Dangote Refinery Set for Public Listing on NGX

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Africa’s richest man, Aliko Dangote, has revealed plans to list between five and ten percent of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) Limited within the next year, marking a major step toward public ownership of the $20 billion facility.

In an interview with S&P Global, Dangote said the decision aligns with the group’s broader strategy of opening its flagship companies to investors, similar to Dangote Cement and Dangote Sugar Refinery, which are already publicly listed.

“We don’t want to keep more than 65%–70%,” Dangote explained. “The refinery shares will be offered gradually, depending on market conditions and investor demand.”

The billionaire industrialist added that the group is in talks with Middle Eastern investors for strategic partnerships to fund the refinery’s next phase of expansion and a new petrochemical project in China.

“Our business concept is going to change. Instead of being 100 percent Dangote-owned, we’ll have other partners,” he said.

The Dangote Refinery, located in Lagos, began operations in 2024 and is currently ramping up its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of 2025. Dangote said the long-term goal is to double output to 1.4 million bpd, which would make it the world’s largest refinery, surpassing Reliance Industries’ Jamnagar Refinery in India, which has a capacity of 1.36 million bpd.

The industrialist also hinted that the Nigerian National Petroleum Company (NNPC) Limited, which holds a 7.2 percent stake, may increase its shareholding in the future.

“I want to demonstrate what this refinery can do; then we can sit down and talk,” Dangote said.

Beyond refining crude oil, the company is expanding into petrochemicals, with plans to raise polypropylene output from 1 million to 1.5 million metric tonnes annually and invest in new base oil and linear alkylbenzene projects.

Dangote confirmed that the refinery had resolved “most” of its technical challenges but noted that a one-month shutdown may be scheduled for final maintenance adjustments.

“We have resolved most, not all, but most of the problems. We’re looking for a window to shut down for another month,” he said, adding that the timing would avoid the end-of-year fuel demand spike.

Industry analysts say the potential public listing could boost investor confidence, deepen Nigeria’s stock market, and attract fresh foreign capital into the country’s struggling energy sector.

If successful, the Dangote Refinery’s listing could become the largest in NGX history, reshaping Nigeria’s investment landscape and positioning the refinery as a global energy powerhouse.

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