Africa’s richest man, Aliko Dangote, has indicated that the NNPC could increase its equity stake in the Dangote Petroleum Refinery in the future — even though the company’s current shareholding is substantially reduced. (Vanguard News)
Current Shareholding Situation
Dangote revealed that the NNPC’s stake in the refinery is now 7.2%, down from the originally planned 20%. The reduction was due to the NNPC’s inability to pay the remaining consideration for its equity interest. (The Telegraph Nigeria)
“Now, they only own a 7.2% stake in the refinery,” Dangote said. (Pulse Nigeria)
Possible Future Increase
In a recent interview with S&P Global, Dangote stated that the refinery aims to take on external investors and that discussions with NNPC could resume once the next phase of operations is underway.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said. (Vanguard News)
Strategic Implications
The plan signals that Dangote is opening up the refinery to a wider ownership base — possibly to raise capital and spread risk. (Nigerian News Daily)
For the NNPC, a greater stake would reinforce its role in Nigeria’s downstream sector and could support national refining ambitions.
The refinery’s expansion targets (from 650,000 barrels per day toward 1.4 million bpd) place additional pressure on investor and stakeholder alignment. (Nigerian News Daily)
What to Watch
Whether the NNPC will commit additional funds or negotiate a new equity arrangement.
How the refinery’s performance in the short term (throughput, exports, profitability) affects investor interest and stakeholder negotiations.
The regulatory and fiscal framework surrounding ownership and foreign investment in Nigeria’s downstream oil sector.
