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.
