President of the Aliko Dangote has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) attempted to raise its equity stake in the Dangote Petroleum Refinery, but the proposal was turned down as the group moves to widen ownership participation.
Speaking on the development, Dangote said the decision was intentional and tied to a broader plan to open the refinery to more investors rather than concentrate ownership.
“We are the ones that said no; we want to now spread it and have everybody be part of it,” Dangote said.
He explained that while NNPCL already holds a 7.25 per cent stake in the refinery, the group is not looking to increase that position at this stage.
According to him, the refinery is being positioned for broader market participation, including a potential public listing that would allow more Nigerians to own shares in the asset.
“The national oil company already owns 7.25 per cent, and they are trying to buy more,” he added.
Dangote noted that the refinery was structured as a long-term industrial project and not a tightly held asset, stressing that future expansion in ownership would be market-driven.
Industry watchers say the stance signals a shift toward capital market participation in Nigeria’s downstream oil sector, as private refining capacity expands and state participation stabilises at minority levels.