President of the Dangote Group, Aliko Dangote, has revealed that his company rejected attempts by the Nigerian National Petroleum Company Limited (NNPCL) to increase its ownership stake in the Dangote Petroleum Refinery, saying the decision was aimed at opening future participation to ordinary Nigerians and global investors.
Dangote made the disclosure on May 14, 2026, during an interview in which he explained that the refinery’s long-term vision includes a public listing that would allow broader investor participation rather than concentrating ownership in a few institutions.
He said the company wants Nigerians to have the opportunity to own shares in what is regarded as Africa’s largest refinery.
NNPCL currently holds a 7.25 percent stake in the refinery after previously reducing its planned ownership from 20 percent.
Reports indicate that the state oil company had sought to raise its shareholding again as the refinery expands operations and strengthens its position in Nigeria’s fuel supply market.
Dangote noted that plans are underway for a future public offering of refinery shares, insisting that wider ownership would create transparency, deepen local participation, and strengthen investor confidence in the project.
The Dangote Refinery, located in Lekki, Lagos State, has become central to Nigeria’s energy sector following the gradual reduction in petrol imports and increased domestic refining capacity since operations commenced. Starnews.
