Aliko Dangote has announced that ordinary citizens will be able to purchase shares in the continent’s largest oil refinery within the next four to five months, opening a major avenue for public participation in the landmark project.
Dangote made the disclosure during a facility tour by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, and his executive team.
The refinery currently lists the NNPC as a shareholder with a 7.25 percent stake held on behalf of Nigerians. “And the other issue is that they are holding 7.25 percent 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 told journalists.
“So 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,” he added.
Dangote further revealed that future shareholders would have the flexibility to receive dividends in either naira or dollars, reflecting the refinery’s dual revenue streams in local and foreign currencies.
He described Ojulari’s visit as “our best day ever” at the facility and praised the NNPC for investing at a time when the project’s success was far from guaranteed. “I know NNPC invested in us when we were not really sure whether the refinery would be successful,” he said.
Beyond refining, the complex is expanding into petrochemicals, with plans to produce 400,000 metric tonnes of linear alkyl benzene annually — enough to meet the entire African continent’s demand. “We’re going 400,000 tonnes and we’ll deliver all this in the next 30 months,” Dangote stated.
The 650,000 barrels-per-day refinery, located in the Lekki Free Trade Zone, is viewed as central to Nigeria’s drive to end fuel imports, conserve foreign exchange and build industrial capacity.
Dangote Group officials said preparations for the public offering are advancing rapidly, though exact listing details on the Nigerian Exchange have not yet been finalised.
