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Dangote says stake of Nigeria’s oil company in its refinery now down to 7.2%

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According to Aliko Dangote, the owner of Africa’s largest refinery, the Nigerian state-owned oil company NNPC’s stake in its refinery has decreased from 20% to 7.2% as a result of its inability to make the remaining finance payments.

NNPC has opted to cap its shareholding at 7.2%, which it has paid for and was informed to the Dangote refinery, according to NNPC spokesperson Olufemi Soneye in a statement.

The 650,000 barrels per day refinery’s shares were agreed to be purchased by NNPC for $2.7 billion three years ago. The company is currently negotiating another oil-backed loan to strengthen its finances.

However, Dangote informed reporters at a press conference held at the factory on the outskirts of Lagos on Sunday that NNPC had not fulfilled its end of the bargain, as the BusinessDay daily published on Monday.

“NNPC no longer owns a 20% stake in the Dangote refinery. They were (meant) to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote was quoted as saying.

In addition to the mounting debt it owes gasoline suppliers, NNPC’s financial reserves have been further eroded by the expense of gasoline subsidies. Because of pipeline vandalism, oil theft, and a lack of investment, Nigeria’s production is limited, making it difficult for the Dangote refinery to obtain adequate quantities of crude locally.

The refinery will have to import American crude to operate at full capacity the following year.

In the first quarter of 2025, according to Dangote, the refinery and a fertilizer plant located in the same complex should go public on the Nigerian stock exchange.

 

The refinery sought to seek a dual listing on the London and Lagos bourses, according to a top corporate official in May.

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

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The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

 

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Egypt’s November inflation drops to 25.5%, near 2-year low

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According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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