Aliko Dangote has assured that ordinary Nigerians will be able to purchase shares in the Dangote Refinery within the next four to five months as the company prepares for listing.
Dangote made this known on Saturday while addressing journalists during a tour of the refinery by NNPC Group Chief Executive Officer Bayo Ojulari and other top executives.
He described the visit as symbolic, noting that NNPC is not just a partner but a shareholder in the refinery.
Dangote disclosed that NNPC holds a 7.25 per cent equity stake in the refinery on behalf of Nigerians.
“They are holding 7.25 per cent of the shares that we have here, which is more than the shares that Elon Musk has in Tesla, and they are holding that on behalf of Nigerians,” he said.
He added that individual Nigerians will have the opportunity to buy their shares within the next four or five months.
Dangote also reiterated that Nigerian shareholders would have the option of receiving dividends in either naira or US dollars, since the refinery earns foreign currency.
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Opening the refinery’s shares to the public is expected to democratise ownership of a critical national asset and deepen Nigeria’s domestic capital market.
The listing could also boost liquidity and market capitalisation on the Nigerian Exchange, allowing retail investors to benefit from dividends and capital gains.
The option to receive dividends in dollars may provide investors with a hedge against naira volatility, given the refinery’s substantial foreign currency earnings from exports.
Dangote said priority would be given to Nigerian retail investors to ensure broad-based participation rather than concentration among large institutions.
In December 2025, Dangote unveiled plans to list a 10 per cent stake in the refinery on the Nigerian Exchange in 2026.
Discussions are ongoing with the Securities and Exchange Commission and the NGX to finalise the structure for the proposed initial public offering.
Projected export earnings of about $6.4 billion from petrochemicals and fertiliser will underpin the dollar dividend structure and ensure sustainable hard currency flows.
