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NNPC plans to increase its equity in the $20bn Dangote Refinery from 7.2% to 20%.
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The move aims to boost local refining capacity and cut Nigeria’s fuel import dependence.
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Stake expansion aligns with NNPC’s IPO plans and Nigeria’s drive for energy security.
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery to 20 per cent as part of renewed efforts to strengthen Nigeria’s domestic refining capacity.
The disclosure was made on Tuesday by the Group Chief Executive Officer of NNPC, Bayo Ojulari, while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025.
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Ojulari said the move aligns with NNPCL’s long-term strategy to deepen participation in the energy value chain and ensure sustainable energy security.
READ ALSO: NNPCL Slashes Petrol Price as Dangote Refinery Supply Stabilises
“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 comes barely weeks after Alhaji Aliko Dangote, President of the Dangote Group, revealed plans to list between five and ten per cent of the refinery’s shares on the Nigerian Exchange within a year — similar to the model used for Dangote Cement and Dangote Sugar.
Dangote explained that the refinery would retain between 65 and 70 per cent ownership, noting that the share listing would be gradual and dependent on investor interest and market conditions.
If executed, NNPC’s new acquisition would represent an increase of nearly 13 per cent above its current 7.2 per cent holding, signalling deeper collaboration between both energy giants.
The development also comes as NNPC intensifies its search for equity and technical partners to revive its three dormant state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite several rounds of rehabilitation funding, the facilities have remained inactive, forcing Nigeria to rely heavily on imported petroleum products.
Industry analysts believe that if the Dangote Refinery reaches full operational capacity and NNPC successfully completes its ongoing refinery rehabilitation projects, Nigeria could finally achieve self-sufficiency in refined petroleum products — a target that has remained elusive for decades.
Ojulari also said NNPC had made significant progress in improving transparency across its operations in preparation for its long-awaited Initial Public Offering (IPO).“The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company,” he said.
“Since May this year, we have started publishing our monthly performance reports as part of our commitment to transparency and accountability.”
He added that the company is positioning itself as a globally competitive energy institution driven by efficiency, profitability, and openness.
“We are building an organisation that Nigerians can be proud of — one that is commercially driven, transparent, and ready to compete on the global stage,” Ojulari said.
