Dangote Rejects NNPCL's Bid to Increase Refinery Stake

Aliko Dangote, Chief Executive Officer of Dangote Group, disclosed that he rejected a request from the Nigerian National Petroleum Company Limited (NNPCL) to increase its stake in Dangote Petroleum Refinery from 7.25% to a higher percentage. NNPCL had acquired the 7.25% stake in 2021 for $1 billion, with an option to acquire the remaining 12.75% stake by June 2024.

Dangote explained that the rejection was due to his company's plans to go public, which would allow Nigerians the opportunity to own shares in the refinery. In an interview with Nicolai Tangen, Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Dangote mentioned that the biggest risk to his business was inconsistent government policies.

He also noted that his company has received substantial support from various financial institutions, including Nigerian banks, to fund the construction of the refinery.