The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery to 20 per cent, as part of efforts to boost Nigeria’s refining capacity and strengthen its hold in the downstream oil sector.
Group Chief Executive Officer of NNPCL, Bayo Ojulari, made this known during the Abu Dhabi International Petroleum Exhibition and Conference 2025, noting that the decision aligns with the company’s long-term goal to deepen local participation in the energy value chain and ensure national energy security.
Ojulari said, “NNPC is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” according to Reuters.
This comes shortly after Aliko Dangote, President of the Dangote Group, disclosed 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 group would retain between 65 and 70 per cent ownership while offering shares gradually based on investor demand.
The move would represent a fresh investment of nearly 13 per cent above NNPC’s current 7.2 per cent stake in the refinery.
The announcement also coincides with NNPC’s ongoing efforts to secure technical and equity partners for the revamp of its three non-functional refineries in Port Harcourt, Warri, and Kaduna, which have remained idle despite several rehabilitation attempts.
Industry analysts believe that with the Dangote refinery operating at full capacity and the successful rehabilitation of NNPC’s refineries, Nigeria could finally achieve self-sufficiency in refined petroleum products — a milestone the country has pursued for decades.
Ojulari added that NNPC has made progress in improving transparency across its operations ahead of its planned initial public offering (IPO).
“The Petroleum Industry Act mandates NNPC to become a publicly listed company. Since May, we’ve been publishing monthly performance reports to enhance public trust and accountability,” he said.
He emphasized that NNPC aims to transform into a globally competitive, transparent, and profit-driven energy company, capable of matching international standards.
