Dangote rejects NNPC bid to increase stake in $20 billion refinery ahead of planned listing
President of Dangote Group, Aliko Dangote, has revealed that the company rejected efforts by the Nigerian National Petroleum Company Limited to increase its stake in the $20 billion Dangote Petroleum Refinery ahead of a planned public listing.
Black News 
President of Dangote Group, Aliko Dangote, has revealed that the company rejected efforts by the Nigerian National Petroleum Company Limited to increase its stake in the $20 billion Dangote Petroleum Refinery ahead of a planned public listing.
- Aliko Dangote revealed the company rejected NNPC's attempt to increase its stake in the Dangote Petroleum Refinery.
- Dangote wants to list the refinery publicly to allow wider Nigerian ownership.
- NNPC initially planned to acquire 20% of the refinery but currently holds only about 7.2% due to incomplete payments.
- The refinery is Africa’s largest, with a capacity of 650,000 barrels per day and plans for future expansion.
President of Dangote Group, Aliko Dangote, has revealed that the company rejected efforts by the Nigerian National Petroleum Company Limited to increase its stake in the $20 billion Dangote Petroleum Refinery ahead of a planned public listing.
Dangote disclosed this during an interview with Nicolai Tangen, CEO of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager.
According to Dangote, the refinery owners turned down NNPC’s request to acquire additional equity because the company intends to list the refinery on the stock market and allow more Nigerians to participate in ownership.
“We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote said during the interview.
NNPC stake reduced to 7.25%
NNPC had initially planned in 2021 to acquire a 20% stake in the refinery through a $2.76 billion financing arrangement. However, Dangote later disclosed that the state oil company only completed payments covering about 7.25% equity ownership after failing to meet the balance of its obligations.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said then.
The refinery, regarded as Africa’s largest refinery and the world’s biggest single-train refining facility, currently has a refining capacity of over 650,000 barrels per day. The company is targeting future expansion plans that could increase capacity to about 1.4 million barrels per day.
The planned public listing of Dangote Petroleum Refinery & Petrochemicals could involve the sale of up to 10% of the company, potentially valuing the offering at around $5 billion. Speaking on risks facing his businesses, Dangote cited policy inconsistency as one of the biggest concerns for large-scale industrial investments in Nigeria.
