LAGOS, Feb 23 – Dangote Group plans to open share ownership in its Lagos based refinery to Nigerian investors within four to five months as preparations for a public listing progress, Chairman Aliko Dangote said.
Dangote disclosed the timeline while addressing journalists during a visit by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, and other senior executives.
The company intends to allow retail participation in the $20 billion refinery, one of the largest single train refining facilities globally.
NNPC holds a 7.25% equity stake in the refinery on behalf of Nigerians, Dangote said during the briefing. He added that individual investors will be able to purchase shares once the listing process advances with the Nigerian Exchange Limited and the Securities and Exchange Commission.
Dangote also said shareholders will have the option to receive dividends either in naira or in US dollars because the refinery earns foreign currency from exports.
The refinery previously announced plans to list about 10% of its shares on the Nigerian Exchange in 2026.
Projected export earnings of about $6.4 billion, largely from petrochemicals including polypropylene and fertiliser, are expected to support the dividend structure.
The company indicated that retail investors will receive priority allocation to broaden domestic participation in ownership.
Ojulari said collaboration between NNPC and the refinery will support energy supply and industrial activity in Nigeria.
The 650,000 barrels per day facility is designed to refine crude locally and reduce dependence on imported petroleum products.
Dangote also said the complex will begin producing linear alkylbenzene within 30 months, a raw material used in detergent manufacturing across Africa.
