In 2021, NNPCL acquired a 7.25 per cent stake in the refinery for $1 billion, with an option to increase its holding by an additional 12.75 per cent by June 2024. However, the national oil company did not follow through on that option.

Speaking in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen, Dangote confirmed that NNPCL later sought to expand its ownership stake, but the request was declined.

He explained that the decision was driven by plans to eventually list the refinery publicly and allow wider Nigerian participation in ownership.

According to him, keeping the investment open to more Nigerians was a deliberate strategy to ensure broader inclusion.

Responding to questions on the major risks facing his businesses, Dangote pointed to civil unrest and inconsistent government policies as key concerns.

He said, “The biggest risks are civil wars, which are not in the offing, and government policy inconsistencies. On the refinery, the national oil company already owns 7.25 per cent and wanted to buy more, but we said no because we want more Nigerians to be part of it.”

Dangote also stated that future investors in his businesses, including cement, petrochemicals, fertiliser, and the refinery, would receive dividends in dollars, noting that a significant portion of the company’s revenue is generated in foreign currency.

He explained that the refinery project was financed through a combination of internally generated funds and support from financial institutions, including Afreximbank, Africa Finance Corporation, and several Nigerian banks such as Zenith Bank, Access Bank, and UBA, alongside international partners like Standard Bank of South Africa and Standard Chartered Bank.

According to him, the project exceeded expectations upon completion.

He further revealed that he made personal sacrifices to focus on the refinery project, including selling his properties in the United States and the United Kingdom to remain fully committed to his business vision.

Dangote said he now prefers a simpler lifestyle, often staying in hotels while travelling to avoid the responsibilities associated with maintaining private properties.

He added that his business decisions are guided by long-term planning, with a clear vision set towards 2030 and beyond.

Explaining his investment philosophy, he said he focuses on identifying essential goods needed by the population and prioritises local production through backward integration, aiming to reduce imports and meet everyday consumer needs within Nigeria.