Dangote Refinery to List Shares for Nigerians in 5 Months

Aliko Dangote has announced that ordinary Nigerians will be able to buy shares in the Dangote Refinery within the next four to five months, as the company prepares for listing.

Speaking during a tour of the refinery by NNPC Group CEO Bayo Ojulari and other executives, Dangote described the visit as symbolic, noting that NNPC is not just a partner but a shareholder.

“NNPC invested in us when we ourselves were not even sure the refinery would succeed,” Dangote said, adding that the new leadership at NNPC has strengthened collaboration.

He disclosed that NNPC holds a 7.25% equity stake in the refinery on behalf of Nigerians, remarking: “They are holding 7.25% of the shares that we have here, which is more than the shares that Elon Musk has in Tesla.”

Dangote confirmed that retail investors will soon be able to participate directly, with priority given to Nigerians. He also said shareholders would have the option of receiving dividends in naira or US dollars, since the refinery earns foreign currency from exports.

The refinery, valued at about $20 billion, is expected to democratise ownership of a critical national asset, deepen Nigeria’s capital market, and boost liquidity and market confidence once listed.

Analysts note that the option to receive dividends in dollars could provide investors with a hedge against naira volatility, making the shares attractive to retail and institutional buyers alike.

Dangote emphasised that broad-based participation is key: “Individually Nigerians too will have an opportunity in the next maximum four or five months they will actually be able to buy their shares.”