Africa’s richest man and President of Dangote Group, Aliko Dangote, has revealed that the Nigerian National Petroleum Company Limited (NNPCL) will only be allowed to expand its stake in the 650,000-barrel-per-day Dangote Refinery after the facility fully demonstrates its operational capacity and enters its next phase of growth.
Speaking in an interview with S&P Global Commodity Insights, Dangote said while the refinery remains open to increased participation from the state-owned oil company, any such move would depend on proven performance and stability in output.
“The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway,” Dangote stated.
He also reiterated plans to list the refinery on the Nigerian Exchange Limited (NGX) in the near future, disclosing that he intends to retain only about 65 to 70 per cent ownership of the multibillion-dollar facility.
In 2024, NNPCL had announced a reduction of its equity in the refinery from 20 per cent to 7.2 per cent, citing the need to channel fresh investments into Nigeria’s compressed natural gas (CNG) infrastructure. The company’s spokesperson at the time, Olufemi Soneye, confirmed that the divestment aligned with NNPCL’s evolving energy transition strategy.
Meanwhile, the Dangote Refinery — regarded as Africa’s largest single-train petroleum refinery — recently experienced an operational glitch that briefly disrupted fuel supply, according to a Bloomberg report. Petroleum product marketers had also raised concerns about delays in fuel delivery despite prior payments running into billions of naira.
Industry watchers believe the latest clarification by Dangote underscores his long-term vision of consolidating control and ensuring sustainable operations before allowing further government participation. Analysts also see the planned NGX listing as a strategic move to enhance transparency, attract institutional investors, and deepen Nigeria’s capital market.
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