The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, says the firm is working to increase its equity in the Dangote Petroleum Refinery to 20 percent.
According to Reuters, Ojulari made the disclosure on Tuesday at the ADIPEC Energy Conference in Abu Dhabi, United Arab Emirates (UAE).
In September 2021, NNPC initially proposed acquiring a 20 percent stake in the refinery for $2.76 billion. However, in July 2024, Aliko Dangote, the refinery’s founder, revealed that the national oil company’s stake had been reduced to 7.2 percent.
The renewed push to expand its stake comes as NNPC’s own refineries remain non-operational. In October, the company announced that it had begun a comprehensive technical and commercial review of its refineries in Warri, Port Harcourt, and Kaduna.
Speaking further at the conference, Ojulari said NNPC has been prioritizing transparency in its operations as it prepares for its initial public offering (IPO).
“The IPO journey is by law. The PIA (Petroleum Industry Act) prescribes for NNPC to journey towards achieving IPO. It’s not an option for us,” he said.
He added that the process had necessitated stronger accountability and openness within the company.
“We have begun to publish our monthly performance since May this year and that has continued,” Ojulari stated.
According to its latest monthly financial summary, NNPC reported a profit after tax (PAT) of ₦216 billion for September, with total revenue of ₦4.26 trillion — an 8.39 percent decline from ₦4.65 trillion recorded in August.