WorldStage– The Nigerian National Petroleum Company Limited (NNPC) is currently seeking to increase its stake in the Dangote Refinery to 20%, up from its current 7.2%.
The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure on Tuesday at the Abu Dhabi International Petroleum Exhibition and Conference 2025.
According to Ojulari, the plan is part of efforts to strengthen Nigeria’s domestic refining capacity and consolidate its position in the downstream oil sector.
He said the move aligns with NNPCL’s long-term strategy to deepen local participation in the energy value chain and ensure energy security.
President of the Dangote Group, Aliko Dangote, had earlier revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar subsidiaries.
NNPC currently holds a 7.2% equity stake in the refinery, with original agreement being to acquire a 20% stake for $2.76 billion, a deal primarily financed through a forward sale agreement of crude oil.
However, the stake was reduced to 7.2% because NNPC did not pay the balance of its share by the agreed deadline in June 2024.
NNPC cited a decision to cap its equity participation at the paid-up amount to align with its strategic goals at the time.
Latest reports indicate that Ojulari is now working towards increasing its stake back to 20%, as part of efforts to strengthen Nigeria’s domestic refining capacity and ensure energy security.
Aliko Dangote has confirmed that NNPC has the opportunity to increase its stake in the future, particularly when the refinery’s next phase of expansion is underway.
