DANGOTE REJECTS NNPC’S MOVE TO ACQUIRE MORE SHARES IN REFINERY
By:.Safiya Abdulrahim Dabban
President of Dangote Group, Alhaji Aliko Dangote, has revealed that the company turned down attempts by the Nigerian National Petroleum Company (NNPC) Limited to increase its stake in the Dangote Petroleum Refinery.
Dangote disclosed this during an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, stating that the decision was taken to allow more Nigerians and investors participate in the refinery through a future public listing.
According to him, NNPC currently owns only 7.25 per cent stake in the refinery after failing to complete payment for the previously proposed 20 per cent ownership agreement. Dangote explained that the national oil company was given several extensions to pay the balance but later chose to retain only the shares already paid for.
He noted that the refinery project faced major challenges, including policy inconsistencies and economic instability, but said the company remained committed to expanding its operations and attracting more investors.
Dangote also disclosed that the refinery was financed with support from Nigerian banks and international financial institutions after the devaluation of the naira affected the company’s original funding plans.
The billionaire businessman added that the group is targeting $100 billion in revenue by 2030, with plans already underway to sell parts of the business and inject fresh investments into its operations.