NNPC borrows $1.036 billion to acquire 20% stake in Dangote Refinery

The Nigerian National Petroleum Company (NNPC) Ltd has acquired a 20% stake in Dangote refinery for $2.76 billion through a $1.036 funding from Lekki Refinery Funding Limited of which $1 billion was paid to Dangote Refinery and $36 million was for transaction costs.

Data sourced from NNPC Ltd’s newly released audited financial report for 2022 showed the state-owned company pledged 35,000 barrels of crude oil per day (bpd) as repayment for the loan.

The NNPC 2022 audited statement read: