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Nigerian Govt Approves 20% Deal on Dangote Refinery

The Dangote Refinery's Request and Grand Disintermediation Playbook -  Tekedia

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.

This is madness