Dangote announces fresh conditions for NNPCL to increase stake in $20bn refinery

Aliko Dangote, the President of Dangote Group, has announced fresh conditions for the Nigerian National Petroleum Company Limited, NNPCL, to expand its stake in his 650,000-barrel-per-day petroleum refinery.

However, he said this would only happen after Dangote Refinery must have proven to NNPCL what the plant can do.

Dangote stated this in a recent interview with S&P Global Commodity Insights.

“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.”

Reiterating the need for the refinery to be listed in the Nigerian Exchange Limited, Dangote said he’s only interested in keeping a 70 per cent stake.

“We don’t want to keep more than 65-70 per cent.”

In 2024, NNPCL announced that it has trimmed its shares in Dangote Refinery to 7.2 per cent, down from 20 per cent.

The then spokesperson of NNPCL, Olufemi Soneye, had said the state-owned firm reduced its stake in Dangote Refinery to invest in compressed natural gas.

Meanwhile, Dangote Refinery recently encountered an operational setback which resulted in a glitch in fuel supply, according to a Bloomberg report.

Petroleum product marketers had in a recent report complained of the non-supply of petrol after paying billions to Dangote Refinery.