The Nigerian National Petroleum Company Limited (NNPC Ltd.) has revealed plans to increase its ownership in the $20 billion Dangote Petroleum Refinery to 20 percent, a move aimed at enhancing Nigeria’s refining capacity and reducing dependence on imported fuel.
Group Chief Executive Officer of NNPC, Bayo Ojulari, announced the plan during the 2025 Abu Dhabi International Petroleum Exhibition and Conference, noting that the investment aligns with the company’s broader strategy to expand its footprint in the downstream oil sector and promote energy security.
Ojulari said the decision reflects NNPC’s commitment to strengthening local participation across the energy value chain. “We are working toward increasing our equity in the Dangote Refinery to 20 percent,” he said.
The announcement comes shortly after Dangote Group President, Aliko Dangote, confirmed that a portion of the refinery’s shares—between 5 and 10 percent—will be listed on the Nigerian Exchange within the next year. The planned public offering is expected to follow the same model as Dangote’s cement and sugar businesses, gradually opening the refinery to more investors.
If successful, NNPC’s stake increase would represent an additional 13 percent investment beyond its current 7.2 percent holding. Industry analysts believe this partnership could accelerate Nigeria’s drive toward self-sufficiency in refined petroleum products once the Dangote facility and NNPC’s own refineries reach full capacity.
Despite several rehabilitation efforts, NNPC’s refineries in Port Harcourt, Warri, and Kaduna have remained largely inactive for years. The company continues to seek new equity and technical partners to restore operations and support its long-term domestic refining goals.
Ojulari also highlighted NNPC’s efforts to improve transparency and prepare for a future initial public offering, as mandated by the Petroleum Industry Act. “We have started publishing our monthly performance reports to build public confidence,” he said, emphasizing that the company is evolving into a profit-driven, accountable, and globally competitive energy brand.
Analysts say that with both NNPC’s and Dangote’s initiatives advancing, Nigeria could soon be closer than ever to achieving the long-sought goal of refining its own crude oil at scale.
