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.

Following its recently released half-year financials, Africa’s Global Bank – United Bank for Africa (UBA) Plc, has announced its audited results for the third quarter ended September 30, 2025, where it recorded strong and impressive growth across all its key indicators.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew by 3.0 per cent to N2.469 trillion up from N2.398 trillion recorded in September last year, while its net Interest income which stood at N1.103 trillion at the end of the third quarter in 2024, rose by 6.2 per cent to N1.172 trillion in the period under consideration.

l

The bank’s financial report filed with the Nigerian Exchange Limited on Thursday also indicated a slight drop by 4.1 per cent in Profit before Tax (PBT) to N578.59 billion compared to N603.48 recorded at the end of the third quarter of 2024, while profit after tax rose by 2.3 per cent from N525.31 billion recorded a year earlier to N537.53 billion at the end of September 2025.

As in the preceding two quarters this year, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N32.492 trillion, representing a 7.2 per cent increase over the N30.323 trillion recorded at the end of December 2024, just as total deposits rose by 7.7 per cent from N24.651 trillion at the end of last year to N26.54 trillion in September 2025.

UBA shareholders’ funds remained very strong at N4.301 trillion rising by 25.8 per cent from N3.418 trillion recorded in December 2024 again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, said the bank continues to demonstrate the strength, resilience, and diversification of its business in a dynamic operating environment.

“We delivered solid performance supported by prudent balance sheet management, innovation, and a well-diversified earnings base across all our markets,” he stated.

According to him, with profit After tax rising to N538 billion, from N525 billion, the bank continues to reflect consistent earnings momentum and its commitment to sustainable growth, with strength in Nigeria, African network and global presence amidst persistent macroeconomic headwinds.

Updating shareholders and investors on its recent recapitalisation efforts, the GMD said, “I am pleased to report that we have made significant progress on our capital raising, as part of the mandated industry wide recapitalization exercise with the successful completion of the final phase II of the Rights Issue. This has strengthened our capital base and will support the continued, prudent expansion of our operations across our markets.”

Alawuba emphasised UBA’s unwavering focus on disciplined execution and strategic growth, ensuring the delivery of sustainable returns and long-term value to all shareholders.

UBA’s Executive Director, Finance & Risk, Ugo Nwaghodoh, who also spoke on the result, pointed out that the Group delivered steady growth in earnings, with gross earnings rising to N2.47 trillion, driven by a 10.1% increase in interest income and a 6.2% uplift in net interest income.

He noted that total assets grew by 7% to N32.5 trillion, supported by focused deposit mobilisation and increased investment in earning assets.

“Shareholders’ funds expanded by 26% to N4.3 trillion, underscoring the continued confidence of investors in the Group’s strategy, while capital adequacy and liquidity ratios remain well above regulatory thresholds and provide significant buffers to support continued growth,” he explained.

Speaking on the bank’s efforts to consolidate its performance for the rest of the 2025 financial year and beyond, Nwaghodoh said, “We remain focused on sustaining profitability, expanding our digital income streams, and delivering long-term value to our shareholders.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

Aliko Dangote, founder of the Dangote Group, says his petroleum refinery will expand its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd — a move that would make it the largest refinery in the world.

The billionaire industrialist announced the planned expansion at a press conference on Sunday, describing the project as a defining milestone for Africa’s industrial and energy future.

“This expansion reflects our belief in Africa,” Dangote said.
“It is also about confidence in Nigeria, in the leadership of President Bola Tinubu, in Africa, and in our capacity to shape our own energy future.”

Dangote said the expansion project, which will take three years to complete, will leverage lessons from the first phase of the refinery’s construction.

“We know now where all the dead bodies are buried, and we will try and avoid all those areas,” he said jokingly.
“Also, we already have the infrastructure, so it will take us a very short period of time.”

He said the project aligns with President Tinubu’s broader energy hub vision for Nigeria and aims to meet Africa’s growing petroleum needs while cutting dependence on imported fuel.

“It is President Bola Tinubu’s dream for Nigeria to emerge as one of the major petroleum hubs in the world,” Dangote added.

Energy security and economic impact

Dangote noted that the expansion is designed not only to meet Africa’s energy demand but also to “save and generate billions of dollars” for Nigeria, ensuring energy security and a sustainable petroleum future.

He revealed that at least 65,000 workers will be engaged during the expansion phase, with over 85 percent of the workforce being Nigerian.

“Our goal has always been to find opportunities for our people,” he said.
“We are investing heavily in skills development and technology transfer as part of this expansion.”

Refinery to list on Nigerian Exchange in 2026

The industrialist also announced that the Dangote Petroleum Refinery will be listed on the Nigerian Exchange Limited (NGX) in 2026, allowing Nigerians to own part of the company.

“We want to give all Nigerians the opportunity to own a part of the refinery,” Dangote said.
“They can buy as many shares as they need.”

He explained that the expansion will be financed primarily through cash flow, alongside contributions from one or two strategic investors.

The refinery, located in the Lekki Free Trade Zone in Lagos, began operations earlier this year and has been touted as a game changer for the continent’s oil and gas sector.

Dangote said the vision is to build legacy assets that “define generations and empower Africa’s industrial base.”

“This is not just about oil,” he said.
“It’s about transformation — creating jobs, deepening value chains, and positioning Africa as a serious global energy player.”