IPMAN Criticizes NNPC’s Bid for Increased Stake in Dangote Refinery

  • Questioning NNPC’s Priorities: The Independent Petroleum Marketers Association of Nigeria (IPMAN) heavily criticized the NNPC for seeking to invest more money into the privately-owned Dangote Refinery rather than focusing on repairing and reviving inactive government-owned refineries in Port Harcourt, Warri, and Kaduna.

  • Dangote Rejects Offer: Aliko Dangote confirmed he declined the NNPC’s request to increase its stake. He cited a preference to list the refinery publicly, allowing more Nigerians to own shares and helping to mitigate risks associated with inconsistent government policies.

  • History of the Stake: The NNPC currently holds a 7.25% stake in the $20 billion facility. They had originally agreed to acquire a 20% share but were reduced to 7.25% after failing to pay the remaining balance by the June 2024 deadline.

  • Dissenting Opinion: Despite IPMAN’s criticism, an anonymous petroleum sector stakeholder argued that securing a 20% stake for the NNPC would ultimately serve the broader national interest.