Aliko Dangote, Africa’s richest man, has announced plans to list his $20 billion Nigerian oil refinery, the largest on the continent, on the stock market by the end of 2026, a step aimed at broadening its investor base and easing fears about monopoly power in Nigeria’s fuel sector.

Speaking at the African Export-Import Bank’s annual general meeting in Abuja, Dangote also confirmed that the Dangote Group will list its urea fertilizer plant on the stock exchange before the end of this year.

The fertilizer plant has a production capacity of 2.8 million tons annually.

Dangote had previously indicated plans in July to list both the fertilizer and petrochemical arms of the refinery in the first quarter of 2025, according to Business Insider.

The decision to press ahead with these listings, Dangote said, is part of the conglomerate’s wider strategy to attract new investors and create greater value for shareholders.

He also disclosed that the refinery is set for a dual listing on both the Lagos and London stock exchanges.

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Commissioned in 2024, the refinery has the capacity to process 650,000 barrels of crude oil per day, making it larger than the ten biggest refineries in Europe combined, according to Bloomberg.

It currently produces aviation fuel, diesel, gasoline, and naphtha.

The move to go public follows growing concerns among Nigeria’s downstream regulator and independent fuel marketers about the potential for monopoly dominance in the local fuel market, similar to what has been seen in Dangote’s other business sectors.

Dangote said the listing is intended to counter such fears.

“It’s important to list the refinery so that people will not be calling us a monopoly,” Dangote said.

“They will now say we have shares, so let everybody have a part of it.”

Earlier this year, Dangote projected that the group is on track to generate $30 billion in total revenue next year.

He also said the company aims to overtake Qatar and become the world’s largest exporter of urea within the next four years.

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