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NNPC eyes 20% stake in Dangote refinery
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The Nigerian National Petroleum Company Limited on Tuesday disclosed plans to raise its equity stake in the $20bn Dangote Petroleum Refinery to 20 per cent, as part of efforts to strengthen Nigeria’s domestic refining capacity and consolidate its position in the downstream oil sector.
The Group Chief Executive Officer of NNPC, Bayo Ojulari, made the disclosure while speaking at the Abu Dhabi International Petroleum Exhibition and Conference 2025. Ojulari said the move aligns with NNPCL’s long-term strategy to deepen local participation in the energy value chain and ensure energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote refinery to 20 per cent,” Ojulari said as reported by Reuters.
His remarks come just weeks after the President of the Dangote Group, Aliko Dangote, revealed plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange within the next year, mirroring the public listing model of its cement and sugar subsidiaries.
“Within the next year, the refining business will list five per cent to 10 per cent of its shares on the Nigerian stock exchange,” he said, mirroring a playbook established by the group’s cement and sugar businesses. We don’t want to keep more than 65 per cent to 70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said. This move would represent a fresh investment of almost 13 per cent above its current 7.2 per cent stake.
The announcement also comes on the heels of NNPC’s ongoing search for technical and equity partners to revive its three dormant state-owned refineries in Port Harcourt, Warri, and Kaduna. Despite years of rehabilitation funding, the refineries have remained idle, forcing the country to rely heavily on imported petroleum products.
It is believed that if the Dangote refinery reaches full operational capacity and NNPCL completes its refinery rehabilitation programme, Nigeria could finally achieve self-sufficiency in refined petroleum products, a goal that has eluded Africa’s biggest crude producer for decades.
Ojulari further noted that the state-owned oil company had made significant progress in enhancing transparency across its operations as it prepares for its much-anticipated initial public offering.
“The IPO journey is by law. The Petroleum Industry Act prescribes that NNPC must move towards becoming a publicly listed company. It’s not an option for us,” the NNPC boss noted. “Since May this year, we have started publishing our monthly performance reports, and that has continued as part of our efforts to build public trust and accountability.”
With the company’s IPO plans still in view, Ojulari said NNPC was positioning itself as a globally competitive energy company driven by efficiency, transparency, and profitability. “We are building an institution that Nigerians can be proud of, one that is commercially driven, transparent, and ready to compete globally,” he said.
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2027: Be Prepared to struggle for power, Wike tells PDP candidates
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has challenged candidates contesting in the 2027 general elections on the platform of the Peoples Democratic Party (PDP) to be prepared to struggle for power.
Wike, a national leader of the PDP, stated this during the party’s 109th National Executive Committee (NEC) meeting on Wednesday in Abuja.
“Nobody gives power. Nobody has done it. Power is taken; if you did not do so, it’s your business.
“You must fight for it to take it. Nobody gives power, and nobody is ready to dash you power. You have to struggle for it. You have to fight for it. You don’t have to be afraid.
“Every time you complain, oh, the governor is this, what do you want him to do? To allow you to come and take power like that?
“If you’re not serious, say you are not serious to struggle for power. When you take it, you appreciate it, not when they dash you and you don’t know the meaning of it,” Wike said.
He recalled his political journey through various struggles, including how he became governor when the incumbent belonged to a different political party.
Wike advised candidates, especially those running for governorship, to brace up for keen contests.
He said that in the present setting, most people were used to ‘food is ready’ politics.
“You are used to people preparing something for you to come and eat, and you think it will always be like that. It cannot always be like that.
“A time will come when there will be challenges in life and when you will be tempted in life,” he said.
Wike said that he happened to come from a background where he never got anything on a platter of gold, recalling that when he contested for a local government chairmanship position, the matter went all the way to the Supreme Court.
“When I don’t see challenges, I know that something is wrong, but when I see challenges, I know success has come,” he said.
He noted that when the PDP was in power, many of its members were like spoiled children depending on their father for daily provisions, reminding them that the party was no longer at the centre.
He urged them to see themselves as children whose father is sick, and remain determined not to disappoint him.
The minister also advised party members to stop introducing religion into politics and electoral matters, challenging them instead to return to their bases and work for the party’s success.
“Why do you bring your faith to this race? Everybody go home, go and bring something, and put it on the table in 2027. Go and bring something.
“I will bring something to the table here. Every NEC member has to bring something. If you bring a House of Representatives seat, you have done something.
“If you bring a House of Assembly member, you have done something. But don’t come here empty-handed; this is not a place for empty hands.
“This is a place where when you come, we look at the results of what you brought. That is what politics is all about,” he said.
Wike advised party members not to be distracted by claims from the Tanimu Turaki-led PDP faction that it would sponsor candidates for all elective positions in 2027.
