The Nigerian National Petroleum Company Limited (NNPC) has announced plans to raise its equity stake in the $20 billion Dangote Petroleum Refinery to 20%. This move, revealed on Tuesday, marks a major step in Nigeria’s ongoing efforts to expand domestic refining capacity and reduce reliance on imported fuel.
Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure during the Abu Dhabi International Petroleum Exhibition and Conference 2025. According to Ojulari, the decision aligns with NNPC’s long-term strategy to deepen local participation in the energy value chain and strengthen national energy security. “We are working towards increasing our stake in Nigeria’s Dangote refinery to 20 per cent,” he said, as reported by Reuters.
The announcement comes shortly after Dangote Group President, Aliko Dangote, revealed plans to list between five and ten percent of the refinery’s shares on the Nigerian Exchange next year. Dangote explained that the listing will follow the same model used for its cement and sugar subsidiaries, aiming to gradually expand public ownership. “We don’t want to keep more than 65 to 70 per cent,” he said, signaling a new phase of investor participation in Africa’s largest refinery.
NNPC’s latest investment ambition also coincides with its ongoing search for technical and equity partners to revive the country’s long-dormant state-owned refineries in Port Harcourt, Warri, and Kaduna. Industry analysts believe that if the Dangote Refinery achieves full production capacity alongside the successful rehabilitation of NNPC’s refineries, Nigeria could finally attain long-sought self-sufficiency in refined petroleum products.
Ojulari further highlighted that NNPC is strengthening transparency and accountability ahead of its planned initial public offering (IPO). “The Petroleum Industry Act mandates that NNPC must evolve into a publicly listed company,” he noted. “We are building an institution that Nigerians can be proud of—commercially driven, transparent, and globally competitive.”
source: punch