According to a report by The Punch, President of the Dangote Group, Aliko Dangote, has revealed that the company rejected attempts by the Nigerian National Petroleum Company Limited (NNPC) to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote made the disclosure during an interview with the CEO of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, stating that the decision was taken because the refinery plans to go public, giving more Nigerians the opportunity to own shares in the company.
He explained that although the original agreement allowed the NNPC to acquire a 20 per cent stake, the national oil company only completed payment for 7.25 per cent. Dangote noted that the company later declined to purchase the remaining shares despite an extension granted until June 2024.
Dangote also highlighted concerns about government policy inconsistencies, describing them as one of the biggest risks to business operations in Nigeria.
Meanwhile, findings by The Punch
showed that petrol supply from the $20bn Lekki-based refinery rose to 3.18 billion litres in the first quarter of 2026, while fuel imports dropped significantly to 965.52 million litres during the same period.
The billionaire businessman further disclosed that investors in the group’s businesses, including cement, petrochemicals, fertiliser, and refining, would receive dividends in dollars due to the company’s growing export earnings.
Dangote also revealed that he sold off his luxury properties in the United States and the United Kingdom to focus fully on building his industrial empire in Nigeria.
He added that the refinery project received financial backing from institutions such as Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, United Bank for Africa, Standard Bank, and Standard Chartered.
