The President of the Dangote Group, Aliko Dangote, has confirmed that the Dangote Petroleum Refinery will open its doors to individual Nigerian investors within the next four to five months—targeting a landmark listing on the Nigerian Exchange (NGX) by July 2026.
“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.
This follows a high-level facility tour by the Group CEO of NNPC Limited, Bayo Ojulari, and marks a pivotal shift in the refinery’s ownership structure as it prepares to become the “anchor” of Nigeria’s capital market.
The IPO Structure & The “Dollar Dividend” Hedge
The upcoming listing is designed to be the most innovative in Nigerian history, specifically structured to protect investors against currency volatility:
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The “Naira-In, Dollar-Out” Model: Investors will be able to purchase shares in Naira, but they will have the unprecedented option to receive dividends in US Dollars.
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Underpinning Wealth: This dollar payout is supported by the refinery’s projected $6.4 billion in annual export revenue from petrochemicals and refined products.
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Stake for Sale: Dangote plans to offer between 5% and 10% of the refinery’s equity to the public initially, with the possibility of increasing this to 30% depending on domestic demand.
NNPC’s Role: The “People’s Proxy”
During the tour, Dangote clarified the current ownership status of the Nigerian state:
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Current Stake: NNPC Limited currently holds a 7.25% minority stake in the refinery.
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National Interest: Dangote emphasized that NNPC is holding this stake “on behalf of Nigerians” until the public offer allows for direct individual ownership.
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Future JVs: Discussions are ongoing for NNPC and Dangote to partner in upstream oil blocks to ensure a steady crude supply for the refinery, which is currently aiming to process 700,000 bpd by the end of 2026.
Beyond Fuel: The Detergent & Petrochemical Hub
The facility is rapidly evolving into a massive “industrial hub” rather than just a fuel refinery:
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Linear Alkyl Benzene (LAB): The refinery is finalizing terms for a plant to produce LAB, a critical raw material for detergents.
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Continental Supplier: Dangote noted that this production will be “sufficient for the entire African continent,” with delivery expected within the next 30 months.
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Expansion Scale: This forms part of the broader $400 million expansion deal signed with China’s XCMG last week, aimed at eventually reaching a world-record 1.4 million bpd capacity.
Beyond public investment, the billionaire businessman said the refinery would deepen collaboration with NNPC to strengthen operations and explore additional opportunities across the oil and gas value chain.
“I think the sky is the limit and we [NNPC and Dangote Refinery] will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” he said.
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