The Nigerian National Petroleum Company (NNPC) Limited on Tuesday disclosed plans to raise its equity stake in the Dangote Petroleum Refinery to 20 percent, after refusing to increase its stake when the opportunity to do so came earlier.
The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025. Ojulari said the move aligns with NNPCL’s long-term strategy to deepen local participation in the energy value chain and ensure 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 come about a year after the President of the Dangote Group, Aliko Dangote, disclosed that the NNPC made a mistake by reducing its stake in the Dangote Refinery from 20% to 7.2%.
He stated that while the NNPC had promised to provide the funds, it has been unable to meet its obligations, thus reducing its stake in the refinery.
“NNPC no longer owns 20% stake in the Dangote refinery. They were met with to pay their balance in June (2024), but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said during a media tour of the Refinery at the Lekki Free Trade Zone Lagos.
Ojulari further noted that the state-owned oil company had made significant progress in enhancing transparency across its operations as it prepares for its much-anticipated initial public offering.
“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,” the NNPC boss noted. “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 and accountability.”
With the company’s IPO plans still in view, Ojulari said NNPC was 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, one that is commercially driven, transparent, and ready to compete globally,” he said.
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