President of Dangote Group, Aliko Dangote, has clarified that the Nigeria National Petroleum Company (NNPC) limited owns 7.2 per cent stake in the company’s refinery and not 20 per cent as publicly stated.
He also announced plans to list the fertilizer plant and petrochemical business of the Dangote Refinery on the stock exchange in the first quarter of 2025.
Dangote disclosed this during a media briefing at the Dangote Refinery.
The refinery is expected to generate up to $25 billion annually from 2025 when it is fully operational.
He said the listing of the refinery and the fertilizer plants would give Nigerians and opportunity to own a stake in the business.
The company also projected that it would begin sales of Premium Motor Spirit (PMS), commonly known as petrol to the local market in August.
According to the company’s projection report, the refinery will start producing PMS this month, while sales to local distributors will commence in August.
Meanwhile, The Chairman of Dangote Refinery, Aliko Dangote, said that his company will source crude oil from other African oil-producing nations following recent imports from the United States and Brazil.
He said the refinery is expecting feedstock acquired from the US and Brazil in the coming months, adding that conversations are ongoing to secure more crude from African countries like Angola, Senegal, and Libya, all of which are oil-producing nations.
