… Ojulari says NNPC’s 7.25% stake in Dangote Refinery aligns with downstream growth goals
Dangote to sell refinery shares to Nigerians by June–July, assures dividends in Naira or US$
Oredola Adeola
The Nigerian National Petroleum Company(NNPC) Limited has pledged to deepen its operational and commercial partnership with Dangote Refinery, reaffirming a shared commitment to advancing Nigeria’s energy future by unlocking synergies across assets, infrastructure, capital, and markets.
Engr. Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, disclosed this on Saturday while leading a management delegation to a facility tour of the Dangote Refinery and Petrochemical Complex in Ibeju-Lekki, Lagos State, for high-level discussions.
The engagement culminated in a renewed commitment to strategic collaboration between the two focusing on strengthening their operational and commercial relationship.
Engr. Ojulari commended Aliko Dangote, President of the Dangote Group, for his vision and resilience in delivering the 650,000 barrels-per-day refinery, describing it as a landmark project that positions Nigeria as a major downstream hub in Africa.
He characterised the strategic alliance as one that will unlock synergies across assets, infrastructure, capital, and markets, while also providing clearer visibility into all NNPC–Dangote business engagements.
He further highlighted the expansive potential of the partnership, noting significant opportunities for both organisations to extend cooperation into upstream operations as well as trading, shipping, and gas supply activities.
According to him, although the NNPC currently holds a 7.25 per cent equity stake in the Dangote Refinery, the investment is considered strategic and aligned with its downstream growth objectives.
He added that both companies see substantial opportunities to expand collaboration across upstream operations as well as trading, shipping, and gas supply segments, reinforcing their joint commitment to a long-term partnership and national development.
Ojulari also expressed appreciation to Bola Tinubu for his leadership in the oil and gas sector, citing policy clarity, investor-friendly reforms, and a strong commitment to sectoral transformation that has boosted investor confidence and created an enabling environment for large-scale partnerships.
Alhaji Dangote in his remarks, said Nigerians stand to benefit directly from the collaboration, as the synergy between the Dangote Group and NNPC Ltd. will deliver economies of scale and unlock value across markets.
He also noted that average Nigerian will have the opportunity to purchase shares in his refinery within the next four to five months, with dividends payable in either Naira or US$.
According to him, Ojulari is not just a guest, he’s a shareholder, saying, “The NNPC invested in us even when we were not sure whether the refinery would be successful. That shows the level of confidence.”
Both parties reaffirming their resolve to deepen cooperation in pursuit of shared goals, including strengthening energy security, driving industrial growth, and delivering value to citizens.
