President of Dangote Group, Aliko Dangote, has disclosed that the company turned down an attempt by Nigerian National Petroleum Company Limited to increase its equity stake in the Dangote Petroleum Refinery beyond the current 7.25 per cent.
Dangote said the decision was based on plans to list the refinery publicly and allow ordinary Nigerians and broader investors to participate in ownership of the multi-billion-dollar facility.
He explained that while the original agreement with NNPC gave the state-owned oil company a 20 per cent stake, it only completed payment for 7.25 per cent, valued at about $1bn, and later opted not to proceed with the balance. According to him, recent attempts by the company to buy more shares were declined.
Speaking during an interview with Nicolai Tangen, Dangote said policy inconsistency remains one of the biggest risks to business operations in Nigeria, though he ruled out any immediate threat of civil unrest.
He added that the refinery’s public listing would broaden participation and create opportunities for Nigerians to own stakes in the plant, noting that future shareholders across the group’s businesses could receive dividends in dollars due to the company’s growing export earnings.
The disclosure comes as new industry figures showed the Lekki-based refinery significantly reshaped Nigeria’s fuel market in the first quarter of 2026.
According to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, domestic refineries supplied 3.18 billion litres of petrol between January and March, while imports dropped sharply to 965.52 million litres during the same period.
As the only refinery currently producing petrol at commercial scale in Nigeria, Dangote Refinery accounted for the bulk of local supply, with an estimated ex-depot value exceeding N3.2tn based on an average price of N1,000 per litre.
Dangote also revealed that the refinery has exceeded its installed capacity, processing 661,000 barrels of crude per day, above its 650,000 barrels-per-day nameplate. He said the group plans to expand output to 1.4 million barrels per day within the next 30 months.
The businessman noted that rising tensions in the Middle East, particularly the conflict involving the United States and Iran, have boosted global demand for refined products and fertiliser, increasing revenue for the refinery and the group’s petrochemical operations.
He said fertiliser prices had surged from around $400 to $850 per tonne, while polypropylene rose from $900 to nearly $3,000, creating a major export windfall for the company.
