The President of the Dangote Group, Alhaji Aliko Dangote, has confirmed that the group rejected requests by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote made this known in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, monitored on Wednesday.
According to Dangote, the NNPCL’s offer to increase its stake was turned down because the refinery is preparing to go public, and the group intends to give ordinary Nigerians the opportunity to own shares in the plant through the planned stock market listing.
Dangote has however left the door open under strict conditions. “The door remains open for NNPCL to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway,” he said.
He further emphasised that he is only interested in retaining a controlling 65 to 70 per cent stake to maintain private sector efficiency and accountability.
With the IPO expected to open for public subscription as early as August 2026 and a target valuation of between $40 billion and $50 billion, the Dangote Refinery IPO is on track to be the biggest initial public offering in African capital market history, with shares to be listed on the Nigerian Exchange.
