Dangote turns down NNPC bid to raise refinery stake.

Dangote Group President Alhaji Aliko Dangote has revealed that his group rejected requests by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery, saying the company plans to go public and open ownership to ordinary Nigerians.

Dangote disclosed this during an interview with Nicolai Tangen, Chief Executive Officer of the Norwegian Sovereign Wealth Fund.

“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.

He also announced that future investors in the group’s businesses, spanning cement, the refinery, petrochemicals, and fertiliser, would receive dividends in dollars. “We guarantee to pay you a dividend in dollars because we are very well into exports. 80 per cent of our revenue will be in dollars,” Dangote said.

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The billionaire also disclosed that the refinery is now operating above its nameplate capacity at 661,000 barrels per day and has been a direct beneficiary of the US-Iran war, which has driven up global energy prices. Fertiliser prices, he said, have jumped from $400 to $850 per tonne, while polypropylene has risen from $900 to about $3,000.

“The effect of the war on our businesses is more beneficial than a downside. Our aviation fuel is oversold till the middle of July, and we’re producing 20 million litres of jet fuel a day,” Dangote said.

He also outlined an ambitious target of $100bn in revenue by 2030, backed by a planned $45bn investment injection. “Our target is to get to $100bn by 2030, with a market valuation of maybe more than $250bn,” he stated.

Meanwhile, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that petrol supply from local refineries surged to 3.18 billion litres in the first quarter of 2026, a 59.2 per cent jump from 1.99 billion litres in the same period of 2025, while imports fell sharply by 60.2 per cent to 965.52 million litres. Local refining now accounts for 76.7 per cent of Nigeria’s total petrol supply.