The Nigerian National Petroleum Corporation (NNPC) Limited has reiterated that it is not involved in any sabotage of the Dangote Refinery, highlighting its substantial investment of billions of naira in the plant.
In a recent interview Olufemi Soneye, the Chief Corporate Communications Officer of NNPC, stated that the oil company had invested billions of naira in the refinery.
He emphasized that It would be counterproductive for NNPC to undermine the plant, as doing so would be against its own interests.
He also confirmed that NNPC holds a 7.2% stake in the refinery, emphasizing that this investment reflects the national oil company’s strong belief in the success of the 650,000-barrel-per-day petrochemical plant.
In addition, Soneye explained the reason behind NNPC’s decision to reduce its stake in Dangote refinery to 7.2%.
He said NNPC chose rather to reallocate its investment into Compressed Natural Gas (CNG) projects across the country.
He mentioned that NNPC realized that CNG is very affordable as a better energy alternative for Nigerians.
According to him, an average Nigerian can fill up his car with N10,000 with CNG, creating a huge investment opportunity in the energy space.
