned to invest more in cleaner energy sources like Compressed Natural Gas (CNG).