Nigeria’s State Oil Firm to Acquire 20 percent Stakes in Dangote Refinery

The Nigerian National Petroleum Corporation is seeking an equity stake in the 650,000 barrels-per-day facility that Aliko Dangote, Africa’s richest person, is building outside Lagos, as well as in five other refineries that are in the development phase, to promote “national energy security,” the company said in a statement Monday. A government policy “stipulates the mandatory participation of the Corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity,” the NNPC said.
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