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BUSINESS: NNPC Eyes 20% Stake In Dangote Refinery

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The Nigerian National Petroleum Company Limited on Tuesday disclosed plans to raise its equity stake in the $20bn Dangote Petroleum Refinery to 20 per cent, as part of efforts to strengthen Nigeria’s domestic refining capacity and consolidate its position in the downstream oil sector.

The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025. Ojulari said the move aligns with NNPCL’s long-term strategy to deepen local participation in the energy value chain and ensure energy security.

“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said as reported by Reuters.

His remarks come just weeks after the President of the Dangote Group, Aliko Dangote, revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar subsidiaries.

“Within the next year, the refining business will list five per cent to 10 per cent of its shares on the Nigerian stock exchange,” he said, mirroring a playbook established by the group’s cement and sugar businesses. We don’t want to keep more than 65 per cent to 70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said. This move would represent a fresh investment of almost 13 per cent above its current 7.2 per cent stake.

The announcement also comes on the heels of NNPC’s ongoing search for technical and equity partners to revive its three dormant state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation funding, the refineries have remained idle, forcing the country to rely heavily on imported petroleum products.

It is believed that if the Dangote refinery reaches full operational capacity and NNPCL completes its refinery rehabilitation programme, Nigeria could finally achieve self-sufficiency in refined petroleum products, a goal that has eluded Africa’s biggest crude producer for decades.

Ojulari further noted that the state-owned oil company had made significant progress in enhancing transparency across its operations as it prepares for its much-anticipated initial public offering.

“The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us,” the NNPC boss noted. “Since May this year, we have started publishing our monthly performance reports, and that has continued as part of our efforts to build public trust and accountability.”

With the company’s IPO plans still in view, Ojulari said NNPC was positioning itself as a globally competitive energy company driven by efficiency, transparency, and profitability. “We are building an institution that Nigerians can be proud of, one that is commercially driven, transparent, and ready to compete globally,” he said.

✅ Rephrased News Report

BUSINESS: NNPC Eyes 20% Stake In Dangote Refiner

The Nigerian National Petroleum Company Limited has announced plans to increase its equity share in the $20bn Dangote Petroleum Refinery to 20 per cent, a move aimed at boosting domestic refining capacity and strengthening its position in the downstream oil and gas sector.

Group Chief Executive Officer of NNPC, Bayo Ojulari, made the announcement during the Abu Dhabi International Petroleum Exhibition and Conference 2025. He explained that the decision aligns with the company’s long-term objective to expand Nigeria’s participation in the energy industry and ensure sustained energy security.

According to Ojulari, “The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” as reported by Reuters. His statement follows recent developments regarding ownership plans for the facility.

Only weeks earlier, Dangote Group President, Aliko Dangote, disclosed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange in the next year. He said the move follows the model used for the group’s cement and sugar companies.

Dangote explained, “Within the next year, the refining business will list five per cent to 10 per cent of its shares on the Nigerian stock exchange,” adding that his group intends to retain between 65 and 70 per cent ownership. He noted that the remaining shares would be offered gradually based on market demand. “I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said.

The development coincides with NNPC’s efforts to secure technical and equity partners for the rehabilitation of its non-operational refineries in Port Harcourt, Warri, and Kaduna. Despite considerable investment over the years, the refineries have remained idle, leaving Nigeria dependent on imported fuel.

Industry observers believe that achieving full operation at the Dangote refinery, combined with successful rehabilitation of NNPC’s refineries, could finally lead Nigeria to self-sufficiency in refined petroleum products — an objective that has long been unattained.

Ojulari also highlighted advancements in transparency as NNPC moves toward a public listing. He noted that the transition to a publicly listed company is mandated by law under the Petroleum Industry Act. “The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us,” he said.

He added that NNPC has been publishing monthly performance reports since May as part of efforts to enhance accountability. With its IPO plans progressing, Ojulari stated that NNPC is positioning itself for global competitiveness. “We are building an institution that Nigerians can be proud of, one that is commercially driven, transparent, and ready to compete globally,” he said.

