The Nigerian National Petroleum Company Limited on Tuesday disclosed plans to raise its equity stake in the $20bn Dangote Petroleum Refinery to 20 per cent, as part of efforts to strengthen Nigeria’s domestic refining capacity and consolidate its position in the downstream oil sector.
The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025.
Ojulari said the move aligns with NNPCL’s long-term strategy to deepen local participation in the energy value chain and ensure energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said as reported by Reuters.
His remarks come just weeks after the President of the Dangote Group, Aliko Dangote, revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar subsidiaries.
“Within the next year, the refining business will list five per cent to 10 per cent of its shares on the Nigerian stock exchange,” he said, mirroring a playbook established by the group’s cement and sugar businesses.
