The disclosure was made by NNPC’s Group Chief Executive Officer, Bayo Ojulari, on Tuesday at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2025. Ojulari said the decision aligns with the company’s long-term strategy to deepen local participation in the oil and gas value chain and to secure Nigeria’s energy future.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari stated, according to a Reuters report.
The announcement follows recent comments by Aliko Dangote, President of the Dangote Group, who revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year — a step that mirrors the public listing approach adopted for Dangote Cement and Dangote Sugar.
“We don’t want to keep more than 65 to 70 per cent,” Dangote explained, adding that the shares would be offered incrementally based on investor demand and market conditions.
NNPC’s proposed expansion represents a fresh investment of about 13 per cent, building on its existing 7.2 per cent stake in Africa’s largest refinery, which began operations earlier this year.
The move also comes as NNPC intensifies efforts to revive its three dormant refineries in Port Harcourt, Warri, and Kaduna, through technical partnerships and equity investments. Despite multiple rehabilitation attempts, the plants have yet to resume full production, leaving Nigeria reliant on imported petroleum products despite being one of the world’s top crude exporters.
Analysts believe that a successful synergy between the Dangote Refinery and NNPC’s refinery rehabilitation drive could finally enable Nigeria to achieve self-sufficiency in refined petroleum products, a milestone that has eluded the nation for decades.
Ojulari also highlighted NNPC’s ongoing reforms to enhance transparency and operational efficiency, noting that the company has been publishing monthly performance reports since May as part of its broader preparation for an initial public offering (IPO).
“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,” he said. “We are building an institution that Nigerians can be proud of—one that is commercially driven, transparent, and ready to compete globally.”
With both the NNPC and Dangote Group pursuing complementary reforms, industry observers say the collaboration could mark a turning point for Nigeria’s downstream oil sector, opening a new chapter for domestic refining and energy independence.