Aliko Dangote, the President of Dangote Group, has announcedfresh conditions for the Nigerian National Petroleum Company Limited, NNPCL, toexpand its stake in his 650,000-barrel-per-day petroleum refinery. However, he said this would only happen after DangoteRefinery has proven to NNPCL what the plant can do. Dangote stated this in a recent interview with S&PGlobal Commodity Insights. “The door remains open for Nigerian National Petroleum Co.to boost its stake after the state oil company trimmed its interest to 7.2 percent, but not before its next phase of growth is well underway.” Reiterating the need for the refinery to be listed in theNigerian Exchange Limited, Dangote said he’s only interested in keeping a 70per cent stake. “We don’t want to keep more than 65-70 per cent.” In 2024, NNPCL announced that it had trimmed its shares inDangote Refinery to 7.2 per cent, down from 20 per cent. The then spokesperson of NNPCL, Olufemi Soneye, had said thestate-owned firm reduced its stake in Dangote Refinery to invest in compressednatural gas. Meanwhile, Dangote Refinery recently encountered anoperational setback, which resulted in a glitch in fuel supply, according to aBloomberg report. Petroleum product marketers had, in a recent report, complained of the non-supply of petrol after paying billions to DangoteRefinery.
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