Aliko Dangote says he rejected an offer from NNPC Limited to increase its stake in the Dangote Petroleum Refinery. In comments reported by Nigerian media, Dangote argues that the refinery’s ownership should be spread across more participants rather than concentrated in a single institution. He says the national oil company already holds 7.25% of the refinery and that the company’s efforts to buy additional shares were not accepted. Dangote also links the issue to broader concerns about policy consistency, stating that government policy changes pose a key risk and that such inconsistencies need to be addressed. He adds that his preferred approach is to attract additional investors so ownership is broader.
Premium Times frames Dangote’s position as part of a strategy to widen participation and bring in more stakeholders connected to the refinery, which has been described by the outlet as a $20 billion project. Vanguard similarly reports that Dangote said “no” to NNPC’s attempt to increase its stake and emphasizes the goal of distributing ownership.
