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The Nigerian National Petroleum Company Limited, or NNPCL, has been given new terms by Aliko Dangote, the president of the Dangote Group, to increase its ownership of his 650,000 barrel per day petroleum refinery.

But only until Dangote Refinery has demonstrated to NNPCL the plant’s capabilities will this take place, he said.

In a recent interview with S&P Global Commodity Insights, Dangote made this claim.

“The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway.”

Dangote stated that he is only interested in holding a 70% ownership, reinforcing the necessity for the refinery to be listed on the Nigerian Exchange Limited.

“We don’t want to keep more than 65-70 per cent.”

NNPCL declared in 2024 that it has reduced its ownership stake in Dangote Refinery from 20% to 7.2%.

In order to invest in compressed natural gas, the state-owned company decreased its ownership of Dangote Refinery, according to Olufemi Soneye, the NNPCL spokeswoman at the time.

According to a Bloomberg article, Dangote Refinery recently experienced an operational hiccup that caused a fuel delivery issue.

In a recent article, marketers of petroleum products complained about the lack of gasoline supply after paying Dangote Refinery billions of dollars.

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