The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to increase its stake in the Dangote Refinery from 7.2% to 20%. This move is part of the state-owned firm’s strategy to deepen its participation in Nigeria’s energy value chain. NNPCL’s Group Chief Executive Officer, Bayo Ojulari, disclosed this information during the Abu Dhabi International Petroleum Exhibition and Conference 2025.
According to Ojulari, the company is working towards expanding its ownership in the Dangote Refinery, which is a significant development in Nigeria’s oil and gas sector. This move is seen as a strategic decision to increase NNPCL’s involvement in the country’s energy industry. The Dangote Refinery, owned by Aliko Dangote, is a major player in Nigeria’s petroleum sector, and NNPCL’s increased stake is expected to have a positive impact on the industry.
Recently, Aliko Dangote stated that NNPCL could expand its stake in the refinery, but only after the refinery had demonstrated its capabilities to the company. This condition suggests that the refinery’s performance will be a key factor in determining the success of NNPCL’s investment. The increased stake is expected to be a win-win for both parties, as it will not only benefit NNPCL but also provide the Dangote Refinery with the necessary support to operate efficiently.
In a related development, NNPCL’s retail outlets in Abuja have reduced their petrol pump price to N945 per liter, down from N955, following improvements in supply glitches at the Dangote Refinery. This price reduction is a welcome relief to consumers, who have been facing high fuel prices in recent times. The easing of supply chain issues at the refinery is a positive sign, indicating that the company is taking steps to address the challenges facing the industry.
The move by NNPCL to increase its stake in the Dangote Refinery is significant, as it highlights the company’s commitment to Nigeria’s energy sector. The development is expected to have far-reaching implications for the industry, including increased investment, job creation, and improved efficiency. As the energy landscape in Nigeria continues to evolve, the partnership between NNPCL and the Dangote Refinery is likely to play a crucial role in shaping the country’s energy future. With the increased stake, NNPCL is poised to deepen its participation in the energy value chain, which is expected to have a positive impact on the industry and the economy as a whole.