Dangote Rejects NNPC’s Offer to Increase Stake in the Refinery

Aliko Dangote, head of the Dangote Group, said the company declined the Nigerian National Petroleum Company Limited’s proposal to raise its 7.25 percent ownership of the Dangote Petroleum Refinery.

He made the statement in an interview with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, adding that the refinery intends to go public so that more Nigerians can acquire shares.

The billionaire also highlighted policy inconsistency and potential civil unrest as significant risks to businesses, emphasizing that stable government policies are essential for industrial development.

“Actually, if there were civil wars, which is not in the offing at all. “The other biggest risk is government inconsistencies in policies, and we are addressing that one because if you look at our refinery, 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.”

He added that shareholders will receive dividends in US dollars. “What we are announcing is that when you invest in any of our businesses going forward, in cement or in the refinery, in petrochemicals, or in fertiliser, 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,” he said.

He noted that the refinery project has backing from institutions including Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, UBA, Standard Bank of South Africa, and Standard Chartered Bank.

Dangote also recalled divesting his properties in the United States and the United Kingdom to concentrate entirely on operations in Nigeria.

“When I decided to go into the industry, you know what I did? I sold all my properties in the US. I had two houses in the US, big mansions, and I had a house in the UK. I wanted to really sit in Nigeria and concentrate. “You know, sometimes when you own a holiday home anywhere, you have to create that time to go and use that property. So, now my life is very simple. Wherever I go, I use hotels; I pay. When I leave, nobody will call me and say I have a burst pipe or something is wrong. So I’m committed to what I do, and I just don’t do things; I always create a vision.”

“It’s just like now; we created a vision for 2030. So, I know I have a target to meet. I just don’t do business. All my businesses are targeted,” he said.

Explaining his investment philosophy, Dangote said, “I first look at what we need as a people. What is it that we are supposed to be producing, and what are we importing? So we do what you call ‘