NNPC May Raise Stake in Dangote Refinery, Says Aliko Dangote
The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has revealed that the Nigerian National Petroleum Company Limited (NNPC) could still increase its current 7.2 percent stake in the Dangote Refinery once the plant fully demonstrates its operational capacity.
Speaking in an interview with S&P Global Commodity Insights, Dangote explained that the state-owned company’s participation could grow after the next phase of the refinery’s development is underway. He emphasized that his focus is first on proving the refinery’s performance before engaging in further discussions with the NNPC.
“The door remains open for the Nigerian National Petroleum Company to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway. I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said.
A close aide to the billionaire industrialist also confirmed that the company intends to move carefully before inviting any additional participation from NNPC. According to him, within the next year, 5–10 percent of the refinery’s shares are expected to be listed on the Nigerian Stock Exchange, allowing more Nigerians to invest in the massive energy project.
“We don’t want to keep more than 65–70 percent,” Dangote explained, noting that the shares would be released incrementally based on investor interest and market capacity.
The NNPC initially held a 20 percent stake in the Dangote refinery but later reduced it to 7.2 percent. Former NNPC spokesperson Olufemi Soneye disclosed in 2024 that the decision was made to channel more investments toward compressed natural gas (CNG) development as part of Nigeria’s energy transition efforts.
Soneye explained that the NNPC considered CNG to be a cleaner, cheaper, and more sustainable fuel option for Nigerians. “The reason for reducing our stake in the Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap, and all over the world, people are investing in clean and cheaper alternative energy,” he said.
He added that Nigerians could fill their vehicles for as little as ₦10,000 using CNG, which could last for up to two weeks — a far more affordable option compared to petrol.
Meanwhile, Bayo Ojulari, the new Group Chief Executive Officer of the NNPC, recently told Argus Media that the company remains open to increasing its investment in the 650,000-barrel-per-day Dangote Refinery, signaling ongoing collaboration between the NNPC and Dangote Industries.
Dangote’s comments have once again stirred interest among energy analysts and stakeholders, who view the partnership as vital to Nigeria’s goal of achieving fuel self-sufficiency and reducing its dependence on imported refined products.
