The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery from 7.2 per cent to 20 per cent, as part of its long-term strategy to strengthen domestic refining and achieve energy self-sufficiency.
Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this on Tuesday while speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2025. He said the planned investment aligns with NNPC’s goal of deepening local participation in the energy value chain and ensuring national energy security.
“The company is working towards increasing its stake in the Dangote refinery to 20 per cent,” Ojulari stated, according to a report by Reuters.
The development follows recent remarks by Dangote Group President, Aliko Dangote, who revealed plans to list between five and ten per cent of the refinery’s shares on the Nigerian Exchange within a year, adopting a model similar to the group’s cement and sugar subsidiaries.
Industry experts say NNPC’s increased stake signals stronger collaboration between the national oil company and Africa’s largest privately owned refinery — a partnership expected to reduce Nigeria’s dependence on imported petroleum products.
Also see: NNPCL Boosts Dangote Refinery with Five Domestic Crude Shipments
Ojulari also disclosed that NNPC was intensifying efforts to revive its refineries in Port Harcourt, Warri, and Kaduna through new equity and technical partnerships.
He reaffirmed the company’s commitment to transparency and accountability ahead of its planned initial public offering, noting that NNPC had begun publishing monthly performance reports in line with the Petroleum Industry Act.
“Our goal is to build a commercially driven, transparent, and globally competitive energy company that Nigerians can be proud of,” Ojulari said.
