Dangote Announces Plan to Make Nigerians Part Owners of Refinery
- Dangote Refinery confirmed plans to list his refinery on the Nigerian Exchange for public trading
- This move would give Nigerians the chance to own a stake in the facility and also be part of the success growth
- The $20 billion refinery became operational since 2024 and was the reason Nigeria become a net exporter of diesel and jet fuel
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Aliko Dangote, president of the Dangote Group, has announced plans to list between 5 and 10% of the Dangote Refinery on the Nigerian Exchange (NGX) in 2026.
Source: Getty Images
Speaking in an interview with S&P Global, Dangote said the planned listing is part of a broader strategy to deepen investor participation and align the refinery with global corporate governance standards.
He said:
“Our business concept is changing. Instead of being 100 per cent Dangote-owned, we’ll now have other partners.
“We don’t plan to keep more than 65 to 70 percent. Shares will be sold gradually, depending on how interested investors are and how the market performs.”
Africa richest man added that the approach mirrors the model previously adopted for Dangote Cement and Dangote Sugar, both of which are already quoted on the NGX.
Dangote expansion plan
S&P Global reported that Dangote is seeking to double the refinery with Middle Eastern funding, making it the world’s largest.
The refinery has turned Nigeria to a net exporter of diesel and jet fuel and supplies large quantities of petrol to West Africa, Punch reports.
Dangote expressed confidence in the refinery’s long-term prospects.
He said:
“We have to rebuild the refinery, either here or somewhere else. But somewhere else is not really possible because it would cost too much to set up new infrastructure, and we already have it here.”
Source: Getty Images
S&P Global projected that in Nigeria alone, the net petrol imports could more than double from 2026-2027 to hit 200,000 barrels per day by 2030, caused by economic development and growing population.
The report said.
“In July, Dangote unveiled plans to expand the refinery from its current 650,000 bpd to 700,000 bpd by the end of the year.
Now, the target is to reach 1.4 mbpd, with no specified date, a scale that would surpass the world’s largest 1.36 mbpd refinery in Jamnagar, India."
Dangote increase petrol price
Earlier, Legit.ng reported that the prospect of lower fuel prices at filling stations across Nigeria was dashed as the Dangote Refinery increased the ex-depot price for Premium Motor Spirit (PMS), popularly known as petrol, to N881 per litre.
The new price was N4 or a 0.45% increase when compared to the N877 on Friday, October 18 when the petrol bulk sales resume.
With the latest adjustment, Industry data showed that the Dangote Refinery sold petrol above several private depot operators leaving marketers with a decision.
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Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
