NNPC Urged to Revive Refineries After Dangote Snub

Chinedu Ukadik, a spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), has urged the Nigerian National Petroleum Company (NNPC) to prioritize the revival of its own refineries rather than seeking to increase its stake in Dangote's refinery. This statement follows Dangote Group's rejection of NNPC's request to raise its ownership from 7.25% to 20% in the Dangote refinery, which is valued at $20 billion.

During an interview, Nicolai Tangen, Chief Executive Officer of the Norwegian Sovereign Wealth Fund, noted that NNPC's attempt to invest in Dangote's refinery is questionable given the poor state of its own refineries in Port Harcourt, Warri, and Kaduna, which remain largely inactive despite significant investments for rehabilitation. NNPC's current stake in Dangote's refinery is 7.25%, which it acquired for $1 billion in 2021.

The company has until June 2024 to fulfill its financial obligations related to this stake.