By Our Correspondent
National News – President of the Dangote Group, Aliko Dangote, has revealed that the company rejected attempts by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote disclosed this during an interview with Norwegian Sovereign Wealth Fund CEO, Nicolai Tangen.
He explained that the refinery plans to go public so more Nigerians can own shares in the company.
The billionaire businessman also stated that the refinery is currently operating above its 650,000 barrels-per-day capacity.
According to him, the facility recently processed about 661,000 barrels of crude oil daily.
Dangote said the NNPC initially planned to acquire a 20 per cent stake in the refinery in 2021.
However, the oil company later reduced its ownership to 7.25 per cent after failing to complete payment before the June 2024 deadline.
He explained that the company turned down fresh requests for additional shares because it wants ordinary Nigerians and private investors to participate in the business.
Speaking on challenges facing businesses in Nigeria, Dangote identified policy inconsistency as one of the biggest risks.
He added that the refinery’s operations have significantly reduced the country’s dependence on imported petrol.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that local refineries supplied about 3.18 billion litres of petrol in the first quarter of 2026.
Petrol imports reportedly dropped to 965.52 million litres within the same period.
The report also indicated that the refinery generated over ₦3.2tn worth of petrol supply during the review period.
Average ex-depot prices were estimated at about ₦1,000 per litre.
Dangote further stated that tensions involving the United States and Iran boosted global demand for fuel, fertiliser, and petrochemical products.
He said the development increased exports from the refinery.
On expansion plans, Dangote disclosed that the company aims to increase refining capacity to 1.4 million barrels per day within the next 30 months.
He added that the group is targeting $100bn in revenue by 2030.
