By Atoyebi Nike
The Nigerian National Petroleum Company Limited says it plans to increase its equity stake in the $20bn Dangote Petroleum Refinery to 20 percent as part of efforts to boost Nigeria’s domestic refining capacity and strengthen its position in the downstream sector.
NNPC Group Chief Executive Officer Bayo Ojulari disclosed the plan on Tuesday at the Abu Dhabi International Petroleum Exhibition and Conference. He said increasing the company’s stake aligns with its long-term strategy to expand local participation in the energy value chain and improve national energy security.
Ojulari’s remarks follow recent comments by Dangote Group President Aliko Dangote, who announced plans to list between 5 and 10 percent of the refinery’s shares on the Nigerian Exchange within the next year. Dangote said the group intends to retain about 65 to 70 percent ownership, with incremental share offerings depending on investor interest.
The planned acquisition would raise NNPC’s current 7.2 percent stake by nearly 13 percent.
The development also comes as NNPC continues to seek technical and equity partners to revive its non-operational refineries in Port Harcourt, Warri and Kaduna. Despite years of rehabilitation funding, the facilities remain idle, leaving Nigeria dependent on imported petroleum products.
Industry experts say the combined effect of the Dangote refinery reaching full capacity and the revival of state-owned refineries could finally push Nigeria toward long-sought self-sufficiency in refined products.
Ojulari added that NNPC has intensified transparency measures as it prepares for a future initial public offering. He noted that the Petroleum Industry Act mandates the company’s transition into a publicly listed entity and said recent monthly performance reports form part of efforts to build public trust.
He said NNPC is committed to becoming a competitive, transparent, and profitable global energy company that Nigerians can be proud of.
