Dangote Turns Down NNPC Bid for Bigger Stake in $20bn Refinery

Aliko Dangote rejected a fresh NNPC request to raise its share above 7.25 per cent. He says the decision will let more Nigerians take part in the refinery’s planned public listing. NNPC paid $1bn for a 7.25 per cent stake in 2021 and held an option to buy another 12.75 per cent by mid-2024. It chose not to exercise that option. The Lekki refinery currently processes 650,000 barrels per day, making it Africa’s largest. Plans are under way to boost capacity to 1.4 million barrels per day. Recent geopolitical tensions between the US and Iran have pushed up global oil prices and driven stronger demand for Nigeria’s refined exports.

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