Africa’s wealthiest businessman, Aliko Dangote, has unveiled plans to list between five and 10 percent of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) Limited within the next year. The move marks a significant step in the industrialist’s strategy to diversify ownership and attract global investment.
In an interview with S&P Global on October 20, Dangote stated that the share offering would mirror the listing approach of other Dangote Group subsidiaries, including Dangote Cement and Dangote Sugar Refinery. “We don’t want to keep more than 65%-70%,” he said, noting that the shares would be released gradually, based on investor appetite and prevailing market conditions.
The refinery, which commenced operations in 2024, currently processes 650,000 barrels of crude oil per day (bpd) and aims to increase capacity to 700,000 bpd by year-end. Dangote revealed an ambitious long-term target of 1.4 million bpd—surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
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Beyond refining, the company is expanding its footprint in petrochemicals. Plans are underway to boost polypropylene production from one million to 1.5 million metric tonnes annually, alongside new ventures in base oils and linear alkylbenzene.
Dangote also disclosed ongoing discussions with Middle Eastern investors to fund the refinery’s expansion and support a new petrochemicals project in China. “Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he said.
The Nigerian National Petroleum Company (NNPC) Limited, which previously reduced its stake in the refinery to 7.2 percent, may also increase its shareholding. “I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote remarked.
On operational matters, the billionaire confirmed that most technical issues have been resolved, though a one-month shutdown may be necessary for final adjustments. He assured that the maintenance would be scheduled to avoid disruptions during the peak end-of-year fuel demand.
The refinery’s listing and expansion plans signal a transformative phase for Nigeria’s energy sector, positioning the Dangote Group as a global player in oil refining and petrochemicals.