Aliko Dangote has rejected requests by the Nigerian National Petroleum Company Limited to increase its 7.25 percent stake in the Dangote Petroleum Refinery, stating that the group plans to go public and give other Nigerians the opportunity to own shares. Speaking in an interview, Dangote revealed that NNPC had tried to buy more stakes but was turned down. He also disclosed that the refinery is now operating at 661,000 barrels per day, exceeding its 650,000 bpd nameplate capacity, with plans to double to 1.4 million bpd in 30 months.
Key Points:
- Rejecting NNPC's stake increase keeps the refinery open to broader public ownership.
- Operating above nameplate capacity proves the refinery's technical competence to global investors.
- Local refinery supply rose 59 percent in Q1 2026 as imports crashed 60 percent.
- Dangote's war gains include fertiliser prices doubling from 400to400to850 per tonne.
- He named a "Mafia" of traders and shippers who benefited from Nigeria's subsidy regime and tried to sabotage the refinery.
Sources: The PUNCH
