Dangote Plans IPO for Refinery, Refuses NNPCL’s Request for Bigger Stake

In a recent interview with the CEO of a major international wealth fund, Alhaji Aliko Dangote explained why his group turned down NNPC’s bid to raise its 7.25% share in the Dangote Petroleum Refinery. He said the move supports plans to list the refinery on the stock market and allow broad Nigerian participation. Dangote noted that NNPC paid $1 billion for its initial stake in 2021 and had an option to acquire another 12.75% by June 2024, but later backed away. He added that while civil unrest is unlikely, policy inconsistency remains a key risk and underscores the importance of wider ownership among Nigerians.

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