Dangote Rejects NNPC Bid for Bigger Refinery Stake, Eyes Public Ownership
Dangote disclosed this during an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, monitored on Wednesday.
According to him, the decision to reject the NNPC’s request was driven by plans to eventually list the refinery publicly and allow more Nigerians to own shares in the facility.
The NNPC had acquired a 7.25 per cent stake in the refinery for $1bn in 2021, with an option to purchase an additional 12.75 per cent stake before June 2024. However, the state oil company later backed out of the arrangement.
Dangote said the national oil company made fresh moves to acquire more shares in the refinery, but the proposal was declined.
Speaking on possible threats to his businesses, Dangote identified civil unrest and inconsistent government policies as major risks.
“Actually, if there are civil wars, which is not in the offing at all. The other biggest risk is government inconsistencies in policies,” he said.
He added that the refinery’s ownership structure is being designed to accommodate broader participation from Nigerians rather than increased control by a single institution.
“If you look at our refinery, 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,” Dangote stated.
