Africa’s richest man, Aliko Dangote, has laid out new conditions for the Nigerian National Petroleum Company Limited (NNPCL) to expand its stake in the $20 billion Dangote Refinery. According to Dangote, the state oil company can only increase its share after the refinery has fully demonstrated its capacity and entered the next phase of growth.

Speaking in an interview with S&P Global Commodity Insights, Dangote revealed that while the “door remains open” for NNPCL to raise its interest beyond the current 7.2%, it would only happen once the refinery’s operations have been fully proven. He emphasized that the focus now is on stabilizing output and achieving consistent production levels.

Dangote also reiterated his intention to list the refinery on the Nigerian Exchange Limited (NGX) in the near future, but clarified that he plans to retain between 65% and 70% ownership. “We don’t want to keep more than 65–70 per cent,” he said, highlighting his vision for a more publicly inclusive structure while maintaining majority control.

In 2024, NNPCL reduced its stake in the refinery from 20% to 7.2%, with its spokesperson, Olufemi Soneye, explaining that the decision was to redirect funds toward compressed natural gas (CNG) investments. The refinery, which has a capacity of 650,000 barrels per day, is one of the largest in the world and a key component of Nigeria’s plan to end fuel importation.

However, recent reports indicate that the refinery faced operational setbacks that temporarily disrupted fuel supply. According to Bloomberg, some marketers who had paid for petrol complained of non-supply, as the plant worked to resolve technical issues. Despite the hiccup, the refinery remains central to Nigeria’s energy future and Dangote’s broader industrial vision for Africa.