The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to raise its equity in the 650,000 barrels per day Dangote Refinery to 20 per cent.
Its Group Chief Executive Officer, Engr Bayo Ojulari, broke the news at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
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The report said: “Speaking at the ADIPEC energy conference in Abu Dhabi, Ojulari also said the company was working towards increasing its stake in Nigeria’s Dangote refinery to 20%.”
The Dangote Petroleum Refinery, Africa’s largest oil refinery, launched operations last year but has struggled amid competition from cheap imports
Nigeria’s state-owned oil firm NNPC has been improving transparency about its performance in preparation for a long-awaited initial public offering, its CEO said on Tuesday.
Nigeria’s oil law required NNPC to list within six months after the law was passed in 2021. It has yet to do so, although its finance chief said in March that it was in the final stages of preparations.
“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,” CEO Bayo Ojulari said on Tuesday.
He added that the preparations required the company to become more transparent.
“We have begun to publish our monthly performance since May this year and that has continued”, Ojulari added, without giving a timeline for the IPO.
Last week, NNPC’s CEO said it was seeking technical equity partners to help revive three of its refineries that have remained idle despite significant investments.
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