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Aliko Dangote says NNPCL’s stake can only increase after the refinery proves operational capacity.
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Refinery ownership cut from 20% to 7.2% as NNPCL redirects funds to compressed natural gas projects.
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Dangote maintains he will retain not more than 70% stake, with plans for Nigerian Exchange listing.l
The President of Dangote Group, Alhaji Aliko Dangote, has announced fresh conditions for the Nigerian National Petroleum Company Limited (NNPCL) to a its equity stake in the $20 billion Dangote Petroleum Refinery.
Speaking in an interview with S&P Global Commodity Insights, Dangote stated that any expansion of NNPCL’s ownership would only occur after the refinery demonstrates its full operational capacity and performance.
“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.
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He further emphasised that while he welcomes strategic national participation, he is only interested in retaining a controlling 65–70 per cent stake to maintain private sector efficiency and accountability.
Dangote also reiterated his commitment to listing the refinery on the Nigerian Exchange Limited (NGX) once operational stability and output levels reach international benchmarks.
In 2024, NNPCL had reduced its equity in the refinery from 20 per cent to 7.2 per cent, a move confirmed by its then spokesperson, Mr Olufemi Soneye, who explained that the decision was to free up resources for investment in compressed natural gas (CNG) projects.
The refinery, which has a production capacity of 650,000 barrels per day, recently experienced an operational glitch that temporarily disrupted petrol supply to marketers, according to a Bloomberg report.
Several petroleum marketers reportedly complained about non-supply of petrol despite making advance payments worth billions of naira to the facility.
Dangote, however, maintained that such teething challenges were expected in the early phases of operations and assured that production and distribution will stabilise as the refinery progresses to its next operational stage.
