The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, has urged the Nigerian National Petroleum Company Limited (NNPC) to focus on reviving the country’s dormant refineries instead of seeking a larger stake in the Dangote Petroleum Refinery. This comes amid the ongoing NNPC Dangote refinery stake debate.
Ukadike made the remarks while reacting to reports that the President of the Dangote Group, Aliko Dangote, rejected NNPC’s attempt to increase its stake in the $20bn refinery beyond the existing 7.25 per cent holding.
Dangote had disclosed in an interview that the national oil company initially planned to expand its ownership but was turned down as the refinery intends to float shares publicly and broaden private participation.
Reacting, Ukadike questioned NNPC’s priorities, noting that government-owned facilities such as the Port Harcourt, Warri, and Kaduna refineries remain largely non-functional despite years of rehabilitation spending.
“Why is NNPC trying to invest money in the Dangote refinery when it has three refineries that are not working?” he asked, adding that the corporation should channel resources into restoring local refining capacity.
He argued that the decision by Dangote to reject the offer was within his business rights and reflected a strategy to maintain control while preparing for possible public listing.
The IPMAN spokesman further criticised what he described as misplaced investment priorities, insisting that reviving the nation’s refining infrastructure would better serve Nigeria’s long-term energy security than expanding equity in a privately-owned refinery.
The controversy follows earlier disclosures that NNPC originally intended to acquire a 20 per cent stake in the refinery but settled for 7.25 per cent after failing to meet payment deadlines.
Industry stakeholders remain divided, with some arguing that deeper government participation in the refinery would strengthen national energy security, while others insist the focus should remain on rehabilitating existing state assets.
The debate highlights ongoing concerns over Nigeria’s refinery rehabilitation challenges, NNPC investment strategy, Dangote Refinery ownership structure, and broader issues around Nigeria oil sector reforms and domestic fuel production capacity.
Anyone check the lottery results on ketquaxsmn Want to know if I won Check it out: ketquaxsmn