Dangote Refinery Announces Plan to Employ More Workers, Targets Major Capacity Boost
- Dangote Refinery plans to double its workforce as it targets an increase in processing capacity from 700,000 to 1.4 million barrels per day by 2029
- The refinery is seeking to raise N2.2 trillion through an IPO to fund the expansion, with a minimum subscription of 10 shares costing N5,250
- Dangote Refinery also plans to list its shares in Lagos and potentially on other African and US stock exchanges
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Dangote Petroleum Refinery and Petrochemicals FZE is set to significantly increase its workforce as the company prepares to double the refinery’s processing capacity to 1.4 million barrels per day by 2029.
Edwin Devakumar, Vice President of Oil & Gas and Fertiliser at Dangote Industries Limited, disclosed this to journalists during a visit to the refinery in Lagos on Friday, September 18, 2026.
Source: UGC
Dangote Refinery plans to double workforce
Devakumar said the refinery’s workforce would practically double as the facility expands its operations, although some sections, such as water treatment, may not require a similar increase because existing capacity is considered sufficient.
“Within the refinery, the workforce will practically become double, except in the water treatment section, because there we already have substantial capacity,” he said.
He explained that the expansion in the transport segment would likely be less significant unless domestic demand for petroleum products rises substantially.
“Obviously, we don’t expect a substantial increase in the consumption of petrol and diesel within the country in the short term,” Devakumar added.
The planned workforce expansion is tied to Dangote Refinery’s broader ambition to increase its processing capacity from the current 700,000 barrels per day to 1.4 million barrels per day by 2029.
Refinery targets N2.2trn from investors
To fund the expansion, the refinery is seeking to raise N2.2 trillion, equivalent to about $1.6 billion, through an initial public offering targeting retail investors.
The share sale, described by Aliko Dangote as “the people’s IPO,” has a minimum subscription requirement of 10 shares, valued at N5,250. The offer is designed to attract a broad range of investors, including traders, drivers, cooks and corporate executives.
Source: UGC
Dangote said the initiative was intended to give people across Africa an opportunity to own a stake in the refinery, with Nigeria’s fintech infrastructure expected to support wider participation.
The offer also includes a greenshoe option, allowing Dangote Refinery to issue up to 30% of the excess shares if the IPO is oversubscribed.
The company is pursuing a primary listing in Lagos and is also considering listings on other African exchanges, including Johannesburg and Nairobi.
A potential listing outside Africa, most likely in the United States, is also being considered and could take place within three to four years.
Dangote opens up on biggest business mistake
Meanwhile, Legit.ng earlier reported that Dangote mentioned one of the biggest mistakes of his business career after committing billions of naira to it.
He blamed challenges such as imported textiles and weak protection for local manufacturers for making the investment unsustainable.
Dangote also urged wealthy Africans to invest more in factories and productive businesses instead of spending heavily on private jets and luxury.
Source: Legit.ng
