The Nigerian National Petroleum Company (NNPC) Limited says it is working to increase its equity stake in the Dangote Petroleum Refinery to 20 percent, as part of its strategic investment drive in the downstream oil sector.
Group Chief Executive Officer (GCEO) Bayo Ojulari disclosed this on Tuesday during a session at the ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates, according to a report by Reuters.
NNPC had initially proposed to acquire a 20 percent stake in the Dangote Refinery for $2.76 billion in 2021. However, in July 2024, the refinery’s founder, Aliko Dangote, revealed that the state oil company had scaled back its holding to 7.2 percent.
Ojulari’s latest comments indicate NNPC’s renewed interest in expanding its ownership in the 650,000 barrels-per-day facility — a move that comes as the company’s own refineries in Warri, Port Harcourt, and Kaduna remain non-operational.
In October, NNPC announced that it had begun a comprehensive technical and commercial review of its three refineries as part of broader rehabilitation efforts aimed at restoring domestic refining capacity.
Speaking further, Ojulari highlighted the company’s ongoing efforts to strengthen transparency and accountability as it prepares for a future initial public offering (IPO) under the Petroleum Industry Act (PIA).
“The IPO journey is by law. The PIA prescribes for NNPC to journey towards achieving IPO — it’s not an option for us,” he said.
Ojulari noted that, in line with this objective, NNPC has stepped up its financial disclosures.
“We have begun to publish our monthly performance since May this year and that has continued,” he added.
In its latest financial summary, NNPC reported a profit after tax (PAT) of ₦216 billion for September 2025, with total revenue standing at ₦4.26 trillion — representing an 8.39 percent decline from the ₦4.65 trillion recorded in August.
The company’s push to increase its stake in the Dangote Refinery underscores NNPC’s strategic focus on local refining, transparency, and corporate transformation ahead of its planned IPO
