Dangote Group founder and President, Aliko Dangote, has disclosed that the conglomerate plans to list its fertiliser business on the stock market in 2028.
Dangote made the disclosure during an interview at the Qatar Economic Forum on Sunday, September 20, 2026, while discussing the group’s ownership structure and its plans to attract more investors into its businesses.
The billionaire said the group had traditionally developed its businesses without external partners but was now seeking to expand its investor base.
Speaking about the prospect of bringing more people into the ownership of the group’s businesses, he said, “No, we have actually everything we do by ourselves. We don’t have partners. But that’s why we are now looking for all these massive number of people to now become our partners.”
Dangote also addressed the growing social media jokes surrounding Nigerians who recently acquired shares in the Dangote Petroleum Refinery.
The refinery’s ongoing initial public offering has generated considerable attention among retail investors, with many Nigerians online humorously portraying themselves as business partners, executives and board members after purchasing shares.
Reacting to the trend, Dangote said, “You must have seen that they’ve been calling me now for a board meeting.”
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The comments come as the refinery’s share offer, which has been promoted as a “people’s IPO”, continues to attract retail investors. The minimum subscription is 10 shares, allowing individuals to participate in the offering with relatively small investments. Reuters reported that the share sale has triggered a wave of memes and jokes, with investors playfully presenting themselves as co-owners of the refinery.
Some participants have posted mock certificates carrying titles such as “chief investment officer” and “co-founder and partner”, while others have created humorous videos and posts suggesting they are ready to monitor the refinery’s operations or summon management for meetings.
Beyond the refinery IPO, Dangote confirmed that another major business under the group would also be opened to public investors.
Asked whether the fertiliser business would be taken public, he responded, “Oh, yeah, yeah. I mean, we will IPO it. It’s going to be the biggest fertilizer company on earth.”
When asked when the planned listing would take place, Dangote gave a specific timeline.
“Yes, it will be 2028.”
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The announcement places the proposed listing alongside an ambitious expansion programme for Dangote’s fertiliser operations.
Dangote Fertiliser currently operates a $2.5 billion production complex in Ibeju-Lekki, Lagos State. The facility, located within the Lekki Free Trade Zone, has an annual production capacity of three million metric tonnes of urea and is described by the company as Africa’s largest granulated urea fertiliser complex.
The group is also pursuing further expansion of its fertiliser operations in Nigeria and other African countries. The expansion programme is expected to increase its overall production capacity significantly, with plans involving additional production trains in Nigeria and a proposed $2.5 billion fertiliser plant in Ethiopia. Channels Television reported that the Nigerian expansion will involve four additional trains, while the Ethiopian facility is designed to produce three million metric tonnes of urea annually.
Dangote’s latest comments therefore link the planned 2028 IPO to a broader strategy of expanding production while bringing more investors into the group’s businesses.
The fertiliser listing would give members of the investing public another potential opportunity to acquire an ownership stake in a major Dangote Group business, following the ongoing public offer for shares in the petroleum refinery.
Meanwhile, the refinery itself is also pursuing further expansion. According to a report published on Monday, Dangote said the refinery plans to eventually seek a listing on the New York Stock Exchange after completing an expansion that would increase its crude-processing capacity to 1.4 million barrels per day.
For now, Dangote’s confirmation provides a clear 2028 target for the proposed public listing of the fertiliser business, while the group continues to expand its industrial operations across Nigeria and other African markets.
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