BIG STORY

Heavily Pregnant Woman Cooking For Bandits Arrested in Abuja

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The Federal Capital Territory Police Command has arrested five suspects linked to a kidnapping and banditry network operating on the outskirts of Abuja, including a heavily pregnant woman who served as a cook and logistics supplier for the criminal gang and their hostages.

The FCT Commissioner of Police, Ahmed Sanusi, while parading the suspects before journalists in Abuja on Monday, said the arrests followed a clearance operation at the Byazin area of the FCT on June 11, 2026, during which some bandits were arrested, others were neutralised, and victims were rescued.

According to him, the woman, identified as Hauwa Shafiu, was heavily pregnant at the time of her arrest but had continued to supply food and logistics to the gang and their captives.

“As a follow-up to that operation, upon further engagements, we stormed a suspected bandits’ and kidnappers’ hideout within the same area and arrested some suspects.

“One of the suspects, Shafiu, operates as a logistics supplier and cook for the criminal gang and their hostages. She was heavily pregnant at the time of her arrest, even though her pregnancy did not deter her from continuously committing this heinous crime,” the commissioner said.

He added that upon her arrest, he ordered that she be taken to a hospital, where she subsequently gave birth.

“The baby is sound and safe. She too is sound. We have provided every medical need while we watch her recuperate,” he said, noting that she remained in the police clinic.

Other suspects arrested are Yahaya Abdullahi, Muhammed Yunusa, and Shamsudeen Mustapha.

Speaking on them, Sanusi said preliminary investigations revealed that the suspects were part of a criminal network involved in kidnapping and banditry within and around the FCT and had strategically embedded themselves inside a local community located approximately one kilometre from the territory’s boundary.

“The group had infiltrated and integrated into a local community just about one kilometre away from the FCT itself, enabling them to gather intelligence and coordinate repeated attacks on targeted persons and locations,” the commissioner said.

He said exhibits recovered from the suspects included four motorcycles, 31 pieces of 500mg tramadol tablets, 10 pieces of 50mg tramadol tablets, five phones, one POS machine, cooking utensils, and N320,000 cash.

The commissioner said the cash was part of the proceeds from a recent kidnapping ransom.

“According to the confession of one of the suspects, the N320,000 was his share of a N7 million ransom paid to the kidnappers,” he revealed.

He also disclosed that a suspect confessed to having dispatched a motorcycle to help two fleeing bandits escape during the June 11 operation — confirming that two persons who evaded arrest that day had been assisted from within the network.

He said Mustapha was an active drug supplier to the bandit network.

The commissioner announced that the command, in collaboration with the FCT Administration, would demolish the identified hideouts of the suspects.

“We have an arrangement. Since we have identified their houses, we are moving from here to go and demolish those houses in collaboration with the FCT administration. Any such houses that we continue to identify, we will continue to bring down,” he said.

He also declared several bandits wanted whose photographs had been obtained, warning that the command was prepared for confrontation.

“As they are looking for us, we are equally looking for them,” he said.

 

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Three Senators Didn’t Sign Natasha Akpoti’s Suspension Report But Found Their Names on It —- Oshiomhole

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Adams Oshiomhole, senator representing Edo North, has claimed that the signatures of at least three lawmakers were forged or improperly included on the report that recommended the six-month suspension of Natasha Akpoti-Uduaghan, senator representing Kogi central.

Oshiomhole spoke while responding to comments by Opeyemi Bamidele, the Senate leader, who described Akpoti-Uduaghan’s suspension as one of the lowest points of the 10th Senate.

Speaking in an interview on AIT, the former governor of Edo state said some senators whose names appeared on the report had privately told him they did not sign the document or endorse its recommendations.

He cited Ireti Kingibe, senator representing the Federal Capital Territory (FCT), who, according to him, expressed surprise at seeing her name listed.

