The Dangote Group has announced plans to list between 5% and 10% of its $20 billion refinery on the Nigerian Exchange (NGX) within the next year. The move is part of efforts to attract new investors, strengthen its capital base, and align with global governance standards.
Aliko Dangote, President of the Group, disclosed this in an exclusive interview with S&P Global, explaining that the partial listing will replicate the model used for Dangote Cement and Dangote Sugar, both of which are publicly traded on the NGX.
“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,” Dangote said.
The refinery, which began operations in 2024, is a 650,000-barrel-per-day integrated refining and petrochemical complex located in Lagos. It has already turned Nigeria into a net exporter of diesel and jet fuel, cutting the nation’s dependence on imported petroleum products.
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Dangote also revealed that the company recently secured a $4 billion financing agreement to support expansion plans and is in talks with Middle Eastern investors to co-fund a capacity increase to 1.4 million barrels per day. Once completed, the upgrade would make the facility the largest refinery in the world, surpassing India’s Jamnagar plant.
“Our business concept is changing. Instead of being 100 percent Dangote-owned, we’ll now have other partners,” he said, noting that the company’s diversification strategy also includes new petrochemical projects and increased polypropylene production.
Despite temporary downtime and labour disputes earlier in the year, Dangote expressed optimism about the refinery’s long-term performance. He confirmed that key units such as the Residue Fluid Catalytic Cracker, are back online after maintenance in September.
“We have to tighten our belts and make sure we know what we are doing. It’s a huge undertaking, but we are committed to making Africa energy-independent,” Dangote stated.
