Saturday, June 19, 2021

    NNPC seeks $2.5bn loan to fund acquisition in Dangote refinery

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    The National Petroleum Corporation (NNPC) has reportedly approached the African Export-Import Bank (Afreximbank) for financial support to acquire a stake in Dangote Refinery.

    NNPC is soliciting for $2.5 billion to finance its stake acquisition in Africa’s largest refinery and the world’s largest single-track refinery which is scheduled to commence operation next year.

    The corporation had revealed that it was interested in acquiring 20 percent minority stake in the Dangote Refinery, a decision that is part of a larger move to become stakeholder in six other privately-owned refineries.

    Negotiation talk with Dangote refinery reportedly compelled the NNPC to enter into a loan discussion with Afreximbank, according to Daily Independent, but it is not clear if NNPC will take same route for other stake acquisition.

    NNPC was yet to respond to enquiry sent to it as at the time of filing this report.

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