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Aliko Dangote, the President of Dangote Group, has revealed new conditions for the Nigerian National Petroleum Company Limited (NNPCL) to increase its share in his 650,000-barrel-per-day petroleum refinery.
However, he emphasized that this would only occur after Dangote Refinery demonstrates its capabilities to NNPCL.
Dangote made this statement during a recent interview with S&P Global Commodity Insights.
“The door remains open for the Nigerian National Petroleum Company to enhance its stake after the state oil company reduced its interest to 7.2 percent, but not before the next phase of growth is well underway,” he said.
Reiterating the importance of listing the refinery on the Nigerian Exchange Limited, Dangote expressed his desire to maintain only a 70 percent stake.
“We do not wish to hold more than 65-70 percent.”
In 2024, NNPCL announced that it had reduced its shares in Dangote Refinery to 7.2 percent, down from 20 percent.
The former spokesperson for NNPCL, Olufemi Soneye, indicated that the state-owned company lowered its stake in Dangote Refinery to invest in compressed natural gas.
Meanwhile, Dangote Refinery recently faced an operational setback that caused a disruption in fuel supply, according to a report from Bloomberg.
Petroleum product marketers have recently reported issues with the non-supply of petrol after paying billions to Dangote Refinery.
What are the new conditions for NNPCL to increase its stake in Dangote Refinery?
Aliko Dangote stated that NNPCL can increase its stake only after Dangote Refinery has demonstrated its capabilities.
What percentage of stake does NNPCL currently hold in Dangote Refinery?
NNPCL currently holds a 7.2 percent stake in Dangote Refinery, reduced from 20 percent.
What operational issues has Dangote Refinery encountered recently?
Dangote Refinery recently experienced an operational setback that led to disruptions in fuel supply.
