Aliko Dangote opens door for refinery listing in June or July

Africa’s richest industrialist, Aliko Dangote, has announced plans to offer Nigerians direct ownership in the Dangote Petroleum Refinery, stating that shares in the multi-billion-dollar facility will be made available to the public within the next four to five months. Hence he has opened the door for the listing of his 650,000-capacity refinery in the Nigerian Exchange (NGX) in June or July this year.

The disclosure came during a media interaction at the refinery complex following a tour by the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), Mr Bayo Ojulari, and other top executives of the national oil company.

Providing insight into the refinery’s ownership structure, Dangote said NNPC currently holds a 7.25 percent equity stake on behalf of Nigerians. He emphasised the scale of that holding by noting that it surpasses the personal shareholding of Elon Musk in Tesla.

He indicated that the next phase of the refinery’s evolution would involve broader participation, allowing individual Nigerians to acquire shares directly once the offer is launched.

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According to Dangote, investors will have the flexibility to receive dividends in either naira or dollars. He explained that the refinery earns income in both foreign exchange and local currency, creating room for dual-currency dividend payments.

He described the visit by the NNPC leadership as a milestone moment for the project, calling it the refinery’s ‘best day ever.’ Dangote stressed that the national oil company is not merely a visitor but a strategic investor whose early backing helped move the project forward at a time when its prospects were uncertain.

Reflecting on that early investment, he said NNPC’s decision to commit funds demonstrates strong confidence in the viability of the refinery, adding that the partnership has laid the foundation for deeper cooperation between both entities.

Looking ahead, Dangote expressed optimism about strengthening ties with the current NNPC management to support Nigeria’s drive for improved energy security and accelerated industrial growth.

He also revealed that discussions are ongoing regarding possible collaboration in upstream oil assets, specifically Oil Mining Leases (OMLs) 71 and 72. Depending on the outcome of negotiations, both sides could jointly participate in upstream operations, while NNPC may also increase engagement within the refinery’s broader industrial ecosystem.

Beyond fuel refining, Dangote highlighted expansion plans in petrochemicals, including large-scale production of Linear Alkyl Benzene (LAB), a critical input for detergent manufacturing. He disclosed that the refinery aims to produce 400,000 metric tonnes of LAB annually within 30 months — a volume capable of meeting demand across Africa.

Currently, Africa’s installed LAB production capacity stands at about 150,000 tonnes, with Algeria accounting for roughly 100,000 tonnes and Egypt about 50,000 tonnes. Dangote said the refinery’s output would significantly exceed existing continental capacity.

He added that plans are also underway to begin manufacturing surfactants used in detergent production, further cementing the refinery’s ambition to function as a diversified industrial hub rather than solely a petroleum processing facility.

December call

In December 2025, Mr Dangote had lured investors to his refinery’s imminent Initial Public Offer (IPO), urging them to buy shares of his company in naira and earn dividends in dollars.

“You buy in naira, but you get dividends in dollars,” Mr Dangote said.

He noted that the payouts, which would be in dollars, would be fuelled by $6.4 billion in anticipated revenue from exports of polypropylene and fertiliser. Hence, he expects to have enough dollars for investors from export of the two vital products.

He said Dangote Group was projecting a revenue of $100 billion by 2030, from the current $18 billion.

Mr Dangote said the ongoing expansion would place the Group, targeting $200 billion capitalisation, among the world’s 100 largest companies, noting that its revenue had jumped from $3.3 billion to $18 billion over the past five years,

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He revealed that 10 percent stake in the refinery and petrochemicals complex would be offered to the public through the NGX, stressing the possibility of an international listing next year, though, according to him, Nigeria remained his main priority market.

“We want the Dangote Refinery to be the golden stock of the NGX,” he said.

Africa’s richest man had first revealed that in October 2025, noting that the refinery and petrochemical complex would list on the NGX by 2026, allowing Nigerians to invest directly in the nation’s most ambitious industrial project.

“We want Nigerians to own part of this refinery. It should belong to the people whose oil it refines.”

Mr Dangote said, “For the first time in decades, Nigerians can approach the festive season without fuel scarcity. We’ve had stable prices and consistent quality since production began.”