LAGOS, NIGERIA — The President of the Dangote Group, Alhaji Aliko Dangote, has confirmed that the group turned down an offer from the Nigerian National Petroleum Company Limited (NNPC Ltd) to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote disclosed that the proposal from the state-owned oil company was declined as the refinery continues to operate under its existing ownership and investment structure.
The development comes amid growing attention on Nigeria’s refining capacity and efforts to strengthen domestic fuel production.
The Dangote Petroleum Refinery, located in the Lekki Free Zone in Lagos, is one of the largest single-train refineries in the world and a major industrial project in Africa.
Industry analysts say the refinery is expected to significantly reduce Nigeria’s dependence on imported petroleum products once fully stabilized.
The refusal to expand NNPC’s stake highlights ongoing strategic decisions around ownership control and investment direction in the multibillion-dollar facility.
Officials familiar with the matter say discussions between both parties were part of broader engagements on collaboration within Nigeria’s downstream petroleum sector.
However, Dangote maintained that the current structure remains unchanged following the rejection of the offer.
The NNPC Ltd has previously held a minority stake in the refinery as part of efforts to support domestic refining capacity and energy security.
Energy experts note that partnerships between private investors and state oil corporations are common in large-scale refinery projects worldwide.
Nigeria continues to face challenges in its petroleum sector, including fuel import dependence, subsidy pressures, and foreign exchange constraints.
The Dangote Refinery is widely seen as a key project aimed at addressing long-standing inefficiencies in the country’s downstream oil industry.
Analysts say the refinery’s full operational capacity could have significant implications for fuel pricing, supply stability, and export potential.
Despite the rejected offer, observers believe collaboration between both entities may continue in other areas of the energy value chain.
The development also reflects broader debates about the role of government participation in large private-sector infrastructure projects.
Stakeholders are closely watching how the refinery’s operations evolve as it scales production and expands distribution across domestic and international markets.
Attention now shifts to future engagements between Dangote Group and NNPC as Nigeria’s energy sector undergoes continued reforms and restructuring.
