The President of the Dangote Group, Alhaji Aliko Dangote, has said the group rejected requests by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote stated this in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen. The interview was monitored by one of our correspondents on Wednesday.
Findings showed that petrol supply from the $20bn Lekki-based refinery rose to 3.18 billion litres in the first quarter of 2026, while imports fell sharply to 965.52 million litres.
Further findings indicated that the average domestic ex-depot petrol price from the Dangote refinery across January to March 2026 was about ₦1,000 per litre. This implies that the multi-billion-dollar plant supplied over N3.2tn worth of petrol domestically during the review period.
Also, the war between the United States and Iran, and its resultant disruption of the oil sector and other sectors, has led to increased revenue for the Dangote refinery, as the plant has raised its refined petroleum products export.
According to Dangote during the interview, the NNPC’s offer to increase its 7.25 per cent stake in the refinery was rejected because the company is planning to go public and give other Nigerians the opportunity to own shares in the plant.
It was reported that in 2021, the NNPC acquired the 7.25 per cent stake in the refinery for $1bn, with an option to acquire the remaining 12.75 per cent stake by June 2024. But the national oil firm reneged on its decision.
