The Nigerian National Petroleum Company Limited has announced plans to increase its equity stake in the $20bn Dangote Petroleum Refinery to 20 per cent. This is part of efforts to boost Nigeria’s domestic refining capacity and consolidate its position in the downstream oil sector.
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025, the Group Chief Executive Officer of NNPC, Bayo Ojulari, said that the decision aligns with NNPC’s plans to deepen local participation in the energy value chain and guarantee energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” he said.
His announcement comes just weeks after the President of the Dangote Group, Aliko Dangote, disclosed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar subsidiaries.
Dangote revealed that he does not want to keep more than 65 per cent to 70 per cent of the refinery, explaining that shares will be offered incrementally according to investor appetite and market depth.
“Within the next year, the refining business will list five per cent to 10 per cent of its shares on the Nigerian stock exchange. We don’t want to keep more than 65 per cent to 70 per cent.
I want to demonstrate what this refinery can do, then we can sit down and talk. This move would represent a fresh investment of almost 13 per cent above its current 7.2 per cent stake,” he said.
Ojulari’s confirmation is coming amid NNPC’s ongoing search for technical and equity partners to revive its three dormant state-owned refineries in Port Harcourt, Warri, and Kaduna.
Despite years of rehabilitation funding, the refineries have remained static, forcing Nigeria to depend mainly on imported petroleum products.
Bayo Ojulari further noted that the state-owned oil company had made tremendous progress in guaranteeing transparency across its operations as it gets ready its much-anticipated initial public offering.
He concluded by saying that NNPC is positioning itself as a globally competitive energy company driven by efficiency, transparency and profitability.
“The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us.
Since May this year, we have started publishing our monthly performance reports, and that has continued as part of our efforts to build public trust and accountability.
We are building an institution that Nigerians can be proud of, one that is commercially driven, transparent, and ready to compete globally,” he added.
