NNPC Moves to Raise Stake in $20bn Dangote Refinery to 20%

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery to 20 percent. The move, the company says, will strengthen Nigeria’s domestic refining capacity and consolidate its role in the downstream oil sector.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, revealed this on Tuesday during the Abu Dhabi International Petroleum Exhibition and Conference 2025. According to him, the decision aligns with the company’s long-term strategy to deepen local participation in the energy value chain and guarantee energy security.

“We are working towards increasing our stake in the Dangote Refinery to 20 percent,” Ojulari stated, as reported by Reuters.

His statement follows a recent disclosure by Aliko Dangote, President of the Dangote Group, that the refinery plans to list between five and ten percent of its shares on the Nigerian Exchange (NGX) within the next year. Dangote explained that the move mirrors the public listing model used by its cement and sugar subsidiaries. “We will list between five and ten percent of the refinery’s shares on the Nigerian stock exchange within a year,” Dangote said. “Our goal is to retain around 65 to 70 percent while offering shares incrementally, depending on investor interest and market depth.”

If successful, NNPC’s new investment will increase its stake by almost 13 percent, up from the current 7.2 percent.

This development also comes as NNPC continues to seek both technical and equity partners to revive its three dormant refineries in Port Harcourt, Warri and Kaduna. Despite multiple rehabilitation efforts and funding rounds, the facilities have remained inactive, leaving Nigeria dependent on imported petroleum products.

Experts believe that once the Dangote Refinery reaches full capacity and NNPC’s rehabilitation projects are completed, Nigeria could finally achieve self-sufficiency in refined petroleum products, a milestone that has long eluded Africa’s largest oil producer.

Ojulari also emphasized that NNPC is strengthening transparency and operational accountability ahead of its planned Initial Public Offering (IPO). “The IPO journey is a legal requirement under the Petroleum Industry Act,” he explained. “Since May, we’ve been publishing monthly performance reports as part of efforts to build public trust and accountability.”

He added that NNPC is positioning itself as a globally competitive energy company driven by efficiency, transparency, and profitability. “We’re building an institution Nigerians can be proud of, commercially driven, transparent, and ready to compete globally” Ojulari said.