“The committee does a hearing; members are expected to sign the report to endorse it. If you don’t agree, you can abstain. But some said they didn’t sign, yet their names were published,” Oshiomhole said.

“People like Senator Ireti Kingibe. She told me, ‘But I didn’t sign that report. But my name was published’”.

He suggested that attendance registers may have been misused in place of actual signatures on the report, describing the development as inappropriate.

“So, where many don’t accept the content, they could abstain from signing it because to sign is to endorse. One, two or three senators said, ‘We didn’t sign, but our names were there,” he said.

“But how? Some say maybe they attached an attendance register, which is not the appropriate thing. But that’s not my problem. If Opeyemi said so, I think you should take it seriously.”

Akpoti-Uduaghan was suspended in March 2025 following allegations of gross misconduct and unruly behaviour, linked to her persistent accusations against Senate President Godswill Akpabio.

The suspension barred her from the national assembly complex, halted her salary and allowances, and led to the sealing of her office.

 

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Air Force Officers Beat Lagos Bus Driver Dead After Minor Crash

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A 43-year-old commercial bus driver, Joseph Okpe, has died after he was allegedly beaten by a group of officers of the Nigerian Air Force following a dispute over a minor traffic incident involving their vehicle.

It was gathered that the incident occurred on May 9 along the Oshodi-Apapa Expressway, where the officers allegedly assaulted the deceased.

Details of the incident were contained in an Affidavit of Facts filed before the High Court of the Federal Capital Territory in the Maitama Judicial Division and made available to newsmen on Monday.

According to the affidavit, deposed to by the deceased’s brother, Innocent Okpe, Joseph was carrying out his duties as a commercial bus driver when he was accosted by Air Force personnel travelling in a Coaster bus with registration number GO 1–14AF.

The officers allegedly accused him of hitting their vehicle and demanded N100,000 as compensation for the damage.

When Okpe could not provide the money, the officers allegedly descended on him, repeatedly punching and battering his face and head until he nearly lost consciousness.

It was gathered that the assault only stopped after passersby and fellow commercial drivers intervened and pleaded with the officers.

According to the document, the bystanders also offered to raise N50,000 to compensate for the damage to the vehicle.

After the officers left the scene and continued their journey, Okpe was reportedly rushed to several hospitals but was allegedly denied treatment.

A source familiar with the incident, who spoke on condition of anonymity because of the sensitivity of the matter, said Okpe was eventually taken to Charing Cross Clinic in Mushin, Lagos, where he was pronounced dead at about 5pm.

“The incident happened sometime after 3pm. He was taken to several hospitals, but they refused to admit him.

“They got to the last hospital around 5pm, and he was pronounced dead there. He died the same day.

“The incident was immediately reported at the Ilasa Police Division.

“The matter is currently being handled by the State Criminal Investigation Department, Panti, Yaba, after it was transferred from the Ilasa division,” the source said.

A Medical Certificate of Cause of Death signed by Dr Okechukwu Ogboo of Charing Cross Clinic, Mushin, and dated May 13, 2026, which was obtained by PUNCH Metro on Monday, listed the primary cause of death as “severe head injury,” while the secondary cause was stated as “pulmonary failure until his death.”

Okpe leaves behind three children and a wife.

When contacted on Monday, the spokesperson for the Lagos State Police Command, CSP Abimbola Adebisi, said she would find out about the incident and provide an update on the matter.

However, she had yet to do so as of the time this report was filed.

This is not the first time Air Force personnel have been accused of assaulting civilians, including journalists carrying out their lawful duties in Lagos.

In March 2025, armed personnel from the Air Force Base in Ikeja allegedly assaulted PUNCH correspondent Dare Olawin when they stormed the headquarters of Ikeja Electric, located opposite MITV in Ikeja.

Meanwhile, when contacted on Monday over the May 9 incident, the spokesperson for the Nigerian Air Force, Air Commodore Ehimen Ejodame, neither answered calls nor responded to WhatsApp messages sent by our correspondent.

 

Credit: PUNCH

 

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