/ Aug 15, 2026
/ Aug 15, 2026

Dangote rejects NNPC refinery stake increase as IPO plans emerge

Published on

By

Aliko Dangote has disclosed that NNPC Limited sought to increase its 7.25 per cent ownership in the Dangote Petroleum Refinery, but the offer was turned down as the company prepares to open ownership to a wider pool of Nigerians.

 

Speaking in an interview with Nicolai Tangen, Dangote said the group wants to float shares in the refinery publicly rather than expand NNPC’s holding. He said the decision aligns with plans to broaden participation in the business ahead of a future listing.

 

According to Punch, NNPC bought its 7.25 per cent stake in 2021 for $1bn, with an option to acquire an additional 12.75 per cent. However, the company did not complete the purchase and remained at its current shareholding.

 

Dangote said future investors in the group’s businesses, including the refinery, cement, petrochemicals and fertiliser operations, would receive dividends in dollars because export revenue is expected to account for 80 per cent of earnings.

 

The billionaire industrialist also said the 650,000 barrels-per-day refinery has exceeded nameplate capacity, processing up to 661,000 barrels per day. He described the plant as proof of the group’s ability to deliver large-scale industrial projects in Nigeria.

 

Punch also reported that petrol supplied from domestic refineries reached 3.18 billion litres in the first quarter of 2026, while imports dropped to 965.52 million litres, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

 

Industry data showed domestic refining accounted for 76.7 per cent of total petrol supply in the first three months of the year. The refinery’s average ex-depot petrol price during the period was estimated at about ₦1,000 per litre, translating to roughly ₦3.2tn in domestic sales value.

 

Dangote said the business has also benefited from global supply disruptions linked to the US-Iran conflict. He noted that rising demand pushed fertiliser prices from $400 to $850 per tonne, while polypropylene prices climbed sharply, boosting export revenue.

 

He added that the group aims to inject about $45bn into expansion projects over the next few years, targeting $100bn in annual revenue and a market valuation above $250bn by 2030.

You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Nasarawa State Governor Abdullahi Sule at the signing of a $2 million supplementary lithium agreement with Chinese investors in Abuja.

Governor Sule seals $2m Lithium deal with Chinese Firm

Nasarawa State Governor Abdullahi Sule has presided over the signing of a $2 million supplementary lithium agreement between the state government and Diamond New Energy, following his recent visit to China.   The agreement was signed at the Nasarawa State Governor’s Lodge in Abuja on Friday, August 14, 2026. Sule said the deal would help keep the company’s lithium processing factory operational while protecting jobs created by the investment. > “We are going to keep your factory functional, and we also have an interest as license owners in whatever you are doing in your company. More importantly, the people you have employed will remain employed,” the governor said. According to Channels Television, the governor said the state moved quickly to secure the relevant mining licence to ensure continued access to raw materials and prevent another party from obtaining the licence. The Commissioner for Environment and Natural Resources, Margaret Elayo, expressed appreciation to the investors and said the partnership could encourage further investment in Nasarawa. The signing was witnessed by officials from the state Ministry of Justice, Ministry of Environment and Natural Resources, the Nasarawa State Investment Development Agency (NASIDA), Diamond New Energy and Ganfeng Lithium Industry Limited. Sule also urged the company to maintain peaceful relations with host communities and contribute to their development. He disclosed that payments due to the state under the agreement would be made in foreign currency directly to Nasarawa Mining Company Limited, with the terms subject to periodic review. Agreement builds on 2024 mining deal NASIDA Managing Director and Chief Executive Officer Ibrahim Abdullahi said the state government had signed an exclusive mining cooperation agreement with the company in 2024. He said the partnership had contributed to the completion of what he described as the largest lithium processing refinery in West Africa. The supplementary agreement allows the continued supply of lithium materials from the state government’s mining block to serve as feedstock for the refinery. Abdullahi said the arrangement was expected to create further employment opportunities for young people and women in Nasarawa. He added that the state would receive $2 million immediately upon signing, with additional revenues expected under the agreement. A representative of Diamond New Energy, David Siong, said the company remained committed to expanding its operations in Nasarawa, including local processing of resources, job creation and supporting economic development in host communities. The Attorney-General and Commissioner for Justice, Isaac Danladi, also presented copies of a deed of assignment transferring the mining rights and interests of Nasarawa Mining Company within 3.5 mining cadastral units in Endo, Nasarawa Local Government Area, to Ganfeng Lithium Industry Limited.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.