FG to Buy 20% of Dangote Refinery Shares for $2.76B
The Federal Executive Council (FEC) has approved the acquisition of 20 percent minority stakes ($2.76 billion) by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petro-Chemical Refinery.
The Minister for state petroleum resources Timipre Sylvia told journalists after the virtual meeting with Vice President Yemi Osibanjo on Wednesday.
He explained the acquisition would cost the sum of $2.76 Billion. He added that FEC approved contracts for the rehabilitation of Warri and Kaduna refineries for the sum of $1.5 billion- $897.67 and $586.9 million respectively.
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