The Chief Executive Officer (CEO) of Dangote Refinery, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation (NNPC) Limited no longer owns a 20% stake in Dangote Refinery.
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Dangote disclosed this during a press briefing at the refinery on Sunday.
The business mogul revealed that the Nigerian oil company now owns only 7.2% of the refinery due to the NNPC’s failure to pay the balance of their share, which was due last month in June
He stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the $19 billion refinery to 7.2%.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.
Also, the Chairman of Dangote Refinery, Aliko Dangote, said that his company will source crude oil from other African oil-producing nations following recent imports from the United States and Brazil.
Dangote made this disclosure in a statement to newsmen during a tour in his Lagos-based refinery on Saturday.
According to the business mogul, the refinery is expecting feedstock acquired from the US and Brazil in the coming months.
He mentioned that conversations are ongoing to secure more crude from African countries like Angola, Senegal, and Libya, all of which are oil-producing nations.
“We will start importing crude oil from African countries. When we get to those countries, we’ll start negotiating with them. We’ll start bringing in from there.
“We have just bought from US and Brazil. So I think by next month, we’ll expand the scope to most of African countries.
“If we availability in Nigeria, we won’t have to turn to these other countries,” Dangote said.
When asked about the timeline for sourcing crude from these African countries, Dangote stated that it could begin as soon as next month.
“Very soon. I think by next month. You know crude, you have to book two months in advance. So, I’ll say October we’ll be bringing in from these African countries,” Dangote responded.
Meanwhile, Dangote Refinery is ramping up production for the supply of Premium Motor Spirit (PMS), commonly known as petrol, this month as sales of product is expected to circulate the local market in August.
This is contained in the company’s projection report seen on Sunday.
The report indicates that the refinery will start producing PMS this month, with sales to local distributors commencing in August.
Initially, the $19 billion refinery will operate at 500,000 barrels per day (bpd), equating to about 15 cargoes monthly. It aims to reach its full capacity of 650,000 bpd by the first quarter of 2025.
“Successful completion of trial run in January 2024.
“Refined and intermediate products include polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel.
“Steady state production phase commenced in March 2024.
“Ramping up production to reach 500kbpd (15 crude cargoes a month) by next Aug, 550kbpd by end of the year, and 650kbpd by Q1 2025
“Gasoline production to commence in July with sales from August,” the report shows.
Also, Aliko Dangote has announced plans to list the fertilizer and petrochemical business of the Dangote Refinery on the stock exchange in the first quarter of 2025.
The President of Dangote Group, Aliko Dangote, made this statement in a briefing to the media at the Dangote Refinery.
This is coming barely two weeks after Dangote had been reported to have hinted of plans for the dual listing of the refinery on the London and Nigerian stock exchanges.
The Dangote Group also revealed that it is targeting around $30 billion in revenues by the year 2025 whilst projecting to become the largest supplier of foreign exchange in the FX market in the future.
The Chairman of the Group, Alhaji Aliko Dangote disclosed this in a presentation during a media tour around the Dangote refinery where he stated that the group plans to become independent of the CBN in terms of forex sourcing.
He stated that the group aims to shift its revenue composition in the cement business from the current 75% to 15% in the future. Additionally, he highlighted plans to balance revenue from EBITDA, moving from a 80% Nigerian base to 50% foreign based. The group also projects that hard currency revenue will account for 90% of its total revenue.
The Group’s revenue according to the presentation in 2022 stood at $5.4 billion. This means the Group targets a 455% increase in revenue between 2022 and 2025.
He stated, “What we are trying to do is to totally get ourselves out of the demand of foreign exchange from the Central Bank of Nigeria (CBN) and be the biggest supplier of foreign exchange in the foreign exchange market.”
“So, 75% of our revenue used to come from our cement business and 80% of our EDITDA is from Nigeria and 90% of the revenue comes from various local currencies which is a high risk. So 15% of the revenue going forward will come from cement from 75% and 50% of our EBITDA will come from outside Nigeria including exports and 75% of the revenue will be in hard currency”
Alos, during a media parley at the Dangote Petroleum Refinery, Ibeju-Lekki, Lagos State Dangote revealed that he once had a London house which he sold in 1996.
He added: “The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria.
“I figured that if I had those houses, there will be one reason or the other for me to visit those places thereby causing distraction for me.
“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state Kano and a rented one in Abuja.”
Group Executive Director, Commercial Operations, Fatima Dangote, commended Dangote for never giving up on the Nigerian dream.
She said: “I have not seen anyone as hardworking as my father, sometimes I wonder how he never gives up.
“I wish we have a few more men like my father in Nigeria, the country will be a better place.”
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