PRESIDENT of the Dangote Group, Aliko Dangote, has disclosed plans to list between five and 10 per cent of the Dangote Refinery on the Nigerian Exchange (NGX) within the next year to attract new investors and strengthening the company’s capital base.
Speaking in an exclusive interview with S&P Global, Dangote said the listing was part of a broader strategy to deepen investor participation and align the refinery with global corporate governance standards, noting that the partial listing will mirror the model previously adopted for Dangote Cement and Dangote Sugar, both of which are already quoted on the Nigerian Exchange.
He stated: “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.”
The 650,000 barrels per day refinery, which began operations in 2024, is a $20billion integrated refining and petrochemical complex and has already transformed Nigeria into a net exporter of diesel and jet fuel, while significantly reducing the country’s dependence on imported petroleum products.
Dangote revealled that the company recently secured a $4billion financing agreement to support its expansion drive and is now discussing with Middle Eastern investors to co-fund a planned capacity increase to 1.4 million barrels per day.
When completed, the expansion would make the refinery the largest in the world, surpassing India’s Jamnagar refinery, adding: “Our business concept is changing. Instead of being 100 per cent Dangote-owned, we’ll now have other partners.”
He stated that the company’s diversification strategy includes new petrochemical projects and increased polypropylene output, noting that despite recent challenges, including temporary downtime and labour disputes, he remained optimistic in the refinery’s long-term prospects.
According to him:“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.”
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