Dangote to List Refinery Shares for Nigerians Within Five Months
Nigerian businessman Aliko Dangote has disclosed that within the next four to five months, Nigerians will be able to buy shares in the Dangote Refinery and receive dividends in either U.S. dollars or naira.
Speaking during a media engagement, Dangote revealed that even though the Nigerian National Petroleum Company Limited holds a 7.25% stake in the refinery following its early investment at a time when the project’s success was uncertain,individual Nigerians will soon have the opportunity to participate directly in the refinery’s ownership and benefit from its earnings.
“I know NNPC invested in us when we even, we ourselves were not really sure whether the refinery would be successful.And the other issue is that, look, they are holding 7.25% of the shares that we have here, which is more than the shares Elon Musk has in Tesla. So, and they are holding that on behalf of Nigerians. So, but individually, Nigerians too will have an opportunity in the next, you know,I don’t know, but I think the next maybe maximum four or five months, they will actually be optioned to buy their shares.And like what I promised before, people will have a choice either to get their dividend in Naira or to get their dividends in dollars because we earn dollars.”
He also added that the refinery is evolving into a broader industrial hub beyond fuel production, with plans for deeper collaboration with NNPC in upstream operations and the development of petrochemical products such as linear alkyl benzene, a key raw material for detergents, which is expected to supply markets across Africa.
“You know, we have Block 7.2 and 7.2, but we are going to look much, you know, deeper. Most likely, you know, depending on our own discussions with them, we will partner with them maybe in some of the upstream. They too will partner with us here, you know, because here is not a refinery.It’s an industrial hub. And that’s why we are doing, you know, linear alkaline benzene, which is raw material for detergent. And that raw material for detergent will be sufficient for the entire African continent.
It’s 400,000 tonnes, you know, which we don’t have. The only two is one in Algeria, 100,000 tonnes and Egypt, 50,000. But we are going 400,000, and we’ll deliver all this in the next 30 months.”
The development underscores the refinery’s potential to drive economic value, expand industrial production, and give citizens a more direct share in Nigeria’s oil and gas sector.
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