The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery from 7.2 per cent to 20 per cent, as part of its strategy to strengthen domestic refining and enhance Nigeria’s energy security.
Speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025, NNPCL Group Chief Executive Officer, Bayo Ojulari, said the decision aligns with the company’s long-term goal of deepening local participation in the energy value chain and reducing dependence on imported refined products.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said, according to Reuters.
The move follows recent remarks by Aliko Dangote, President of the Dangote Group, who revealed plans to list between five and ten per cent of the refinery’s shares on the Nigerian Exchange within the next year. Dangote said the public offering would mirror strategies used for the group’s cement and sugar businesses.
“We don’t want to keep more than 65 to 70 per cent. Within the next year, the refining business will list five to ten per cent of its shares on the Nigerian stock exchange,” Dangote noted.
The NNPCL’s decision also comes as it continues to seek technical and equity partners to revive its three non-operational state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite billions of naira spent on rehabilitation, the facilities remain idle, keeping Nigeria dependent on imported petroleum products.
Industry analysts believe that a combination of the Dangote refinery operating at full capacity and NNPCL’s refinery rehabilitation programme could finally help Nigeria achieve self-sufficiency in refined petroleum products, a target that has eluded the country for decades.
Ojulari further revealed that NNPCL is preparing for its initial public offering (IPO) as required by the Petroleum Industry Act (PIA), emphasizing the company’s commitment to transparency and accountability.
“The IPO journey is by law. Since May this year, we have started publishing our monthly performance reports, and that has continued as part of our efforts to build public trust,” Ojulari said.
He added that NNPCL is positioning itself as a globally competitive energy company driven by efficiency, transparency, and profitability.
“We are building an institution that Nigerians can be proud of—commercially driven, transparent, and ready to compete globally,” Ojulari concluded.
