President of the Dangote Group, Aliko Dangote, has disclosed that his company rejected efforts by the Nigerian National Petroleum Company Limited to increase its ownership stake in the Dangote Petroleum Refinery, insisting that the refinery’s future ownership structure should remain open to ordinary Nigerians and international investors through a planned public listing.
Key Highlights:
- Aliko Dangote confirms rejection of NNPCL move to increase refinery stake
- Dangote says future public listing will allow wider Nigerian participation
- NNPCL currently holds 7.25 percent stake in the refinery
- Refinery expected to deepen transparency and investor confidence
- Dangote Refinery remains central to Nigeria’s fuel supply strategy
- Refinery has helped reduce dependence on petrol imports
Dangote made the disclosure during an interview on May 14, 2026, where he explained that the long-term vision for the refinery includes listing shares publicly to allow broader participation from Nigerians and global investors.
According to him, concentrating ownership in a few institutional hands would go against the broader economic vision behind the project, which aims to create opportunities for ordinary citizens to invest in Africa’s largest refinery.
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The Nigerian National Petroleum Company Limited currently owns a 7.25 percent stake in the refinery after previously scaling down its original plan to acquire 20 percent ownership in the multibillion-dollar project.
Reports indicated that the state-owned oil company had recently explored options to increase its stake as the refinery expands operations and strengthens its influence in Nigeria’s downstream petroleum sector.
However, Dangote said the company deliberately declined the move because plans are already underway to open the refinery to wider public investment in the future.
He noted that broader share ownership would improve transparency, deepen local participation in Nigeria’s industrial growth, and further boost investor confidence in the refinery project.
The Dangote Petroleum Refinery, located in Lekki, has become a major pillar in Nigeria’s energy sector following the gradual reduction in fuel import dependence and the expansion of local refining capacity since operations commenced.
Industry analysts believe the refinery’s growing output could significantly reshape Nigeria’s petroleum supply chain, strengthen foreign exchange conservation efforts, and position the country as a major refined petroleum exporter within Africa.
The development also comes amid broader reforms in Nigeria’s oil and gas industry, where authorities continue efforts to attract investment, stabilize fuel supply, and improve domestic refining capabilities.
