Dangote refinery to list 10% stake on NGX
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The President of the Dangote Group, Aliko Dangote, has revealed plans to list between five and 10 per cent of the Dangote Refinery on the Nigerian Exchange within the next year, in a move aimed at attracting new investors and strengthening the company’s capital base.
Speaking in an exclusive interview with S&P Global, Dangote said the planned listing is part of a broader strategy to deepen investor participation and align the refinery with global corporate governance standards.
According to him, the partial listing will mirror the model previously adopted for Dangote Cement and Dangote Sugar, both of which are already quoted on the Nigerian Exchange. “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,” he said.
The refinery, which began operations in 2024, is a $20bn integrated refining and petrochemical complex with a current processing capacity of 650,000 barrels per day.It has already transformed Nigeria into a net exporter of diesel and jet fuel, while significantly reducing the country’s dependence on imported petroleum products.
Dangote disclosed that the company recently secured a $4bn financing agreement to support its expansion drive and is now in talks with Middle Eastern investors to co-fund a planned capacity increase to 1.4 million barrels per day. The expansion, once completed, would make the facility the largest oil refinery in the world, surpassing India’s Jamnagar refinery.
“Our business concept is changing. Instead of being 100 per cent Dangote-owned, we’ll now have other partners,” Dangote said, adding that the company’s diversification strategy includes new petrochemical projects and increased polypropylene output.
Despite recent challenges, including temporary downtime and labour disputes, Dangote expressed confidence in the refinery’s long-term prospects. He said that stabilisation efforts are ongoing, with major units such as the Residue Fluid Catalytic Cracker now back in operation following a brief shutdown in September.
“We have to tighten our belt 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.
