Aliko Dangote Rejects NNPC Bid for Bigger Refinery Stake as Petrol Supply Hits ₦3.2tn
Nigeria’s richest businessman, Aliko Dangote, has revealed that the Dangote Group turned down an attempt by the Nigerian National Petroleum Company Limited to acquire a larger stake in the Dangote Petroleum Refinery. Speaking during an interview with the CEO of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, Dangote explained that the decision was aimed at allowing more Nigerians to eventually own shares in the refinery when the company goes public.
Dangote disclosed that the NNPC currently owns only 7.25 per cent of the $20bn Lekki-based refinery after failing to complete payment for the originally planned 20 per cent stake agreement. According to him, the company chose not to sell additional shares to the state oil firm because it intends to broaden ownership opportunities for investors and the Nigerian public. He also warned that inconsistent government policies remain one of the biggest risks facing businesses in Nigeria.
The development comes as the refinery continues to reshape Nigeria’s fuel market. Industry data showed that local refineries supplied about 3.18 billion litres of petrol in the first quarter of 2026, while imports dropped sharply to 965.52 million litres. With an estimated average ex-depot price of ₦1,000 per litre, the Dangote refinery alone supplied over ₦3.2 trillion worth of petrol within the period, significantly reducing Nigeria’s dependence on imported fuel.
Dangote also revealed that the refinery is currently operating above its installed 650,000 barrels-per-day capacity, processing as much as 661,000 barrels daily. He added that rising global energy prices caused by tensions between the United States and Iran have boosted demand for the refinery’s products, including aviation fuel, fertiliser and polypropylene. According to him, fertiliser prices surged from $400 to $850 per tonne, while demand for jet fuel has remained extremely high in international markets.
The billionaire businessman further stated that the refinery sources crude oil from Nigeria, Angola, Libya and the United States, adding that plans are already underway to expand operations to 1.4 million barrels per day within the next 30 months. Dangote said the group is targeting $100bn in revenue by 2030 and plans to attract more investors into its businesses. He also accused powerful interests benefiting from fuel importation and subsidy payments of trying to frustrate the refinery’s success, insisting that the project has already transformed Nigeria’s downstream oil sector.
source: punch