The Nigerian National Petroleum Company Limited (NNPC) has announced plans to raise its equity stake in the $20 billion Dangote Petroleum Refinery to 20 per cent, in a bid to strengthen Nigeria’s domestic refining capacity and reinforce its influence in the downstream oil sector.
Group Chief Executive Officer, Bayo Ojulari, disclosed this on Tuesday while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025, noting that the move aligns with NNPC’s long-term strategy to deepen local participation in the energy value chain and ensure national energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said, as reported by Reuters.
The announcement follows remarks by Aliko Dangote, President of the Dangote Group, who recently revealed plans to list 5–10 per cent of the refinery’s shares on the Nigerian Exchange within a year — a strategy similar to that of the group’s cement and sugar subsidiaries.
“We don’t want to keep more than 65 to 70 per cent,” Dangote said, explaining that share sales will be gradual and dependent on market demand.
NNPC’s proposed increase represents a 13 per cent rise from its current 7.2 per cent stake and comes as the company seeks equity and technical partners to revive its three moribund state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation spending, these facilities remain inactive, forcing Nigeria to depend heavily on imported petroleum products.
Analysts believe that once the Dangote Refinery reaches full capacity and NNPC completes its rehabilitation programme, Nigeria could finally achieve long-sought self-sufficiency in refined petroleum products.
Ojulari also highlighted NNPC’s progress in transparency and accountability as it prepares for its upcoming initial public offering (IPO), in line with the Petroleum Industry Act (PIA).
“The IPO journey is by law. The Petroleum Industry Act mandates that NNPC must move towards becoming a publicly listed company,” Ojulari stated. “We have begun publishing our monthly performance reports to build public trust and accountability.”
He added that NNPC is positioning itself as a globally competitive energy company driven by efficiency, transparency, and profitability.
“We are building an institution Nigerians can be proud of — one that is commercially driven, transparent, and ready to compete globally,” Ojulari said.
