The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery to 20 percent, in a strategic move to strengthen Nigeria’s local refining capacity and consolidate its influence in the downstream oil sector.
Speaking at the 2025 Abu Dhabi International Petroleum Exhibition and Conference, NNPC’s Group Chief Executive Officer, Bayo Ojulari, stated that the move aligns with the company’s long-term goal of deepening local participation in the energy value chain and ensuring national energy security.
“We are working towards increasing our stake in Nigeria’s Dangote Refinery to 20 percent,” Ojulari said, as reported by Reuters.
The announcement follows recent comments by Aliko Dangote, President of the Dangote Group, who disclosed plans to list between five and ten percent of the refinery’s shares on the Nigerian Exchange within the next year. The listing would follow a similar strategy used by the group’s cement and sugar subsidiaries.
Dangote noted that the refinery’s public listing would be gradual, depending on investor interest and market performance.
“We don’t want to keep more than 65 to 70 percent. I want to show what this refinery can do before we sit down to talk,” he said.
If realized, NNPC’s increased stake would represent an additional 13 percent investment, up from its current 7.2 percent holding.
The development comes as NNPC continues its search for technical and equity partners to revive its three dormant state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation efforts, these facilities remain inactive, leaving Nigeria dependent on imported petroleum products.
Industry experts believe that once the Dangote Refinery reaches full capacity, combined with NNPC’s ongoing refinery rehabilitation programme, Nigeria could finally achieve self-sufficiency in refined petroleum products, a milestone the nation has pursued for decades.
Ojulari also highlighted NNPC’s strides toward greater transparency and accountability, noting that the company has begun publishing monthly performance reports as part of its transformation ahead of its planned initial public offering (IPO).
“The Petroleum Industry Act requires NNPC to transition into a publicly listed company. It’s not optional,” Ojulari explained. “Since May, we’ve been releasing our monthly performance reports to build public trust and demonstrate accountability.”
He emphasized that NNPC is positioning itself as a commercially driven, globally competitive energy company, focused on efficiency, transparency, and profitability.
“We are building an institution Nigerians can be proud of, transparent, efficient, and ready to compete on a global scale,” Ojulari concluded.
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