President of the Dangote Group, Aliko Dangote, has confirmed that the company turned down attempts by the Nigerian National Petroleum Company Limited to increase its existing 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote disclosed this during an interview with Nicolai Tangen, Chief Executive Officer of Norway’s Sovereign Wealth Fund, monitored on Wednesday.
According to him, the decision was driven by plans to broaden ownership of the multi-billion-dollar refinery through a future public listing that would allow more Nigerians and global investors to acquire shares in the facility.
“The national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote was quoted as saying.
The development marks another major twist in the evolving relationship between the state-owned oil company and the $20 billion refinery project located in Lekki, Lagos.
In 2021, the NNPCL acquired a 7.25 per cent stake in the refinery for about $1 billion after initially indicating interest in purchasing a larger 20 per cent shareholding. The national oil firm, however, later reduced its acquisition plan and did not exercise the option to buy the remaining stake before the deadline expired in 2024.
Dangote had earlier revealed in February 2026 that the refinery would soon be opened to wider public investment, with Nigerians expected to have opportunities to buy shares directly within months. He also hinted that investors may be able to receive dividends in either naira or dollars because of the refinery’s export-driven earnings structure.
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Industry analysts believe the planned public listing could significantly deepen local participation in one of Africa’s biggest industrial projects while strengthening the refinery’s long-term financing and expansion strategy.
The refinery, regarded as the world’s largest single-train refinery, began fuel production in 2024 and has increasingly become central to Nigeria’s domestic fuel supply and export market. Recent reports indicate that petrol imports into Nigeria have fallen sharply as output from the Dangote refinery continues to rise.
