Buy in Naira, Earn in Dollars: Dangote Unveils Plans to Sell Refinery Shares to Nigerians
- The Chairman of the Dangote Group, Aliko Dangote, has plans to mint new dollar millionaires in Nigeria
- The Nigerian billionaire has unveiled an audacious plan to list his multibillion-dollar refinery on the NGX
- Africa’s richest man disclosed that shareholders will buy the refinery’s stakes in naira but earn in dollars
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Aliko Dangote is preparing to open a new chapter in Nigeria’s investment landscape as he moves to list his $20 billion refinery on the Nigerian Exchange (NGX) in 2026.
The industrialist revealed that Nigerians will be able to buy shares in naira but earn dividends in US dollars, a rare structure that could reposition how local investors preserve value in a volatile currency environment.
Source: Getty Images
Speaking at Eko Hotel in Lagos on Thursday, December 11, 2025, Dangote explained that his team is working closely with the NGX and the Securities and Exchange
A first-of-its-kind dollar dividend strategy
Commission to finalise the rules that will guide the initial public offering. The structure, he said, is being designed to give everyday Nigerians access to a dividend stream previously available only to global investors.
According to a report by BusinessDay, Dangote described the plan as a practical response to economic realities. While shares will be priced in naira, dividends will be paid in US dollars, supported by a robust export pipeline that includes petrochemicals and fertiliser.
The refinery expects to generate at least $6.4 billion in export revenue, which the company says will be more than enough to sustain foreign currency payouts.
The move could dramatically shift the appeal of local equities. With the naira under constant pressure, investors have increasingly looked abroad for value retention.
A dollar-paying Nigerian stock, analysts say, could change that dynamic by offering a built-in hedge against currency swings.
A long-term play for global scale
The refinery listing is only one piece of a larger expansion blueprint for the Dangote Group.
The company is projecting revenue of $100 billion by 2030, a remarkable leap from the current $18 billion. If achieved, this could place the conglomerate among the world’s top 100 companies by size.
Over the past five years, the group has grown from $3.3 billion to $18 billion in annual revenue.
Earnings before interest, tax, depreciation and amortisation have also risen from $1.8 billion to $2.8 billion, underscoring a steady climb in operational strength.
Source: Getty Images
Dangote believes these numbers lay the groundwork for an eventual market capitalisation that could exceed $200 billion.
He confirmed that a 10% stake in the refinery and petrochemicals business will be offered through the NGX, with possible international secondary listings being considered. Still, he stressed that Nigeria remains home base.
“We want the Dangote Refinery to be the golden stock of the Exchange,” he said.
Refinery expansion and national impact
The 650,000-barrel-per-day refinery has already begun producing diesel, aviation fuel and, more recently, petrol.
It is expected to play a major role in reducing Nigeria’s dependence on imported fuel. Dangote also announced plans to expand the facility’s capacity to 1.4 million barrels per day within three years, more than doubling current output.
Energy analysts believe the proposed dividend model could inspire other Nigerian companies to rethink how they attract investment, especially in an economy where access to foreign exchange remains a challenge.
"This is an interesting times to be alive as an investor," energy policy analyst, Adeola Yusuf, told Legit.ng on a call.
"Nigerians should brace for it when the shares open for sale sometime next year. We know the Dangote Group has a good record of paying robust dividends as exemplified in their other firms," he said.
While regulatory fine-tuning is still needed, the idea signals a push toward more innovative financial structures within Africa’s largest economy.
A prior report by Legit.ng disclosed that Dangote has unveiled plans to expand the refinery's capacity to about 1.4 million barrels, making it the world's largest refining facility.
The Dangote conglomerate disclosed that it has secured deals with notable firms and Afreximbank to secure about $5 billion for the refinery's upgrade.
Dangote Refinery slashes diesel price
Legit.ng earlier reported that diesel prices have recorded another drop after Dangote Refinery reduced its gantry rate from N950 to N910 per litre.
The adjustment represents a 4.21 percent decline and comes barely a month after the upward review on November 6.
A proforma invoice sighted by Petroleumprice.ng confirmed the new pricing, which takes effect immediately.
Source: Legit.ng
