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President of the Dangote Group, Alhaji Aliko Dangote, has confirmed that the company rejected an offer from the Nigerian National Petroleum Company Limited (NNPC) to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote disclosed this in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen. He said the decision was taken because the company intends to list the refinery publicly and allow more Nigerians to own shares in the facility.
According to him, the NNPC had previously acquired a 7.25 per cent stake in 2021, with an option to expand its holding, but the refinery’s ownership structure has remained unchanged. Dangote noted that while the national oil company made attempts to acquire additional shares, the proposal was declined in line with the group’s long-term vision.
He explained that the refinery was designed with a strategy to expand participation through future public offerings and to pay dividends in foreign currency, citing the company’s strong export earnings.
Meanwhile, industry data showed significant growth in local petrol supply in the first quarter of 2026. Figures indicated that domestic refineries supplied 3.18 billion litres between January and March 2026, representing a sharp rise compared to imports, which fell to 965.52 million litres within the same period.
Analysts said the increase marks a major shift in Nigeria’s fuel supply structure, with local refining accounting for the bulk of national petrol distribution during the review period. Although total supply slightly declined year-on-year, dependence on imports dropped significantly.
Dangote also reiterated that policy consistency and civil instability remain key risks to large-scale investments, stressing that the refinery project aligns with his broader backward-integration strategy aimed at reducing imports and boosting domestic production.
