Africa’s richest man and President of the Dangote Group, Aliko Dangote, has revealed fresh conditions for the Nigerian National Petroleum Company Limited (NNPCL) to increase its stake in the $20 billion Dangote Refinery.

Speaking in an interview with S&P Global Commodity Insights, Dangote stated that while the door remains open for NNPCL to expand its interest in the 650,000-barrel-per-day refinery, it will only happen after the plant demonstrates its full operational capacity.

“The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway,” Dangote said.

He further explained that once the refinery’s performance and output are clearly proven, discussions about additional investment from NNPCL can resume. Dangote also emphasized his long-term vision for the refinery to be listed on the Nigerian Exchange Limited, adding that he intends to retain a 65–70% ownership stake.

“We don’t want to keep more than 65–70 per cent,” he said.

Earlier in 2024, NNPCL reduced its stake in the Dangote Refinery from 20% to 7.2%. The company’s spokesperson at the time, Olufemi Soneye, explained that the decision was made to redirect funds into compressed natural gas (CNG) investments.

Meanwhile, the refinery recently faced an operational setback that caused temporary disruptions in fuel supply, according to a Bloomberg report. Petroleum product marketers had also expressed concerns over delays in petrol deliveries despite making significant payments to the facility.

The Dangote Refinery, once fully operational, is expected to transform Nigeria’s energy landscape, reduce fuel imports, and position the country as a key refining hub in Africa.