LAGOS, Nigeria — The President of the Dangote Group, Aliko Dangote, has officially rejected a request by the Nigerian National Petroleum Company Limited (NNPC) to increase its equity stake in the 650,000 barrels per day Dangote Petroleum Refinery.
The state-owned oil firm originally saw its shareholding drop from 20% down to 7.25% after failing to fulfill its initial financial funding commitments. Following recent moves by the NNPC to buy back into the multi-billion-dollar facility, Dangote firmly locked the door on the proposal.Speaking on the development, Dangote explained that the company intends to secure its future by going public.
He noted that instead of allowing a single corporate entity to expand its control, the refinery will offer its shares to the public. This strategy will grant everyday Nigerians a unique opportunity to own a piece of Africa’s largest energy infrastructure hub.
The refinery has already transitioned Nigeria into a net exporter of refined petroleum products. It currently handles massive domestic fuel supplies while cutting down national dependence on foreign fuel imports.
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