Aliko Dangote has rejected an attempt by the Nigerian National Petroleum Company Limited to increase its stake in the Dangote Petroleum Refinery, saying the company wants more Nigerians to participate in its planned public listing.
Dangote disclosed this during an interview, explaining that the state oil company sought to acquire additional shares beyond its existing 7.25 per cent stake in the $20 billion refinery.
According to him, the request was declined because the refinery plans to go public, allowing broader ownership participation from Nigerian investors.
The NNPC had initially acquired a 7.25 per cent stake in the refinery for $1 billion in 2021, with an option to purchase an additional 12.75 per cent stake by June 2024. However, the company later reduced its planned ownership from 20 per cent and did not exercise the remaining option.
The refinery, located in Lekki, Lagos, currently has a refining capacity of 650,000 barrels per day and is considered Africa’s largest refinery. Dangote has also announced plans to expand the facility’s capacity to 1.4 million barrels per day in the coming years.
Dangote noted that recent geopolitical tensions involving the United States and Iran had boosted demand for the refinery’s refined petroleum exports amid disruptions in the global oil market.
