Bayo Ojulari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, says the company is working towards increasing its stake in Dangote Petroleum Refinery to 20 percent.
According to Reuters, Ojulari spoke on Tuesday at the ADIPEC energy conference in Abu Dhabi, United Arab Emirates (UAE).
In September 2021, NNPC proposed to acquire a 20 percent interest in the Dangote refinery for $2.76 billion.
However, in July 2024, Aliko Dangote, founder of Dangote refinery, said the national oil company reduced the stake to 7.2 percent.
Advertisement
The plan to increase stake in Dangote refinery comes at a period refineries owned by NNPC are not operational.
In October, NNPC said it has commenced a comprehensive technical and commercial review of its refineries in Warri, Port Harcourt, and Kaduna.
Speaking further at the conference, Ojulari said NNPC has been enhancing transparency regarding its operations as it prepares for the much-anticipated initial public offering.
Advertisement
“The IPO journey is by law. The PIA (Petroleum Industry Act) prescribes for NNPC to journey towards achieving IPO. It’s not an option for us,” he said.
The NNPC GCEO added that the preparations necessitated greater transparency within the company.
“We have begun to publish our monthly performance since May this year and that has continued,” Ojulari added.
In its latest monthly report summary, the national oil firm reported a profit after tax (PAT) of N216 billion for September.
Advertisement
The company said a revenue of N4.26 trillion was recorded in the reviewed month — down by 8.39 percent from N4.65 trillion in August.
