The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to increase its equity stake in the $20 billion Dangote Petroleum Refinery, with the aim of raising its current holding to 20 per cent. The move, according to the company, is part of a broader national strategy to strengthen domestic refining, enhance local market participation, and reduce Nigeria’s reliance on fuel imports.
The disclosure was made by the NNPCL Group Chief Executive Officer, Mr. Bayo Ojulari, on Tuesday at the 2025 Abu Dhabi International Petroleum Exhibition and Conference. Speaking to Reuters on the sidelines of the event, Ojulari stated that the expansion aligns with NNPCL’s long-term vision for energy security and sustainable downstream development.
His comments come shortly after Dangote Group President, Aliko Dangote, confirmed plans to list between 5 and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next 12 months—similar to the listing models used by Dangote Cement and Dangote Sugar. Dangote said the listing will be gradual and dependent on investor demand, explaining that the group eventually wants to hold no more than 65 to 70 per cent of ownership.
This development is happening at the same time NNPCL is still in search of strategic partners to revive three of its government-owned refineries in Port Harcourt, Warri, and Kaduna, which have remained non-operational despite several rehabilitation efforts over the years.
Energy experts say that if the Dangote mega-refinery reaches full output and the state-owned refineries are successfully restored, Nigeria could finally meet local fuel needs and potentially begin exporting refined petroleum products—a breakthrough that has eluded Africa’s largest crude producer for decades.
In addition to expanding equity investments, Ojulari revealed that NNPCL is accelerating transparency reforms ahead of its own future listing, as required by the Petroleum Industry Act (PIA). The company has already begun publishing monthly performance data in an effort to build public trust and demonstrate financial accountability.
“Our transformation journey is not optional,” Ojulari stressed. “We are building a commercially viable national energy company that is efficient, profitable, transparent, and globally competitive.”
Source:Africa Publicity
