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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.

See also  World Bank dismisses Nigeria’s single-digit inflation target

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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FG allays fears over tax reforms

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The Federal Government says the newly enacted tax reforms were crafted to ease the burden on Nigerians, not worsen it, insisting that widespread misinformation is fueling needless fear and anger across the country.

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made the clarification during a courtesy visit to the National Orientation Agency in Abuja on Friday.

Oyedele said the purpose of the visit was to seek NOA’s support in educating citizens about the tax policies, noting that misinformation threatened to derail a reform package he described as “the most consequential and beneficial” of his career.

“You can say subsidy removal came with some amount of pain and sacrifice. Naira floatation also means people have to pay more… But this tax reform is coming with benefits. “Exemption for small businesses, exemption for workers, low-income earners, middle class; reduce their taxes, big companies reduce their taxes, harmonise taxes,” he said.

The tax reform laws were signed by President Bola Tinubu in October 2024 as part of a sweeping overhaul aimed at simplifying Nigeria’s complex tax system.

With implementation set to begin on January 1, 2026, the reforms introduce exemptions for small businesses, reduced tax burdens for workers and the middle class, lower corporate taxes, and harmonisation of multiple taxes across federal, state and local governments.

They also streamline compliance procedures and eliminate nuisance taxes to boost investment.

Oyedele explained that the committee had compiled “50 tax exemptions and reliefs” that would benefit Nigerians but lamented that many citizens, misled by online falsehoods, believed the reforms would impose new burdens.

“Sadly, as good as the reform is, if you go on the streets and ask people about the tax reform, there are people who say they can’t wait to protest on the 1st of January.

See also  World Bank dismisses Nigeria’s single-digit inflation target

“Unfortunately, in our environment, if you have good news, it doesn’t go viral… but misinformation goes viral very quickly.”

He cited a false rumour circulating among farmers in the North that the government planned to seize one out of every four baskets of produce, describing it as a deliberate distortion.

He added that misinformation had also taken ethnic and religious dimensions, stressing the need for NOA’s involvement in communicating the reform’s benefits in local languages and through relatable characters—farmers, students and CEOs—so that “people do not translate this good intention of the government… into a chaotic situation.”

Responding, NOA Director-General Lanre Issa-Onilu described the reforms as “the first comprehensive, far-reaching response in the fiscal and tax space we have seen,” noting that the agency fully understood its responsibility.

“I must understand beyond the level of an average Nigerian to communicate to them. We’ve done a lot of publications, but as you understand more, you realise there is a lot more to say.”

He pledged the deployment of NOA’s extensive nationwide network to disseminate accurate information about the reforms.

Issa-Onilu noted that the agency works with nearly 200 radio stations broadcasting in 72 local languages, 36 television channels, and maintains partnerships with major networks including NTA, Channels, AIT, TVC, Arise and News Central.

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Google pledges N3bn to boost Nigeria’s AI capacity

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Google, via its charitable arm Google.org, on Friday pledged N3bn to Nigeria to accelerate the nation’s digital transformation, directing funds toward artificial-intelligence training and measures to make its booming online environment safer.

The initiative, announced at a press conference in Lagos, is built around a two-pronged strategy and will funnel resources through five local organisations with significant track records in human development. These organisations include the FATE Foundation, the African Institute for Mathematical Sciences, the African Technology Forum, Junior Achievement Africa, and the CyberSafe Foundation.

One strand focuses on cultivating advanced AI talent; the other on strengthening digital security. Together, the search engine giant aims to equip Nigeria with both a skilled workforce and a more resilient digital ecosystem, addressing the twin challenges of talent shortages and cyber vulnerability that threaten the country’s ambitious digital agenda.

The Minister of Communications, Innovation & Digital Economy, Bosun Tijani, commented, “Artificial Intelligence sits at the heart of Nigeria’s desire to raise the level of productivity in our economy as well as our ambition to compete globally in technology and innovation.

“I welcome this important and timely investment from Google and Google.org, which reflects the power of meaningful private-sector partnership in nurturing our talent, strengthening our digital infrastructure, and advancing our national AI priorities. This collaboration directly supports our drive to operationalise our National AI Strategy and to position Nigerian innovators at the forefront of the global AI revolution,” he stated.

To develop AI expertise, FATE Foundation, in collaboration with the African Institute for Mathematical Sciences, will integrate advanced AI curricula into universities, equipping students and lecturers with cutting-edge knowledge. Meanwhile, the African Technology Forum will launch an innovation challenge designed to guide developers from learning to creating practical, real-world AI solutions.

See also  Nigeria emerges major crude supplier to Senegal refinery

The Executive Director of FATE Foundation, Adenike Adeyemi, said, “We are incredibly proud to partner with the African Institute of Management Sciences on the Advanced AI Upskilling Project, with support from Google.org.

“This groundbreaking initiative is a direct response to the urgent need for deep AI competencies in Africa, empowering tertiary institutions, lecturers, and students in Nigeria, Ghana, Kenya, and South Africa.

