The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to increase its equity in the 650,000 barrels-per-day Dangote Refinery to 20%, the company’s Group Chief Executive Officer, Engr. Bayo Ojulari, revealed at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

Africa’s largest refinery, the Dangote Petroleum Refinery, commenced operations last year but has faced challenges amid competition from low-cost imported fuel. NNPCL’s move to increase its stake underscores its commitment to strengthening its presence in the country’s downstream sector.

Ojulari also highlighted that NNPCL is actively preparing for an initial public offering (IPO) in compliance with the Petroleum Industry Act (PIA) of 2021, which mandates the company to pursue public listing. “The IPO journey is required by law. It’s not optional,” he stated, emphasizing that the company has been working to enhance transparency ahead of the listing.

As part of these preparations, NNPCL has begun publishing monthly performance reports since May, a step aimed at boosting accountability and investor confidence. While no specific timeline for the IPO has been provided, the company continues to move steadily toward meeting regulatory and corporate governance requirements.