Africa’s richest man, Aliko Dangote, has announced plans to list between five and ten per cent of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) within the next year, as part of efforts to attract investors and strengthen the company’s capital base.
Dangote, who is the President of the Dangote Group, disclosed the plan in an exclusive interview with S&P Global, saying the move would open up the refinery to public participation and align it with international corporate governance practices.
According to him, the partial listing will follow the same approach used for Dangote Cement and Dangote Sugar, both of which are already listed on the Nigerian Exchange. “We don’t want to keep more than 65 to 70 per cent. Shares will be offered incrementally, depending on investor appetite and market depth,” he said.
The $20 billion Dangote Refinery, located in Lagos, is an integrated refining and petrochemical complex with a processing capacity of 650,000 barrels of crude oil per day. It began operations in 2024 and has since helped Nigeria reduce its reliance on imported refined petroleum products.
Since it commenced full operations, the refinery has turned Nigeria into a net exporter of diesel and aviation fuel, while also cutting the country’s foreign exchange spending on fuel imports. Industry analysts say the refinery’s output has improved the balance of payments and provided a stabilising effect on the foreign exchange market.
Dangote revealed that the company recently secured a $4 billion financing deal to support its expansion and was now in talks with Middle Eastern investors to co-finance an ambitious plan to raise refining capacity to 1.4 million barrels per day. If achieved, this would make the Dangote Refinery the largest in the world, overtaking the Jamnagar Refinery in India.
“Our business concept is changing. Instead of being 100 per cent Dangote-owned, we’ll now have other partners,” he said. Dangote added that the new structure would allow the group to diversify its investments and scale up new petrochemical projects, including increasing the production of polypropylene and other industrial chemicals.
The billionaire industrialist said the refinery’s listing would also deepen liquidity in the Nigerian capital market and attract both local and foreign institutional investors seeking exposure to the energy and downstream oil sector.
Financial analysts have described the planned listing as a major confidence boost for Nigeria’s stock market, which has recently recorded renewed interest from both retail and institutional investors. They noted that the refinery’s inclusion would significantly increase the market’s capitalisation and broaden investment opportunities.
Despite facing initial challenges such as temporary plant shutdowns and labour disputes, Dangote expressed optimism that the refinery’s operations have now stabilised. He said major units, including the Residue Fluid Catalytic Cracker, which was briefly shut down in September, are now fully operational.
He acknowledged that running such a massive project requires discipline and commitment. “We have to tighten our belt and make sure we know what we are doing. It’s a huge undertaking, but we are committed to making Africa energy-independent,” Dangote said.
The refinery is already being seen as a game-changer for Nigeria’s industrial and energy landscape, with projections that it could save the country billions of dollars in import costs and create thousands of direct and indirect jobs.
If the listing goes as planned, Dangote Refinery will become one of the most valuable companies on the Nigerian Exchange, further consolidating the Dangote Group’s position as a key driver of Nigeria’s industrial growth and economic transformation.
