Nigeria: I Rejected NNPC's Offer to Increase Stake in Refinery
Dangote said the refinery will go public to broaden ownership, after rejecting NNPC’s bid to raise its 7.25% stake.
- Dangote Group President Aliko Dangote rejected attempts by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
- During an interview with Norwegian Sovereign Wealth Fund Chief Executive Officer Nicolai Tangen, Dangote disclosed the rejection and outlined plans for the refinery to go public.
- Financial institutions supporting the refinery project include Afreximbank, Africa Finance Corporation, Zenith Bank, Access Bank, UBA, Standard Bank of South Africa, and Standard Chartered Bank.
- Dangote guarantees future investors will receive dividends in dollars, stating "80 per cent of our revenue will be in dollars" due to strong export capacity across cement, petrochemicals, and refined petroleum.
- Driven by a 2030 vision and commitment to "backward integration," Dangote sold properties in the United States and United Kingdom to focus entirely on building Nigerian businesses.
23 Articles
23 Articles
‘Why I decided against buying Arsenal’ – Aliko Dangote
Nigerian billionaire Aliko Dangote has explained why he chose not to pursue his long-held ambition of buying Arsenal F.C., saying he decided to focus his resources on completing the Dangote Refinery instead. Speaking in an interview with CEO of Norges Bank Investment Management, Nicolai Tangen, Dangote said he came close to making a move when Arsenal was valued at about $2 billion, but ultimately concluded that investing in his refinery project …
Nigeria: I Rejected NNPC's Offer to Increase Stake in Refinery
President of the Dangote Group, Aliko Dangote, has revealed that the company rejected attempts by the Nigerian National Petroleum Company Limited to increase its 7.25 per cent stake in the Dangote Petroleum Refinery.
Dangote Explains Why NNPC’s Bid For 20% Refinery Stake Failed
Aliko Dangote has revealed that his refinery business deliberately blocked the Nigerian National Petroleum Company Limited (NNPCL) from increasing its stake in the $20 billion Dangote Petroleum Refinery to make room for broader investor participation ahead of planned public listings across Africa. Speaking during an interview with Nicolai Tangen, the head of the Norwegian Sovereign […] The post Dangote Explains Why NNPC’s Bid For 20% Refinery St…
IPMAN Knocks NNPC Over Bid for Bigger Stake in Dangote Refinery Amid Struggling State-Owned Plants - TV360 Nigeria
Marketers question why billions are being channelled toward Dangote refinery while Port Harcourt, Kaduna and Warri refineries remain inactive….. Fresh controversy has emerged in Nigeria’s oil sector after the Independent Petroleum Marketers Association of Nigeria (IPMAN) criticised the Nigerian National Petroleum Company Limited (NNPC) over its reported attempt to increase its stake in the Dangote Petroleum Refinery despite the poor performance …
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