President of the Dangote Group, Alhaji Aliko Dangote, has revealed that the Nigerian National Petroleum Company Limited (NNPC) was turned down after attempting to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote made the disclosure in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, noting that the decision was part of a broader plan to open up ownership of the refinery to more Nigerians ahead of a planned public listing.
According to him, the refinery is already positioned as a largely export-driven asset, with about 80 per cent of its revenue expected to come in foreign currency, adding that future investors will receive dividends in dollars.
“We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote said.
He explained that while the NNPC had initially acquired 7.25 per cent equity in the refinery for $1 billion, earlier agreements for a higher stake were not fully completed, leading to a reduced holding.
The business mogul also highlighted the refinery’s growing output, saying it has now processed up to 661,000 barrels per day, surpassing its installed capacity of 650,000 barrels per day.
Meanwhile, fresh industry data indicates a significant shift in Nigeria’s fuel market, with domestic refining increasingly displacing imports.
Between January and March 2026, petrol supply from local refineries rose to 3.18 billion litres, while imports dropped sharply to 965.52 million litres. Analysts attribute the trend largely to increased output from the Dangote refinery, which remains the country’s dominant producer of Premium Motor Spirit.
Despite the gains in local production, total petrol supply in the first quarter of 2026 declined slightly compared to the same period in 2025, reflecting ongoing volatility in demand and supply dynamics.
Dangote further noted that global disruptions, including geopolitical tensions, had boosted demand for refined products and fertilisers, driving higher prices and increased export opportunities for his group.
He reaffirmed plans to expand the refinery and other Dangote Group businesses significantly in the coming years, with a long-term target of scaling revenues toward $100 billion by 2030.
