In a significant step toward enhancing Nigeria’s energy security and boosting economic development, the President/CEO of Dangote Group, Aliko Dangote, on Thursday, May 8, 2025, paid a courtesy visit to the newly appointed Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr. Bashir Bayo Ojulari, at the NNPC Towers in Abuja.
The meeting marked the first official engagement between the two industry giants since the leadership transition at NNPC Ltd., following the removal of Mele Kyari in April. According to a post on NNPC Ltd.’s official X handle, the session focused on fostering collaboration and healthy competition between Dangote Petroleum Refinery & Petrochemicals and the national oil firm, with a shared vision to revamp the energy sector and stimulate national growth.
Sources confirmed to ireport247new.com that Thursday’s engagement was more than a symbolic gesture. It was a deliberate move to mend strained relations and rekindle stalled initiatives—most notably, the controversial naira-for-crude oil deal, which faltered under the previous NNPC administration due to operational ambiguities. Under Ojulari’s leadership, however, the deal was revived, allowing the NNPC to resume crude sales in naira—a shift that analysts say contributed to a dip in the pump price of Premium Motor Spirit (PMS) to N915 per litre.
The meeting also addressed concerns regarding NNPC Ltd.’s $1 billion equity investment in the Dangote Refinery. The investment, which was initially met with skepticism amid liquidity constraints, was clarified by Dangote Group as representing only 5% of the total capital required for the $19 billion, 650,000 barrels-per-day refinery project in Lagos.
During the visit, Dangote reiterated the importance of strategic partnerships in turning ambitious national goals into actionable results. “When industry players come together, we can transform what many see as impossible into impactful realities. Collaboration and synergy are the bedrock of industrial progress,” Dangote stated. He further praised Ojulari’s appointment, noting the depth of technical expertise within NNPC’s new leadership.
Ojulari responded by commending Dangote’s achievements and humility, calling him a “visionary industrialist whose contributions have redefined Africa’s industrial landscape.” He assured that the new NNPC team was committed to professionalism, innovation, and sustainable national development. “We are focused on delivering energy excellence that benefits every Nigerian,” Ojulari said.
Both leaders agreed to personally oversee their companies’ engagement, signaling a direct and sustained partnership model. They also pledged to deepen cooperation, boost investment in local refining capacity, and promote healthy competition that enhances Nigeria’s self-sufficiency in petroleum products.
Industry stakeholders have lauded the renewed alignment between Dangote Group and NNPC Ltd., noting that a unified energy front is critical to resolving Nigeria’s fuel import dependency, creating jobs, and stabilizing the economy. Experts believe this development could accelerate the commencement of full operations at the Dangote Refinery, which is expected to refine over 50 million litres of petrol per day once operational at full capacity.