Africa’s richest man, Aliko Dangote, has announced that Nigerians will soon have the chance to become shareholders in the Dangote Refinery.
The move comes in response to growing criticism that the billionaire favors foreign partnerships over local involvement.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, an event co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, Dangote revealed that the refinery would soon be listed on the stock exchange.
This would allow individuals and institutions in Nigeria to invest and benefit from the facility’s long-term prospects.
“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious,” Dangote said.
“Africa should refine all the petroleum products it consumes right here on the soil of Africa.”
As reported by Punch, Dangote also highlighted the company’s investment in liquefied petroleum gas (LPG), saying it’s part of a broader effort to promote cleaner energy use in Nigerian homes.
“With our LPG production of 2,500 tons per day, we’re working to encourage more homes to increase the LPG consumption or utilization, and we’re just getting started,” he stated.
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The announcement follows recent complaints from Nigerian shipowners who raised concerns that the Dangote Refinery has been using ships from Angola to transport its crude and finished products instead of vessels owned by Nigerians.
Before that, other players in the country’s oil sector criticized the refinery’s sales practices, saying they complicate the supply chain.
Olufemi Adewole, Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), noted that Dangote’s approach has made it difficult for local marketers, especially smaller businesses, to operate within the existing coastal supply networks.
In response to such criticism, Dangote addressed broader concerns about dominance and investment choices, pointing out that many wealthy Nigerians prefer to invest abroad rather than contribute to the country’s development.
“Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation’s growth choose instead to criticize from the sidelines while investing their wealth abroad. Adding little to Nigeria’s real economy or Africa’s economy,” he said.
“We have chosen to bet on Nigeria and will continue to do so. So, we should not allow dumping to destroy our manufacturing base like what it did in so many other industries, like textiles and others,” he added.
Dangote also emphasized that more investors should be encouraged to build refineries in the country, making it clear that such initiatives should be supported by regulators and the government.
“Others should be encouraged to build refineries if they are serious. I think encouraging other people to build refineries is the job of the NMDPRA and also the government,” he said.
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