FEC backs FG’s acquisition of $2.76bn minority stake in Dangote refinery


The Federal Executive Council (FEC) has approved the ratification of the award of a contract worth $11,174,769,721.74 for the implementation of the Lagos-Calabar coastal standard gauge railway project.

The council in its meeting presided over by Vice President Yemi Osinbajo at the presidential villa, Abuja on Wednesday also approved the acquisition of a 20% minority stake worth $2.76 billion by the federal government in Dangote Refinery.

Similarly, it gave the go-ahead for the award of contracts for the rehabilitation of Warri and Kaduna refineries at the combined cost of $1.484 billion.

Minister of Information and Culture, Lal Mohammed; Minister of State for Petroleum Resources, Timipre…

Source: Nigerian Tribune