President of the Dangote Group, Aliko Dangote, has revealed that his company turned down attempts by the Nigerian National Petroleum Company Limited to acquire more shares in the Dangote Petroleum Refinery.
Dangote disclosed this during an interview with the Chief Executive Officer of Norway’s Sovereign Wealth Fund, Nicolai Tangen.
According to the billionaire businessman, the decision was taken because the company plans to open up ownership of the refinery to more Nigerians through a public listing.
The national oil company currently holds a 7.25 per cent stake in the $20bn Lekki refinery after purchasing the shares for about $1bn in 2021. Under the original arrangement, the NNPC had the option of increasing its stake to 20 per cent before the deal later changed.
Speaking during the interview, Dangote said the company deliberately rejected fresh moves by the NNPC to buy additional shares.
“The national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it,” he said.
Dangote also identified policy inconsistency as one of the biggest threats facing businesses in Nigeria. He warned that sudden government policy changes remain a major concern for investors and large-scale industrial projects.
While discussing possible risks to his business empire, the industrialist said instability and unfavourable government decisions could negatively affect investments.
“Actually, if there are civil wars, which is not in the offing at all. The other biggest risk is government inconsistencies in policies,” he stated.
The comments come amid growing influence of the Dangote refinery in Nigeria’s downstream oil sector. Industry data for the first quarter of 2026 showed a sharp rise in petrol supply from the refinery, while fuel imports into the country dropped significantly.
The refinery reportedly supplied over three billion litres of petrol within the first three months of the year as local refining activities expanded.
The development has further strengthened the refinery’s position as Nigeria pushes to reduce dependence on imported petroleum products.
Dangote also disclosed that investors in his businesses may soon begin receiving dividends in dollars due to the company’s growing export earnings.
According to him, the group expects nearly 80 per cent of its revenue to come from foreign exchange earnings through exports from its cement, petrochemical, fertiliser and refinery businesses.
“What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, in fertiliser, we guarantee to pay you a dividend in dollars because we are very well into exports,” he said.
He further explained that the refinery project received support from several financial institutions after the company faced challenges linked to naira devaluation during construction.
Dangote listed financial institutions including Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank and UBA among lenders that supported the project.
The businessman noted that although the refinery project faced major financial and operational hurdles, the final outcome exceeded expectations.
Recall that Dangote had earlier disclosed in 2024 that the NNPC’s actual ownership in the refinery stood at 7.25 per cent and not 20 per cent as widely believed.
At the time, he explained that the national oil company failed to complete payment for the remaining shares before deciding to retain only the portion already paid for.
The latest revelation is expected to reignite discussions around ownership structure, transparency and private sector participation in Nigeria’s oil and gas industry.
