Dangote Refinery is planning to sell a 12.7% stake in the company to service a significant syndicated loan maturing in August 2024.
The Nigerian National Petroleum Company Limited (NNPC) had earlier planned to acquire a 20% stake in the refinery but has since reneged on its decision, leaving it with a 7.2% stake.
The decision to sell the remaining stake is aimed at addressing liquidity concerns and meeting the loan maturity .
However, the timing of the divestment and meeting the loan maturity are highly uncertain.
