Alhaji Aliko Dangote has hinted that the Nigerian National Petroleum Company Limited (NNPC) could still raise its stake in the $20 billion Dangote Refinery—once the plant demonstrates its full operational potential.
Speaking in an interview with S&P Global Commodity Insights, the Dangote Group President explained that while the NNPC currently holds only a 7.2 per cent share, the door remains open for a potential increase after the refinery’s next growth phase takes off.
“The door remains open for Nigerian National Petroleum Co. 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,” Dangote said. “I want to demonstrate what this refinery can do, then we can sit down and talk.”
A senior official close to the business mogul also confirmed that Dangote Group would tread carefully before inviting any further participation from the state oil company. The aide added that the group’s immediate focus is on stabilising operations and preparing for a planned stock market listing.
According to Dangote, the refinery intends to list between 5 and 10 per cent of its shares on the Nigerian Exchange within the next year. “We don’t want to keep more than 65–70 per cent,” he noted, suggesting that future share offerings would depend on investor interest and market conditions.
The NNPC had initially acquired a 20 per cent stake in the 650,000-barrel-per-day refinery project but later reduced it to 7.2 per cent. The decision, according to the corporation’s former spokesperson, Olufemi Soneye, was to redirect funds toward developing compressed natural gas (CNG) infrastructure across the country.
Soneye explained in August 2024 that the company saw CNG as a more cost-effective and sustainable energy option during Nigeria’s ongoing energy transition. “The reason for reducing our stake in the Dangote refinery is because we wanted to invest in CNG,” he said, adding that the move aligned with global trends toward cleaner fuels.
He further stated that CNG offers major cost savings for motorists. “We understand that with N10,000, Nigerians can fill their cars and use it for two weeks. We realised that gas is cheaper in Nigeria; why don’t we invest in it?” he said during an interview on Berekete Family Radio.
Despite the earlier divestment, NNPC’s new Group Chief Executive Officer, Bayo Ojulari, recently told Argus Media that the corporation remains interested in increasing its equity in the Dangote Refinery when conditions allow.
The development comes amid growing public curiosity over the refinery’s ownership structure and operational readiness. When Dangote confirmed the NNPC’s reduced stake in 2024, many Nigerians expressed surprise, viewing it as a major shift in one of the country’s most strategic energy assets.