Dangote Rejects NNPC's Bid to Increase Refinery Stake

Aliko Dangote, during an interview, disclosed that the Dangote Group has turned down a bid from the Nigerian National Petroleum Company (NNPC) to increase its stake in the Dangote Petroleum Refinery. The NNPC currently holds a 7.25% stake in the $20 billion Lekki refinery, having purchased shares for $1 billion in 2021.

Dangote stated that the company does not want to dilute ownership further, emphasizing concerns over inconsistent government policies as a significant threat to business in Nigeria. He warned that sudden changes in government policy remain a major concern for large-scale industrial projects.

The refinery is expected to supply three billion liters of petrol within the first quarter of 2026, contributing to a reduction in fuel imports. Dangote also mentioned that investors will soon start receiving dividends in dollars due to the company's growing export earnings, which are expected to account for nearly 80% of its revenue.