Samuel Solomon
Founder of the Dangote Group and Africa’s wealthiest individual, Aliko Dangote, has disclosed that his conglomerate rejected a bid from the Nigerian National Petroleum Company Limited (NNPC) to purchase additional shares in the Dangote Refinery.
The decision, Dangote explained, was deliberate to open up ownership and extend investment opportunities to ordinary Nigerians.
Speaking during a recent media engagement in Lagos, Dangote said, “We turned down NNPC’s request for more shares because we want to open ownership to all Nigerians.”
Dangote disclosed this during an interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund, on Wednesday, May 13
He highlighted the refinery’s strategic importance as Nigeria’s first private mega-refinery, capable of processing 650,000 barrels of crude oil per day and potentially ending the country’s long-standing reliance on fuel imports.
NNPC, the state-owned oil giant, currently owns a 7.25 per cent stake in the $20 billion Lekki-based refinery after acquiring the shares for $1 billion in 2021, although the state oil company had initially planned to acquire a 20 per cent stake before scaling back the deal.
The refinery, which commenced operations in early 2025, has already begun supplying premium motor spirit (PMS) and other products to the domestic market, easing foreign exchange pressures on fuel subsidies. Dangote noted that the project aligns with national goals for energy security and economic diversification, projecting annual savings of up to $10 billion in import costs once fully operational.
According to Dangote, the refinery rejected the NNPC’s request for additional equity because the company plans to broaden ownership and eventually allow more Nigerians to participate through a public listing.
He explained that rather than concentrating ownership further, the company wants to spread the shares across a wider pool of investors.
“The other biggest risk is government inconsistencies in policies, and we are addressing that one because 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 also reiterated that future investors in his businesses would be able to receive dividends in foreign currency, a move expected to attract both local and foreign investors amid continued pressure on the naira.
According to him, the company’s growing export earnings across cement, fertiliser, petrochemicals, and refined petroleum products provide enough foreign exchange inflows to sustain dollar-denominated dividend payments.
“What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, in fertiliser, we guarantee to pay you a dividend in dollars because we are very well into exports. 80 per cent of our revenue will be in dollars,” he said.
Speaking further during the interview, Dangote opened up about the personal sacrifices he made while building his industrial empire in Nigeria, revealing that he sold off his luxury properties in the United States and the United Kingdom to focus fully on his businesses at home.
According to him, owning foreign properties often creates distractions and divided attention, which was why he decided to simplify his lifestyle and commit himself completely to his long-term industrial vision for Nigeria.
“When I decided to go into the industry, you know what I did? I sold all my properties in the US. I had two houses in the US, big mansions, and I had a house in the UK. I wanted to really sit in Nigeria and concentrate,” he said.
He added that he now prefers staying in hotels whenever he travels instead of maintaining private homes abroad, noting that the arrangement allows him to remain focused on achieving the targets he has set for his businesses.
