Aliko Dangote, President and Chief Executive Officer of the Dangote Group, has announced that individual Nigerians will be able to purchase shares in the $20 billion Dangote Petroleum Refinery within the next four to five months as the company moves toward a public offering on the Nigerian Exchange.
The confirmation came during a tour of the refinery complex in the Lekki Free Trade Zone, Lagos, by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, and other NNPC executives, where Dangote said arrangements were being finalised to open up ownership to ordinary citizens.
Dangote underscored that the Nigerian National Petroleum Company currently holds a 7.25 percent equity stake in the refinery on behalf of Nigerians and said the upcoming share sale will broaden domestic participation in one of Africa’s largest industrial projects.
He emphasised that prospective investors would have the flexibility to receive dividends in either naira or U.S. dollars, reflecting the refinery’s significant foreign revenue earnings.
The refinery, with a capacity of 650,000 barrels per day and recognised as Africa’s largest single-train facility, remains central to Nigeria’s strategy to reduce fuel imports, conserve foreign exchange, and expand domestic industrial output.
Dangote also highlighted ongoing discussions for deeper collaboration with NNPC across the oil and gas value chain as the facility continues to expand its petrochemical output.
Source: Businessday NG
