The Nigerian National Petroleum Company (NNPC) Ltd has finalized a deal to acquire a 20% stake in Dangote Refinery for $2.76 billion, backed by a $1.036 billion loan from Lekki Refinery Funding Limited. The financial arrangement, disclosed in NNPC’s audited financial report for 2022, outlines a repayment plan of 35,000 barrels of crude oil per day. Additionally, NNPC agreed to complete the payment through a combination of a $2.5/bbl discount on the official selling price per barrel and 100% of its share of any dividends declared by the refinery. The move is part of NNPC’s strategy to strengthen its position in the energy sector.
The audited financial report for 2022 also reveals significant growth for NNPC, with a 37.2% increase in revenue, reaching N8.81 trillion. The Profit After Tax (PAT) surged by 274% to N2.52 trillion. Non-current assets, totaling N37 trillion, and current assets at N21.59 trillion, contributed to a robust balance sheet of N58.65 trillion. The company’s financial performance reflects a positive trajectory over the years, marked by a shift from losses in 2018 to consistent profits, demonstrating NNPC’s financial resilience and progress in the industry.