Alhaji Aliko Dangote, President of the Dangote Group, has said the company rejected attempts by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery. He explained this during an interview with the CEO of the Norwegian Sovereign Wealth Fund, Nicolai Tangen.

Dangote said the decision was tied to plans to eventually list the refinery publicly and allow more Nigerians to own shares. He added that despite earlier agreements giving NNPC a larger stake, the national oil company ultimately retained only 7.25 per cent after failing to complete payment for additional shares.

He also highlighted the refinery’s growing output, noting that domestic supply and exports have increased significantly, especially amid global disruptions in the oil market. Dangote further stated that future investors in the group’s businesses would receive dividends in dollars due to the company’s strong export earnings.