Africa’s richest man, Aliko Dangote, has announced that ordinary Nigerians will soon have the opportunity to directly purchase shares in the $20 billion Dangote Petroleum Refinery, with the window opening in the next four to five months.
Speaking to journalists during a tour of the 650,000-barrels-per-day facility by Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Bayo Ojulari and the NNPC board, Dangote described the move as a step toward broadening public ownership of the landmark project.
“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.
He highlighted that the NNPC currently holds a 7.25% stake in the refinery on behalf of Nigerians a percentage he noted exceeds Elon Musk’s personal shareholding in Tesla emphasizing the national significance of the investment.
Dangote reiterated his earlier promise that shareholders will have flexibility in receiving dividends, with options to collect payments in naira or U.S. dollars, leveraging the refinery’s substantial dollar earnings from exports.
The announcement comes amid preparations for what analysts describe as one of Nigeria’s most anticipated listings on the Nigerian Exchange (NGX), potentially involving 5-10% of the refinery’s equity.
Earlier reports had indicated plans for a partial public offering in 2026, with dollar-denominated dividends designed to hedge against currency risks and attract both local and international investors.
The refinery, Africa’s largest single-train facility, has been ramping up operations and is seen as a game-changer for Nigeria’s energy sector, aiming to end fuel imports and generate significant export revenues from petrochemical products.
Dangote’s comments have sparked excitement online, with many Nigerians expressing interest in participating, though some urged caution on fuel price impacts and broader economic benefits.
The exact structure, pricing, and regulatory approvals for the share sale are yet to be detailed.
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