The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, has criticised the Nigerian National Petroleum Company Limited (NNPC) over its attempt to increase its stake in the Dangote Petroleum Refinery, despite ongoing concerns about the poor performance of state-owned refineries.
Ukadike made the remarks while reacting to comments by Aliko Dangote, who said the NNPC had sought to raise its ownership in the $20 billion refinery beyond its current 7.25 per cent stake but was turned down.
Dangote had revealed this during an interview with Nicolai Tangen, CEO of Norway’s sovereign wealth fund, stating that the request was rejected as the refinery plans to eventually open up wider shareholding to the public.
Responding to the development, Ukadike questioned why the national oil company would pursue further investment in a privately owned refinery while its own refineries in Port Harcourt, Warri, and Kaduna remain largely non-functional despite years of rehabilitation spending.
He argued that priority should be given to restoring government-owned refineries rather than expanding stakes in private facilities.
Ukadike added that Dangote, as a businessman, has the right to decide whether or not to sell additional shares in his refinery, stressing that the decision should be respected.
He further urged the NNPC to focus on repairing pipelines and reviving dormant refineries across the country instead of seeking increased ownership in the Dangote facility.
The controversy follows Dangote’s earlier comments that NNPC initially agreed to a 20 per cent stake in the refinery but was only able to pay for 7.25 per cent before the deadline in 2024, after which the remaining share purchase was not completed.
He explained that the refinery is now preparing for a public listing that would allow broader ownership participation.
Meanwhile, some industry stakeholders argue that Nigeria would be better served if the NNPC held a larger stake in the refinery to ensure stronger national oversight of such a strategic asset.
They maintained that government involvement is necessary in a facility of such scale, given its importance to national energy security.
However, an NNPC official stated that the company is satisfied with its current 7.25 per cent stake and views its partnership with Dangote as beneficial to national interests.
The official added that any future decision to increase investment would depend on long-term opportunities and national priorities.
