Aliko Dangote, President and Chief Executive Officer of the Dangote Group, has announced plans to open up equity in the Dangote Petroleum Refinery to Nigerian investors within the next four to five months.
Dangote made the disclosure while addressing journalists during a facility tour led by Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), alongside members of the company’s executive management.
According to Dangote, NNPC currently holds a 7.25 per cent equity stake in the refinery on behalf of Nigerians. Drawing a comparison to global corporate ownership structures, he noted that the stake is larger than the percentage held by Elon Musk in Tesla.
“And the other issue is that they are holding 7.25 per cent of the shares that we have here, which is more than the shares Elon Musk has in Tesla. And they are holding that on behalf of Nigerians,” Dangote said.
He added that individual Nigerians will soon have a direct opportunity to participate. “Individually, Nigerians too will have an opportunity in the next maybe maximum four to five months. There will actually be an opportunity to buy the shares.”
Dividend Options in Naira or Dollars
Dangote further revealed that prospective shareholders may have the option of receiving dividends in either naira or dollars. The refinery earns revenue in both local currency and foreign exchange, given its export-oriented model and domestic fuel supply operations.
The planned share offering is expected to deepen local participation in what is currently Africa’s largest single-train refinery project and one of the continent’s most ambitious industrial investments.
Strengthening Ties with NNPC
Dangote described the visit by Ojulari and NNPC’s leadership as significant, calling it “our best day ever” at the facility. He emphasised that NNPC is not merely a partner but an equity holder that invested at a critical stage of the refinery’s development.
“I know NNPC invested in us when we were not really sure whether the refinery would be successful,” he said, noting that the partnership reflects institutional confidence in the project.
The collaboration may extend beyond refining. Dangote disclosed that discussions are ongoing regarding possible joint participation in upstream assets, specifically Oil Mining Leases (OMLs) 71 and 72.
“Most likely, depending on our own discussions with them, we will partner with them maybe in some of the upstream,” he said. “They too will partner with us here because here is not just a refinery, it’s an industrial hub.”
Expanding Into Petrochemicals
Beyond fuel production, the refinery complex is positioning itself as a broader industrial hub. Dangote highlighted plans to produce 400,000 metric tonnes annually of Linear Alkyl Benzene (LAB), a key raw material used in detergent manufacturing.
Africa’s current installed LAB capacity stands at roughly 150,000 metric tonnes, with Algeria producing about 100,000 tonnes and Egypt around 50,000 tonnes. Dangote said the refinery’s expanded capacity would be sufficient to serve the entire African market.
“We’re going 400,000 tonnes and we’ll deliver all this in the next 30 months,” he stated.
The refinery has also previously announced plans to begin producing surfactants for detergent manufacturing, reinforcing its strategy to diversify into petrochemicals and reduce import dependence across multiple value chains.
Central to Nigeria’s Energy Strategy
With a nameplate capacity of 650,000 barrels per day, the Dangote refinery remains central to Nigeria’s efforts to reduce fuel imports, conserve foreign exchange, and strengthen domestic refining and industrial capacity.
If the proposed share sale proceeds as indicated, it could mark one of the most significant opportunities for Nigerian retail investors to participate directly in a large-scale industrial asset reshaping the country’s energy landscape.
