The Nigerian National Petroleum Company Limited (NNPC) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery to 20 per cent, a strategic move aimed at strengthening Nigeria’s domestic refining capacity and consolidating its position in the downstream oil sector.
The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure at the Abu Dhabi International Petroleum Exhibition and Conference 2025, noting that the decision aligns with NNPC’s long term strategy to deepen local participation in the energy value chain and ensure national energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said, as reported by Reuters.
His remarks follow recent comments by Aliko Dangote, President of the Dangote Group, who revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year. This would follow the public listing model of the group’s cement and sugar subsidiaries. Dangote explained that the refinery would retain between 65 and 70 per cent ownership, with shares to be offered gradually based on investor interest and market conditions.
This planned stake increase represents a fresh investment of almost 13 per cent above NNPC’s current 7.2 per cent holding. It also coincides with NNPC’s ongoing search for technical and equity partners to revive its three dormant refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation efforts, these state owned refineries have remained largely inactive, keeping Nigeria dependent on imported petroleum products.
Industry experts believe that if the Dangote refinery reaches full operational capacity and NNPC successfully rehabilitates its refineries, Nigeria could finally achieve long sought self sufficiency in refined petroleum products — a milestone that has eluded Africa’s largest crude producer for decades.
Ojulari also highlighted NNPC’s progress in improving transparency as it prepares for an eventual Initial Public Offering (IPO). “The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us,” he said. “Since May this year, we have started publishing our monthly performance reports as part of our efforts to build public trust and accountability.”
He reaffirmed that NNPC is positioning itself as a globally competitive energy company focused on efficiency, transparency, and profitability. “We are building an institution that Nigerians can be proud of — one that is commercially driven, transparent, and ready to compete globally,” Ojulari concluded.
