Aliko Dangote said that his company had declined an offer from the Nigerian National Petroleum Company Limited to raise its current 7.25% equity in the Dangote Petroleum Refinery.
As explained by Dangote, this refusal is because of the plan to take the refinery public so that more Nigerians can hold its stocks than having them held by a few people.
It is noted that initially, NNPC bought the 7.25% equity stake at a price of $1 billion in 2021, but it could not raise it to the required 20% before its expiry date.
Moreover, the refinery has been very instrumental in transforming Nigeria’s gasoline supplies.
According to statistics, local production increased to 3.18 billion liters in the first quarter of 2026 while importation fell to 965.52 million liters.
The refinery alone has contributed much to local production, producing gasoline worth ₦1,000 per liter amounting to more than ₦3.2 trillion in the specified period.
Dangote further explained that the global conflicts, particularly the US-Iran issue, have increased the demand for refined products, contributing to high revenue from exports.
The businessman went further to explain that the refinery is working beyond its maximum capacity of 650,000 barrels per day to reach 661,000 barrels per day.Speaking about the risks associated with his business, Dangote pointed out policy inconsistency as a significant risk, but he downplayed any fears regarding civil unrest.
According to him, expansion of ownership through listing will make the firm more stable.
The billionaire revealed that the refineries were financed both locally and internationally due to changes in exchange rates following the devaluation of the Nigerian currency.
However, despite the difficulties, the businessman admitted that the project has surpassed expectations and made Nigeria a key player in the refinery industry. In general, increased production at the refinery has lessened Nigeria’s dependence on imported fuel.
