NNPC Faces Dangote Refinery Backlash

NNPC Faces Dangote Refinery Backlash

The Independent Petroleum Marketers Association of Nigeria has criticised the Nigerian National Petroleum Company Limited over its failed attempt to increase its stake in the Dangote Petroleum Refinery.

The group said the move was unnecessary while government-owned refineries in Port Harcourt, Warri and Kaduna remain inactive despite huge rehabilitation spending.

IPMAN spokesperson, Chinedu Ukadike, questioned why the NNPC was pursuing more shares in a private refinery instead of fixing national assets already under its control.

He also defended Aliko Dangote’s decision to reject the request, saying the businessman had every right to protect his investment and avoid unnecessary interference.

Dangote had revealed that the NNPC sought to buy more shares after already securing a 7.25 per cent stake in the $20bn refinery.

He explained that the company declined the request because it plans to list the refinery publicly and allow more Nigerians to become shareholders in the future.

While some industry figures backed Dangote’s position, others argued that Nigeria would benefit more if the NNPC held a larger share in the refinery.

A senior NNPC official, however, said the company remains satisfied with its current stake and described the existing partnership with Dangote as beneficial to the country.