PRESIDENT of Dangote Group, Mr Aliko Dangote, is luring investors to his refinery’s imminent Initial Public Offer (IPO) in 2026, urging them to buy shares of his company in naira and earn dividends in dollars.
Dangote revealed this on Thursday in Lagos, where he disclosed that his refinery was collaborating with the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC) to conclude the framework ahead of the 2026 IPO.
“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.
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Mr Dangote said the 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,
Earnings before interest, tax, depreciation and amortisation, on the other hand, have increased from $1.8 billion to $2.8 billion over the same period.
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.
In October 2025, Africa’s richest man had revealed 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.”
Dangote expansion
Africa’s richest man had also disclosed that he had begun expanding his refinery in Lagos from 650,000 barrels per day (bpd) to 1.4 million bpd, targeting to establish the largest refinery in the world ever built at a single site in 2028.
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Speaking about his expansion plan, Mr Dangote said the expansion reflected his group’s belief in Africa’s potential and its commitment to building energy independence for the continent.
“We are expanding the Dangote Refinery from 650,000 barrels per day to 1.4 million barrels per day. When completed, this will be the largest refinery ever built at a single site, surpassing India’s Jamnagar refinery,” he said.
The Jamnagar refinery, owned by Reliance Industries, is located in Gujarat, India. It was commissioned in July 1999 with a capacity of 668,000 barrels per day. The refinery now has a capability of 1.240 million barrels per day, making it the largest refinery in the world, according to Sterling Thermal Technology.
Mr Dangote wants to exceed the capacity of Jamnagar refinery and plans to complete the expansion within three years. He said the construction would tap existing infrastructure such as ports, land, and logistics systems established during the refinery’s first phase.
“It will take much less time this round because we already have the foundation — the port, the land, the pipelines,” Dangote said. “We know where all the challenges lie from experience.”
He noted that the refinery would be so sophisticated that at least one line would always be on.
“Even if you shut down one line for 40 days, the other keeps running at 50 percent capacity,” Dangote disclosed, noting that sourcing crude was a major problem for his refinery, as some local producers often preferred exporting it after production than supplying to a local refinery. But he acknowledged that government policy had helped to curb the practice.
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“At 650,000 barrels a day, you can struggle for feedstock. But the president’s policy is clear; we cannot keep exporting crude and importing fuel. That must change.”
The expansion will create more than 65,000 jobs during the construction phase and drive output from the petrochemical complex. Polypropylene production will more than double from 900,000 metric tonnes to 2.4 million tonnes annually, he said, while fuel quality would be upgraded from Euro 5 to Euro 6 standards, placing it among the cleanest globally.
“Over 85 percent of our workforce will be Nigerian. We’re building not just infrastructure but human capital. Our goal is to refine opportunities for our people,” he noted.
He said the refinery’s power generation capacity would be expanded from 500 megawatts to 1,000 megawatts to ensure uninterrupted operations and potentially supply nearby industrial users.
Dangote invited other investors to join the federal government’s effort to expand local refining, noting that competition would ease supply constraints.“We don’t want to be the only player,” he said. “There are people with more cash than we have. They should go and buy or build refineries so no one talks about monopoly.”
