The Nigerian National Petroleum Company Limited (NNPC) has announced plans to increase its stake in the $20 billion Dangote Petroleum Refinery to 20 per cent. The move aims to boost Nigeria’s local refining capacity and strengthen its role in the downstream oil sector.
Group Chief Executive Officer of NNPC, Bayo Ojulari, made this known at the 2025 Abu Dhabi International Petroleum Exhibition and Conference. He said the plan aligns with NNPC’s long-term goal of expanding local participation in the energy industry and ensuring energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said, according to Reuters.
His comments follow Dangote Group President Aliko Dangote’s recent announcement that between 5 and 10 per cent of the refinery’s shares will be listed on the Nigerian Exchange within a year. Dangote explained that the public listing would follow the model used for Dangote Cement and Dangote Sugar, adding that the group would retain only about 65 to 70 per cent ownership.
NNPC’s new investment represents an increase of about 13 per cent from its current 7.2 per cent share in the refinery.
This development comes as NNPC continues to seek technical and equity partners to revive its three non-operational state refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation efforts, the plants have remained inactive, leaving Nigeria dependent on imported fuel.
Experts believe that when the Dangote Refinery becomes fully operational and NNPC completes its refinery overhaul, Nigeria could finally achieve self-sufficiency in refined petroleum products — a milestone the country has chased for decades.
Ojulari also highlighted NNPC’s progress in improving transparency as it prepares for its eventual Initial Public Offering (IPO).
“The IPO process is a legal requirement under the Petroleum Industry Act. It’s not optional,” he said. “Since May this year, we have started publishing our monthly performance reports to promote openness and public trust.”
He added that NNPC is positioning itself as a modern, competitive global energy company. “We are building an institution that Nigerians can be proud of — one that is efficient, transparent, and commercially driven,” Ojulari stated.
