President of the Dangote Group, Aliko Dangote, has revealed that his company rejected attempts by the Nigerian National Petroleum Company Limited to increase its 7.25% stake in the Dangote Petroleum Refinery.
Dangote spoke during an interview with Nicolai Tangen.
He said the refinery would eventually become publicly owned through share sales to Nigerians.
“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.”
The ₦20 billion Lagos-based refinery began fuel production in 2024 after years of construction delays and financing hurdles.
The facility remains Africa’s largest single-train refinery.
Dangote Warns About Policy Instability
Dangote also identified unstable government policies as one of the biggest threats facing businesses in Nigeria.
“The other biggest risk is government inconsistencies in policies.”
Meanwhile, he dismissed fears of civil conflict affecting operations.
“Actually, if there were civil wars, which is not in the offing at all.”
The billionaire businessman explained that the refinery received support from banks including Afreximbank, Zenith Bank, Access Bank and United Bank for Africa.
Dangote further disclosed plans to pay future investors dividends in dollars because most revenues would come from exports.
“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.”
Why Dangote Sold His UK And US Properties
Dangote said he sold his luxury homes in the United States and the United Kingdom to focus fully on Nigeria.
“I sold all my properties in the US.”
“I had a house in the UK.”
“I wanted to really sit in Nigeria and concentrate.”
He added that his businesses operate through long-term targets and industrial planning.
“We created a vision for 2030.”
“All my businesses are targeted.”
Dangote said his investment philosophy focuses on producing goods Nigeria imports through backward integration.
“We produce what the people need.”
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