Aliko Dangote has disclosed that NNPC Limited sought to increase its equity stake in the multi-billion-dollar Dangote Petroleum Refinery, but the proposal was declined by the refinery’s promoters.

Speaking in a recent interview published on Thursday, Dangote explained that the decision was driven by plans to eventually list the refinery on the stock exchange, allowing wider participation from Nigerians and institutional investors.

According to him, the refinery’s management preferred a structure that would encourage broad public ownership rather than concentrating additional shares in the hands of a single institution.

NNPC currently holds about 7.25 per cent stake in the refinery after earlier negotiations for a larger acquisition were scaled down. Dangote stated that despite renewed interest from the national oil company to increase its holdings, the request was rejected.

“We are the ones that said no,” Dangote was quoted as saying, while emphasizing the company’s long-term vision for public investment and transparency.

The development comes amid growing attention on the refinery’s role in Nigeria’s energy sector following the commencement of petroleum production and distribution operations.

The $20 billion refinery, located in Lagos, is regarded as one of Africa’s largest refining projects and is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products.

The clarification also follows online reports suggesting a legal dispute between Dangote and NNPC over equity ownership. However, current reports indicate that no new lawsuit has been filed over the stake increase discussions.

Sources say discussions between both parties remain part of broader commercial and investment considerations within Nigeria’s oil and gas sector.