‎Why NNPCL Visited Dangote Refinery

‎In a move underscoring strengthening ties between Nigeria’s state-owned oil giant and the continent’s largest refinery, Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), led a delegation of top executives on a landmark tour of the Dangote Petroleum Refinery on February 21, 2026

‎The visit, hosted by Aliko Dangote, President of the Dangote Group, aimed to foster operational synergies and explore expanded partnerships across the energy value chain.

Purpose of the Visit

‎The primary objective of the visit was to conduct a comprehensive facility tour and hold high-level discussions on enhancing commercial and operational relationships between NNPC Ltd and the Dangote Refinery. 

‎Ojulari’s delegation inspected key sections of the 650,000 barrels-per-day (bpd) complex in Ibeju-Lekki, Lagos, including the master control room, to gain firsthand insights into its operations. 

‎This engagement comes amid ongoing efforts to bolster Nigeria’s energy security, reduce reliance on fuel imports, and promote domestic industrial growth.

Dangote described the occasion as the refinery’s “best day ever,” emphasizing NNPC’s role not just as a stakeholder but as a strategic partner. 

‎He highlighted NNPC’s early investment in the project, noting it demonstrated “institutional confidence” even when success was uncertain. 

‎The visit follows recent developments, including gas supply agreements signed in November 2025 between Dangote Industries and NNPC for three subsidiaries, and NNPC’s expressed intent to increase its stake from 7.25% to 20%. 

‎Ojulari echoed the sentiment of partnership, stating that both entities share a vision for advancing Nigeria’s energy and industrial capacity. 

‎He praised the refinery as a “world-class facility,” noting its operational performance had exceeded expectations, with the plant running at 661,000 bpd, surpassing its nameplate capacity. 

‎The NNPCL chief urged Nigerians to appreciate Dangote’s initiative, calling it an inspiration for the nation’s refining sector. 

Key Outcomes

‎The visit yielded several significant announcements and commitments, marking a pivotal step toward collaborative growth.

Public Investment Opportunity

‎Dangote revealed that Nigerians will soon be able to purchase shares in the refinery, with the window opening in the next four to five months. 

‎Investors will have the flexibility to receive dividends in naira or US dollars, reflecting the refinery’s foreign currency earnings. 

‎NNPC Ltd currently holds a 7.25% equity stake on behalf of citizens, which Dangote compared favorably to Elon Musk’s share in Tesla.  

‎This move aims to democratize ownership in the $20-25 billion asset, potentially valued for an initial public offering (IPO). 

Upstream and Value Chain Collaboration

‎Discussions focused on potential joint ventures, including upstream activities in Oil Mining Leases (OMLs) 71 and 72. 

‎Dangote emphasized the refinery’s evolution into an “industrial hub,” inviting NNPC Ltd to partner in areas beyond refining, such as petrochemicals and trading. 

‎Ojulari affirmed the alliance would unlock synergies in assets, infrastructure, and markets. 

Expansion and Petrochemical Ambitions

‎Dangote outlined plans to double the refinery’s capacity through replication, at a lower capital expenditure, and expand into petrochemicals. 

‎A key highlight is the production of 400,000 metric tonnes of Linear Alkyl Benzene (LAB) annually, enough to supply the entire African continent, set for delivery within 30 months. 

‎This positions the complex as a major exporter, enhancing Nigeria’s foreign exchange earnings.

‎The visit represents a strategic reset in Nigeria’s energy landscape, with both NNPC and Dangote committing to work together to “make Nigerians proud.” 

‎As the refinery continues to ramp up operations since its late 2024 launch, this partnership could accelerate Nigeria’s journey toward self-sufficiency in refined products and industrial outputs.