Bayo Ojulari
By Olayiwola Mercy
The Nigerian National Petroleum Company (NNPC) is planning to increase its stake in the Dangote Refinery from 7.2% to 20%, according to Bayo Ojulari, NNPC’s Group Chief Executive Officer. This move aims to strengthen Nigeria’s domestic refining capacity and reduce dependence on imported fuel. The Dangote Refinery, Africa’s largest oil refinery, has struggled with competition from cheap imports since its launch last year.
Ojulari made the announcement at the Abu Dhabi International Petroleum Exhibition and Conference 2025, highlighting NNPC’s commitment to transparency and accountability as it prepares for a long-anticipated initial public offering (IPO). The IPO is mandated by the Petroleum Industry Act, which requires NNPC to transition to a publicly listed company. NNPC has already begun publishing its monthly performance reports since May 2025 to build public trust and accountability.
The increased stake would represent a 13% rise from NNPC’s current holding and aligns with the company’s long-term strategy to deepen local participation in the energy value chain and ensure national energy security. Industry analysts believe that once the Dangote Refinery reaches full capacity and NNPC completes its rehabilitation program, Nigeria could finally achieve self-sufficiency in refined petroleum products.
NNPC’s refineries in Port Harcourt, Warri, and Kaduna have remained inactive despite significant investments, forcing Nigeria to rely heavily on imported petroleum products. The company is seeking technical equity partners to revive these refineries and support its long-term domestic refining goals. Aliko Dangote, President of the Dangote Group, recently revealed plans to list 5-10% of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar businesses.
