Aliko Dangote has confirmed that the Dangote Group turned down a request from the Nigerian National Petroleum Company Limited (NNPC) to increase its current 7.25% stake in the 650,000-barrel-per-day refinery.
The decision aims to ensure a wider spread of ownership, as the billionaire plans to take the company public to allow everyday Nigerians to own shares in the multi-billion-dollar plant.
New data shows the refinery supplied 3.18 billion litres of petrol in Q1 2026, accounting for 76.7% of Nigeria’s total supply and causing fuel imports to plummet by over 60%.
In an interview with the CEO of the Norwegian Sovereign Wealth Fund, Aliko Dangote revealed that the NNPC sought to expand its influence in the Lekki-based refinery but was rebuffed to preserve the company’s vision of broad-based private ownership.
According to reports, NNPC currently holds a 7.25% stake, valued at $1bn in 2021, after failing to pay the balance required to maintain its original 20% agreement.
Dangote emphasized that the refinery is now a “dollar-generating” powerhouse, guaranteeing future shareholders dividends in USD due to a massive surge in refined product exports. The refinery’s impact on Nigeria’s energy security is becoming undeniable.
Between January and March 2026, the plant supplied over ₦3.2tn worth of petrol to the domestic market, helping to stabilize supply even as the global oil market faces turbulence from the ongoing US-Iran conflict.
Interestingly, Dangote noted that the geopolitical crisis has actually been “beneficial” to the group’s bottom line, with fertiliser prices doubling and aviation fuel being “oversold” through mid-July.
Despite the operational success, Dangote warned of “mafias”, shippers, traders, and local beneficiaries of the former subsidy regime, who have attempted to sabotage the refinery’s progress.
To counter these risks and secure long-term growth, the group is targeting $100bn in revenue by 2030 and plans to expand the refinery’s capacity to 1.4 million barrels per day within the next 30 months.
To focus entirely on this vision, the mogul even revealed he sold his luxury mansions in the US and UK to settle permanently in Nigeria, stating, “I wanted to really sit in Nigeria and concentrate.”
