The Nigerian National Petroleum Company Limited (NNPC Ltd) today announced its intention to increase its equity stake in the $20 billion Dangote Petroleum Refinery to 20 per cent, up from its current 7.2 per cent holding. This strategic move aims to significantly strengthen Nigeria’s domestic refining capacity and reinforce national energy security.
NNPC Group Chief Executive Officer, Bayo Ojulari, disclosed the plan while speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025). Ojulari stated that the additional investment aligns with the company’s long-term goal of deepening local participation across the energy value chain.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari confirmed.
NNPC Ltd’s announcement follows recent comments from Dangote Group President, Aliko Dangote, who plans to list five to 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the successful public listing model of the Group’s cement and sugar subsidiaries.
The move to increase NNPC’s stake comes as the national oil company simultaneously seeks technical and equity partners to revive its three idle state-owned refineries in Port Harcourt, Warri, and Kaduna. A combination of the Dangote Refinery reaching full operational capacity and the successful rehabilitation of NNPC’s own facilities is expected to help Nigeria, Africa’s largest crude producer, finally achieve its long-sought goal of self-sufficiency in refined petroleum products.
During the conference, Mr. Ojulari also provided an update on the company’s preparations for its anticipated Initial Public Offering (IPO). He stressed that the IPO is not optional but a legal mandate under the Petroleum Industry Act (PIA).
“The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us,” Ojulari noted.
In line with this preparation, the company has enhanced transparency, including publishing monthly performance reports since May this year to build public trust and accountability.
