Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote’s oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. The 650,000-barrel-per-day oil refinery, owned by Africa’s richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in the region. The refinery is scheduled for commissioning by January. Sylva said the government approved the Nigerian National Petroleum Corp’s (NNPC) acquisition at a Cabinet meeting, he told reporters in Abuja, adding that the country also awarded contracts for the modernisation of two state-owned refineries. The has said the NNPC’s move to work with private companies was in line with safeguarding the country’s energy security and would not undercut plans to rehabilitate its […]