NNPCL Aims to Increase Stake in Dangote Refinery to 20 Per Cent

The Nigerian National Petroleum Company Limited (NNPCL) has announced ambitious plans to increase its current ownership stake in the Dangote Petroleum Refinery from 7.2 per cent to 20 per cent. This move is aimed at strengthening Nigeria’s domestic refining capacity and deepening the state-owned firm’s participation across the country’s energy value chain.

Dependable NG reports that the NNPCL Group Chief Executive Officer, Bayo Ojulari, made the disclosure on Tuesday while speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025). Ojulari stated, as quoted by Reuters, that the company is actively working towards increasing its stake in Nigeria’s largest refinery, signaling a renewed push for energy security. This planned increase of nearly 13 per cent comes despite an initial commitment that had seen NNPCL’s stake temporarily cap at 7.2 per cent after failing to meet full funding obligations.

The announcement follows recent remarks from the President of the Dangote Group, Aliko Dangote, who had previously indicated that NNPCL could expand its stake. However, Dangote emphasized that this would only occur after the refinery had successfully proven its capacity and performance to the state-owned company. Dangote also recently revealed plans to list between five and ten per cent of the refinery’s shares on the Nigerian Exchange within a year, a phased public listing strategy intended to retain between 65 and 70 per cent ownership for the Dangote Group.

In a related development, NNPCL retail outlets in Abuja recently reduced their petrol pump price to N945 per litre from N955 as initial supply glitches at the Dangote Refinery eased. This move to boost its shareholding aligns with NNPCL’s broader strategy to secure a stronger foothold in the downstream sector and help Nigeria achieve its long-sought goal of self-sufficiency in refined petroleum products.