THE Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled plans to increase its equity holding in the $20bn Dangote Petroleum Refinery, aiming to secure a total 20 per cent stake as part of its broader strategy to strengthen domestic refining capacity and reduce dependence on imported fuel.
News Point Nigeria reports that the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, confirmed the development during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2025 on Tuesday.
He noted that the equity upgrade reflects the company’s long-term ambition to deepen Nigerian participation in the energy value chain while assuring national energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said, according to Reuters.
This move comes barely weeks after Africa’s richest man and President of the Dangote Group, Aliko Dangote, announced that between five and 10 per cent of the refinery’s shares would be listed on the Nigerian Exchange in the next 12 months, a strategy similar to its publicly traded cement and sugar entities.
Dangote stressed that the refinery will gradually open up more equity for public participation while retaining a controlling interest.
“We don’t want to keep more than 65 to 70 per cent,” he explained. “I want to demonstrate what this refinery can do, then we can sit down and talk.”
NNPC currently holds a 7.2% stake in the refinery, and its proposed acquisition represents an additional investment of nearly 13%, signaling strong government backing for the project.
The development is emerging at a critical time as NNPC continues to seek technical and equity partners to revive its moribund state-owned refineries in Kaduna, Port Harcourt and Warri. Despite decades of rehabilitation efforts and extensive budgetary allocations, those facilities remain idle.
Analysts believe that if the 650,000 barrels-per-day Dangote refinery reaches full operation alongside restored national refineries, Nigeria could finally achieve fuel self-sufficiency, a milestone elusive for more than 30 years.
Ojulari also reaffirmed NNPC Ltd.’s commitment to operational transparency as it advances toward its much-anticipated Initial Public Offering (IPO), a requirement of the Petroleum Industry Act (PIA).
“The IPO journey is by law. The PIA prescribes that NNPC must move towards becoming a publicly listed company,” he said.
He added that since May 2024, NNPC has consistently published its monthly financial and performance statements to foster public accountability.
“We are building an institution Nigerians can be proud of commercially driven, profitable, and globally competitive,” Ojulari stated.