Dangote Rejects NNPC Bid to Increase Refinery Stake
Aliko Dangote, President of the Dangote Group, says the company rejected attempts by the Nigerian National Petroleum Company Limited (NNPC) to increase its 7.25% stake in the Dangote Petroleum Refinery.
Speaking in an interview with Nicolai Tangen, CEO of Norway’s Sovereign Wealth Fund, Dangote explained that the rejection was tied to plans to list the refinery publicly, allowing more Nigerians to own shares.
NNPC had initially acquired a 7.25% stake for $1bn in 2021, with an option to buy another 12.75% by June 2024, but failed to follow through. Dangote confirmed that the national oil company later sought additional shares, but the request was declined.
He warned that policy inconsistencies remain a major risk to his businesses, alongside civil unrest. “We are the ones that said no; we want to now spread it and have everybody be part of it,” he said.
Fresh data shows the refinery supplied 3.18 billion litres of petrol in Q1 2026, worth over ₦3.2 trillion, while imports dropped sharply to 965.52 million litres. The average domestic ex-depot price was about ₦1,000 per litre.
Dangote also revealed that shareholders in his businesses, including cement, fertiliser, and petrochemicals, will receive dividends in dollars, since 80% of revenues are export-based.
He recalled selling his US and UK properties to focus fully on Nigeria, saying: “I wanted to really sit in Nigeria and concentrate… All my businesses are targeted. We created a vision for 2030, and I have a target to meet.”
Industry records show Nigeria’s petrol supply is shifting rapidly, with local refineries now covering 76.7% of demand in Q1 2026, compared to 45% in Q1 2025, underscoring the refinery’s growing role in energy security and foreign exchange earnings.