“This strategic support aligns perfectly with FATE Foundation’s mission to foster innovation and sustainable economic growth across the continent, ensuring Africa is fully equipped to lead in the global technological future,” the executive told a press conference.

On the digital safety front, Junior Achievement Africa will expand its Be Internet Awesome curriculum to reach more youths, teaching them safe online practices. The CyberSafe Foundation will focus on improving the cybersecurity posture of public institutions, helping them protect sensitive data and digital infrastructure from cyber threats.

The initiative aligns with Nigeria’s National AI Strategy and the government’s goal of creating one million digital jobs. According to research by Public First, the country is projected to unlock $15bn in economic value from AI by 2030, making the development of both skills and digital safety critical for sustainable growth.

The Director for West Africa at Google, Olumide Balogun, said, “Google has been a foundational partner in Nigeria’s digital journey, and this N3bn commitment is the next chapter in that story.

“This is an investment in people, aimed at empowering them with advanced AI skills and ensuring a safe digital space to operate. We are honoured to continue our collaboration in support of the ministry’s efforts to help build a future where the promise of AI creates opportunity for everyone.”

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This announcement builds on Google’s long-standing commitment to Nigeria, including infrastructure investments such as the Equiano subsea cable and successful initiatives like the 2023 Skills Sprint programme, a N1.2bn commitment to Mind the Gap.

The programme trained 20,991 participants, including 5,217 women in AI and tech, and enabled 3,576 participants to move into jobs, internships, or businesses, demonstrating tangible progress in advancing Nigeria’s digital economy.

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Health minister, manufacturers clash over sugary drink levy

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A heated debate erupted at the Senate on Thursday as lawmakers, federal ministries, and industry groups clashed over a proposal to sharply increase excise duties on carbonated sugar-sweetened beverages.

The confrontation unfolded during a public hearing convened by the Senate Committees on Finance and Customs to consider a bill that would levy a percentage-based tax per litre of SSBs.

Lawmakers argued that raising the existing N10/litre tax is necessary to discourage excessive sugar consumption and boost funding for public health initiatives.

The session, chaired by Senator Sani Musa (Niger East), highlighted deep divisions among stakeholders.

While health advocates and medical associations backed the measure, industry players pushed back vigorously.

The Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, threw his ministry’s weight behind the bill, describing it as a critical step toward safeguarding the country’s future health financing.

“We commend the Senate for proposing a bill that increases the excise tax on sugar-sweetened beverages and earmarks part of the revenue for health promotion,” Pate said. “This demonstrates political will, aligns fiscal policy with public health goals, and provides sustainable financing for prevention programmes—essential steps toward achieving universal health coverage.”

Pate urged the Senate to go further by increasing the SSB tax from N10 per litre to at least 20 per cent of the retail price, in line with World Health Organisation guidance.

He also recommended that at least 40 per cent of the revenue be reinvested into programmes targeting diet-related illnesses, including diabetes and hypertension.

“Failure to act now will saddle Nigeria with an overwhelming disease burden in the next 10 to 20 years,” Pate warned. “Prevention is far more cost-effective than cure.”

See also  World Bank dismisses Nigeria’s single-digit inflation target

Health-sector groups, including the Nigeria Cancer Society and the Diabetes Association of Nigeria, voiced strong support for the bill.

But several economic stakeholders opposed the proposal.

The Manufacturers Association of Nigeria, the Ministry of Finance, and the Nigeria Employers Consultative Association cautioned that a higher tax could have unintended consequences.

Adeyemi Folorunsho, a director representing MAN, argued that the proposed hike could trigger job losses and disrupt growth in the beverage industry. He also challenged the assumption that SSB consumption is a major driver of diabetes and obesity in Nigeria.

“Contrary to popular belief, Nigeria has one of the lowest sugar consumption rates in the world—8.3 million kilogrammes compared with the 22.1 million kilogrammes expected,” Folorunsho said. He called on the Senate to adopt a “win-win approach” in shaping the legislation.

In his closing remarks, Senator Musa assured participants that the final law would balance public health goals with economic realities.

“The committees will carefully weigh all submissions before presenting a harmonised draft to the Senate,” he said. “Legislation presented to Nigerians will be fair, transparent, and people-oriented.”

Nigeria introduced the N10-per-litre SSB tax in 2022 to curb rising rates of obesity, diabetes, and other non-communicable diseases.

However, health experts argue that the levy is far below global standards and has had minimal impact on consumption.

Manufacturers, meanwhile, warn that the industry is still recovering from inflation, foreign exchange pressures, and declining consumer purchasing power.

They caution that higher taxes could lead to plant closures, job cuts, and lower government revenue.

The Senate’s push to amend the law has reignited a long-running clash between public health advocates and economic stakeholders.

See also  Nigeria imports 15bn litres of petrol despite Dangote refinery output

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