He explained that the access code to the Independent National Electoral Commission (INEC) candidate nomination portal would ultimately determine legitimacy.
“As far as I am concerned, June 26 is when INEC will give access codes to political parties to upload results. Don’t worry, we are good to go. Nobody is afraid; we will see who INEC will give the code to.
“It is not about going to collect money from people and saying we are in court. Nobody is afraid of the court; courts are meant for human beings, not ghosts.
“So, we are here, we are not afraid. Let them continue going to court while we continue to prepare for our own election.
“Don’t worry, stop thinking about what will happen; the worst has happened,” he said, adding that anyone who is not serious in the business of politics should leave.
The minister also challenged party members and leaders not to be afraid of intimidation, harassment, or arrest.
“Use me as an example. There is nothing I have not seen. I’ve seen everything, including intimidation,” he said.
News
NUJ raises the alarm over insecurity, open grazing
The Nigeria Union of Journalists has expressed concern over rising insecurity, illegal revenue collection, open grazing and the growing misuse of public infrastructure across Delta State.
The union made its position known in a communiqué issued at the end of its congress in Asaba on Tuesday.
The congress, presided over by the Delta State Chairman of the union, Churchill Oyowe, reviewed key socio-economic, security, educational and environmental issues affecting the state.
On insecurity, the union said the increasing cases of kidnapping, armed robbery, cult-related violence and other crimes remained a major concern.
The union called on the Nigeria Police Force, Department of State Services and other security agencies to strengthen intelligence gathering, deepen community policing and improve collaboration with stakeholders to restore public confidence.
The congress also expressed concern over the activities of individuals allegedly operating as local government taskforces on federal roads, accusing them of harassing and extorting money from motorists.
It called for the immediate disbandment of all illegal road taskforces and urged security agencies to take action against those involved.
The union also raised concerns over reports of arbitrary and unauthorised levies imposed on parents and students in public schools across the state.
The congress called on the state government to investigate the allegations and sanction any official found culpable.
The union also criticised the growing use of flyovers in Asaba, Warri and Effurun as makeshift markets and motor parks by traders and tricycle operators.
Congress called on relevant government agencies to reclaim the facilities and enforce traffic regulations.
The union also expressed concern over weak enforcement of the Delta State anti-open grazing law.
It said continued violations of the law could threaten peaceful coexistence between farmers and herders, reduce agricultural productivity and worsen food security challenges.
The congress urged law enforcement agencies to ensure strict implementation of the law.
The union reaffirmed its commitment to promoting good governance, public accountability and citizens’ welfare, pledging to continue monitoring developments across the state in the interest of the public.
News
Court remands Maiduguri businessmen over N13.6m fraud
The Borno State High Court sitting in Maiduguri has ordered the remand of a man, Gambo Mohammed, in a correctional facility over an alleged N13.65 million land fraud and money laundering case brought against him by the Economic and Financial Crimes Commission (EFCC).
Mohammed was arraigned before Justice Babagana Shettima by the Maiduguri Zonal Directorate of the EFCC on a four-count charge bordering on alleged money laundering, obtaining money under false pretences and criminal misappropriation involving a total sum of N13,650,000.
According to the anti-graft agency, the defendant allegedly collected the money from one Umar Abubakar under the pretext of facilitating the purchase of two plots of land located opposite Maimalari Barracks in Jere Local Government Area of Borno State.
The EFCC alleged that after receiving the funds, Mohammed diverted the money to his personal use instead of completing the land transaction as agreed.
One of the charges filed against him stated that he fraudulently obtained the sum of N13.65 million from the complainant in 2025, purportedly as payment for two plots of land situated at Dubai Musari Ward, opposite Maimalari Barracks in Jere Local Government Area, knowing the representation to be false.
The charge reads in part: “That you, Gambo Mohammed, (a.k.a Modu Gambo), sometime in 2025, within the jurisdiction of this honourable Court, with intent to defraud, did obtain the sum of N13,650,000.00 from one Umar Abubakar, purportedly as purchase price for two plots of land situated at Dubai Musari Ward opposite Maimalari Barrack of Jere Local Government, Borno State, which you knew to be false.”
The prosecution maintained that the alleged act contravenes provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
When the charges were read to him in court, Mohammed pleaded not guilty to all four counts.
Following his plea, prosecuting counsel, A.D. Abdulmalik, requested the court to fix a date for trial and urged that the defendant be remanded in a correctional centre pending the commencement of proceedings.
Delivering his judgement, Justice Shettima subsequently adjourned the matter until July 13, 2026, for a pre-trial conference.
The court also ordered that Mohammed be remanded at the Maiduguri Maximum Security Correctional Facility pending further hearing of the case.
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