President/Chief Executive Officer of Dangote Group, Aliko Dangote, says he pushed back against attempts by the Nigerian National Petroleum Company Limited (NNPC Limited) to increase its equity stake in the $20 billion Dangote Petroleum Refinery.
Mr Dangote disclosed this during a recent interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund, where he spoke extensively on the refinery project, expansion plans and the challenges of building Africa’s largest industrial complex.
According to him, NNPC already owns about 7.25 per cent of the refinery, but attempts to acquire additional shares run contrary to the group’s strategy of broadening ownership and attracting a wider pool of investors.
He explained that the company’s priority is to ensure broader participation rather than allowing a single institution to consolidate more control.
“If you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more while those that are saying that no, we want to now spread it and have everybody to be part of,” he said.
