DANGOTE TO SELL 10% STAKE IN REFINERY, TARGETS NGX LISTING
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Africa’s richest man, Aliko Dangote, has announced plans to sell up to 10 percent of his multibillion-dollar petroleum refinery and list it on the Nigerian Exchange (NGX).
Dangote, who disclosed the plan in an interview with S&P Global, said the partial sale would likely take place within the next year. The billionaire industrialist said the move is aimed at attracting investors while maintaining majority control of the company.
According to him, the refinery will retain about 65 to 70 percent ownership after the sale, similar to the structure of other Dangote Group companies such as Dangote Cement and Dangote Sugar.
He also revealed that discussions are ongoing with investors from the Middle East who could partner in expanding the refinery and developing a new petrochemical project in China. Dangote hinted that the Nigerian National Petroleum Company Limited (NNPC), which once held about 7.2 percent of the refinery, could also return as a partner at a later stage.
The Dangote Refinery, which began operations in 2024, currently produces around 650,000 barrels of crude per day and is expected to hit 700,000 bpd before year-end. Dangote said the long-term goal is to raise capacity to 1.4 million barrels per day — making it one of the largest refineries in the world.
He added that the company plans to ramp up polypropylene output from one million to 1.5 million metric tonnes annually, while also venturing into base oils and linear alkylbenzene production.
Dangote noted that while most technical issues have been resolved, the refinery might undergo a one-month shutdown for system fine-tuning, to be scheduled outside peak fuel demand periods.
Industry watchers say the planned share sale marks a major shift for the Dangote Group, as it opens its flagship refinery to public investors for the first time. Analysts believe the listing could boost investor confidence, enhance transparency, and strengthen Nigeria’s capital market.
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