The President of the Dangote Group, Aliko Dangote, has revealed that the company turned down attempts by the Nigerian National Petroleum Company Limited to increase its ownership stake in the Dangote Petroleum Refinery.
Dangote disclosed this during an interview with Nicolai Tangen, explaining that the refinery’s management rejected the request because the company plans to list publicly and allow more Nigerians to become shareholders.
According to him, the NNPC currently holds a 7.25 per cent stake in the multi-billion-dollar refinery after purchasing shares worth $1bn in 2021. The national oil company initially had an agreement to acquire a total 20 per cent stake but failed to complete payment for the remaining shares before the deadline expired.
Dangote recalled that the NNPC later requested to buy additional shares, but the proposal was declined as the company intends to widen ownership participation among Nigerians.
He also identified policy inconsistency by governments as one of the major threats to large-scale investments, alongside the possibility of political instability or civil unrest.
“Government inconsistency in policies remains one of the biggest risks to businesses,” Dangote stated, adding that the refinery’s ownership structure is being designed to accommodate broader public participation rather than concentrated control.
Meanwhile, findings showed that petrol supply from the $20bn Lekki-based refinery rose significantly in the first quarter of 2026, reaching about 3.18 billion litres, while fuel imports dropped sharply to 965.52 million litres during the same period.
The refinery reportedly sold petrol worth over ₦3.2tn locally between January and March 2026, with the average ex-depot price hovering around ₦1,000 per litre.
The ongoing geopolitical tensions involving the United States and Iran were also said to have boosted the refinery’s earnings, as disruptions in global oil markets increased demand for refined petroleum exports.
Dangote further disclosed that investors in the group’s businesses, including its refinery, fertiliser, and cement operations, may receive dividends in dollars due to the company’s growing export earnings.
According to him, about 80 per cent of the group’s future revenue is expected to come from dollar-denominated exports.
He added that the refinery project received major financial backing from several institutions, including Nigerian banks, which played critical roles in funding the massive industrial venture.