The Nigerian National Petroleum Company Limited plans to raise its equity stake in the $20 billion Dangote Petroleum Refinery to 20 percent to boost Nigeria’s domestic refining capacity and strengthen its presence in the downstream oil sector. Group Chief Executive Officer Bayo Ojulari announced the plan during the Abu Dhabi International Petroleum Exhibition and Conference 2025, explaining that it aligns with NNPCL’s long-term strategy to expand local participation in the energy value chain and secure the nation’s energy future.
Ojulari said the company is actively working toward increasing its stake in the refinery from its current 7.2 percent to 20 percent. His statement followed recent remarks by Dangote Group President Aliko Dangote, who revealed plans to list between five and ten percent of the refinery’s shares on the Nigerian Exchange within the next year. Dangote said the listing would follow the same model used for the group’s cement and sugar businesses, noting that the company intends to retain about 65 to 70 percent ownership. He explained that the share sales would occur gradually, depending on investor interest and market conditions.
Dangote said he wants to demonstrate the refinery’s potential before engaging in deeper discussions with potential investors. NNPCL’s plan to increase its stake represents an additional 13 percent investment and signals growing collaboration between Nigeria’s largest energy firm and the private sector in building domestic refining capacity.
This development also comes as NNPCL continues its search for technical and equity partners to revive its three state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite several rounds of rehabilitation funding, the refineries have remained inactive, leaving Nigeria dependent on imported petroleum products to meet domestic demand. Ojulari emphasized that increasing the company’s investment in the Dangote refinery complements the broader strategy to restore national refining capacity and reduce import dependence.
Industry analysts believe that once the Dangote refinery reaches full capacity and NNPCL completes its refinery rehabilitation projects, Nigeria could finally achieve self-sufficiency in refined petroleum products. This would mark a major milestone for the country, which, despite being Africa’s largest crude oil producer, has long struggled to process its own oil locally.
Ojulari also highlighted NNPCL’s efforts to improve transparency and corporate governance as it prepares for its initial public offering. He said the Petroleum Industry Act requires the company to transition into a publicly listed entity, making the IPO an obligation rather than an option. To build public trust, NNPCL began publishing monthly performance reports in May and has continued doing so as part of its accountability drive.
Ojulari said NNPCL is positioning itself as a competitive global energy company focused on efficiency, profitability, and transparency. He emphasized that the organization is evolving into a commercially driven institution that Nigerians can take pride in—one capable of competing effectively on the global stage while fulfilling its national energy mandate.
