Aliko Dangote has disclosed that the Dangote Petroleum Refinery turned down a request by the Nigerian National Petroleum Company Limited to increase its equity stake, citing plans to broaden ownership and eventually list the refinery on multiple stock exchanges.
Dangote made the disclosure on May 13 during an interview with Nicolai Tangen, Chief Executive Officer of the Norwegian Government Pension Fund Global. The NNPC currently holds a 7.25% stake in the $20 billion Lekki-based facility after paying approximately $1 billion in 2021.
“The national oil company already owns 7.25%, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote said. He explained that concentrating ownership further would work against the group’s intention to open the refinery to a wider pool of investors, including ordinary Nigerians.
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The NNPC had originally agreed in 2021 to acquire a 20% stake for approximately $2.76 billion but completed payment for only 7.25%. Dangote publicly confirmed in 2024 that the balance remained unpaid despite an extension granted until June of that year.
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Dangote also announced that future investors in Dangote Group businesses, including the refinery, cement, fertiliser, and petrochemicals divisions, would receive dividends in United States dollars. He said the group’s expanding export operations would generate sufficient foreign exchange to sustain such payments, with roughly 80% of revenue expected in dollars.
The refinery is being prepared for listings on multiple African stock exchanges as part of a broader strategy to deepen regional investor participation. Dangote has also previously announced plans to double the facility’s processing capacity to 1.4 million barrels per day, which would make it the world’s largest refining operation.
During the interview, Dangote also revealed that he sold properties in the United States and the United Kingdom to focus entirely on building his industrial businesses in Nigeria.
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