Aliko Dangote, President of the Dangote Group, has announced that the shares of Dangote Refinery will soon be available for every Nigerian to purchase directly.
“In the next maximum four or five months, they will actually be able to buy their shares”, he said, stating that once listed, shareholders will have the flexibility to receive dividends in naira or in U.S. dollars, reflecting the refinery’s substantial dollar earnings from domestic sales and exports.
Speaking during a visit by the leadership of the Nigerian National Petroleum Company Limited (NNPC Ltd) to the 650,000 barrels-per-day facility, Dangote described the occasion as the company’s “best day ever”. He highlighted the deepening partnership with NNPC, which currently holds a 7.25 per cent stake in the refinery on behalf of Nigerians.
The collaboration is set to expand significantly beyond refining. Dangote revealed plans for deeper integration, including potential joint ventures in upstream activities – such as in Block OPL 7272 – and further development of the site as a major industrial hub rather than just a refinery.
“NNPC is not just a guest; he’s a shareholder,” Dangote said, referring to NNPC Group Chief Executive Officer Engr. Bashir Bayo Ojulari, who led the high-level delegation and facility tour. He praised NNPC’s early investment confidence in the project when its success was far from certain, adding that the renewed relationship under the current NNPC leadership means “the sky is the limit”.
Dangote emphasised the national significance of NNPC’s holding. “They are holding 7.25 per cent of the shares here, which is more than the shares Elon Musk has in Tesla, and they are holding that on behalf of Nigerians,” he stated.
A flagship expansion project is the planned linear alkylbenzene (LAB) plant, which will produce 400,000 tons per annum of the key raw material for detergent manufacturing, enough to supply the entire African continent. Dangote noted that current African production stands at just 100,000 tons in Algeria and 50,000 tons in Egypt. The new facility is targeted for completion within the next 30 months.
Dangote expressed strong optimism about the future partnership: “We will cooperate and also make sure that we work together to make Nigerians proud.”
The announcements signal a transformative phase for Nigeria’s energy and industrial sector, combining state backing, private investment, and upcoming public share ownership to drive economic growth, energy security, and continental self-sufficiency in petrochemicals
