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The Digest:

The Nigerian National Petroleum Company (NNPC) Limited is working to increase its stake in the Dangote Petroleum Refinery to 20 percent, a strategic move announced by Group CEO Bayo Ojulari as the state-owned refineries remain non-operational.

Key Points:
  • NNPC CEO Bayo Ojulari announced the plan at the ADIPEC conference in Abu Dhabi.
  • The company initially sought a 20% stake in 2021 for $2.76 billion.
  • The stake was later reduced to 7.2%, as confirmed by Aliko Dangote in 2024.
  • This push occurs while NNPC's own refineries in Warri, Port Harcourt, and Kaduna are idle.
  • Ojulari cited the Petroleum Industry Act (PIA) as mandating the company's journey to an IPO.
  • The company has begun publishing monthly performance reports to enhance transparency.
  • NNPC reported a N216 billion profit after tax for September 2025.
This strategic pivot reveals how a national institution navigates the storm of its own operational challenges by seeking a firmer stake in a private venture that holds the key to the nation's fuel supply stability.

Sources: The Cable