Alhaji Aliko Dangote has officially rejected a bid by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery. Speaking in a recent interview with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, the billionaire industrialist confirmed that the refinery blocked the move to ensure a more inclusive ownership structure. Dangote explained that the group intends to go public eventually, allowing ordinary Nigerians and diverse investors the opportunity to own shares in the multi-billion-dollar facility.
The decision cements a shift in the relationship between the refinery and the national oil firm. In 2021, the NNPC initially sought a 20 per cent stake for $2.7 billion but ultimately failed to fulfill the payment obligations for the full amount. This led to a reduction in their equity to 7.25 per cent in 2024. Dangote clarified that while the government company expressed renewed interest in scaling up its holding, the refinery chose to maintain its current cap to facilitate a future public offering.
Data from the first quarter of 2026 indicates that this independence coincides with a massive surge in domestic productivity. According to findings from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, petrol supply from local refineries reached 3.18 billion litres between January and March. This domestic output accounted for nearly 77 per cent of the national supply, causing petrol imports to plummet by over 60 per cent compared to the previous year.
During the interview, Dangote revealed that the refinery is now operating at 661,000 barrels per day, slightly exceeding its nameplate capacity. He noted that the plant has become a critical hedge against global market volatility, particularly during the ongoing conflict between the United States and Iran. While the war disrupted global energy sectors, it led to a windfall for the refinery through increased exports of refined products and urea. Dangote noted that the price of fertiliser rose from $400 to $850 per tonne during this period, keeping the plant "oversold."
Addressing the risks to his business empire, Dangote cited inconsistent government policies as a primary concern. He noted that the refinery had to overcome significant opposition from what he termed a "subsidy mafia"—traders and shippers who profited from Nigeria’s previous $10 billion annual fuel subsidy. By displacing these middlemen, the refinery has faced attempts at sabotage, which Dangote claims are being managed through operational excellence and transparent financial backing from a consortium of local and international banks.
Looking toward 2030, the group aims to reach $100 billion in revenue by doubling the refinery's capacity to 1.4 million barrels per day. To support this growth, Dangote guaranteed that future shareholders would receive dividends in U.S. dollars, as the majority of the refinery’s revenue is now generated through exports.