President of the Dangote Group, Alhaji Aliko Dangote, has revealed that they turned down offers from the Nigerian National Petroleum Company Limited (NNPCL), to increase its 7.25% stake in the Dangote Petroleum Refinery.
Dangote was speaking in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen.
According to him, the NNPC’s offer to increase its 7.25% stake in the refinery was rejected because the company is planning to go public and give other Nigerians the opportunity to own shares in the plant.
It was reported that in 2021, the NNPC acquired the 7.25% stake in the refinery for $1bn, with an option to acquire the remaining 12.75% stake by June 2024.
But the national oil firm reneged on its decision.
Dangote said: “Actually, if there are civil wars, which is not in the offing at all.
“The other biggest risk is government inconsistencies in policies, and we are addressing that one because if you look at our refinery, the national oil company already owns 7.25 per cent, and they are trying to buy more. We are the ones that said no; we want to now spread it and have everybody be part of it.”