Quote from Ndubuisi Ekekwe on August 5, 2021, 2:19 PM

Dangote Refinery is getting $2.76 billion from the Nigerian government for 20%.

The Federal Executive Council (FEC) on Wednesday, approved the acquisition of 20% minority stakes of Dangote Refinery and Petrochemical by the Nigerian National Petroleum Corporation(NNPC) for $2.76 billion. This follows an earlier announcement by NNPC in May, 2021, that it plans to purchase a stake in Africa’s biggest refinery, Dangote Refinery, to further help ensure an undisrupted supply of petroleum products across the country when the transaction pulls through.