Dangote turns down NNPC’s bid to boost refinery stake
Aliko Dangote, President of Dangote Group, has confirmed that the company rejected requests from the Nigerian National Petroleum Company Limited (NNPC) to increase its 7.25 per cent stake in the Dangote Petroleum Refinery. In a recent interview, Dangote explained that the decision was influenced by plans to list the refinery publicly and allow more Nigerians to invest. The refinery has significantly increased domestic petrol supply, reducing Nigeria’s reliance on imports. Dangote also shared insights into the refinery’s operations, financial backing, and future expansion plans.
TLDR
- Dangote said the group refused NNPC’s request to raise its 7.25% stake in the refinery, aiming to open up ownership to more Nigerians through a public listing.
- The refinery supplied 3.18 billion litres of petrol in the first quarter of 2026, while imports dropped to 965.52 million litres.
- Average domestic ex-depot petrol price from the refinery was about ₦1,000 per litre from January to March 2026, with over N3.2tn worth of petrol supplied domestically.
- The refinery operated at 661,000 barrels per day, surpassing its 650,000 bpd nameplate capacity, and plans to double output to 1.4 million bpd in the next 30 months.
- Dangote targets $100bn revenue by 2030, with plans to inject $45bn into the business and sell additional stakes to investors.
