BTA2023 Nigerians may soon have the opportunity to own a direct stake in one of Africa’s most valuable industrial assets.
Aliko Dangote, President of the Dangote Group and Africa’s richest man, has announced that the Dangote Refinery will be opened to public investment within the next four to five months.
The move will allow individual Nigerians to purchase shares in the refinery as part of plans to list the company on the Nigerian stock exchange.
Public Share Offering Underway
Speaking during a media tour of the refinery complex, Dangote confirmed that arrangements are being finalized to enable retail participation.
“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” he said.
Currently, the Nigerian National Petroleum Company Limited (NNPC) holds 7.25% equity in the refinery on behalf of Nigerians. However, the upcoming listing will allow broader direct ownership.
In a notable move aimed at attracting both domestic and diaspora investors, shareholders will have the option to receive dividends in either naira or US dollars — reflecting the refinery’s dollar-based revenue structure.
Legacy Over Control
Dangote emphasized that the decision to list the refinery is driven more by legacy than by ownership control.
“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he previously stated.
He further indicated there would be no strict cap on how much equity could be acquired by public investors, signaling confidence in market participation and long-term institutional governance.
The announcement follows earlier criticism that foreign investors were being prioritized over local financiers when the refinery secured funding.
A Strategic Energy Asset
Valued at over $20 billion, the Dangote Refinery represents one of the largest single private industrial investments in Africa.
Located in Lagos, the facility has a refining capacity of approximately 650,000 barrels per day, positioning it among the largest single-train refineries globally. Once fully operational, it is expected to significantly reduce Nigeria’s reliance on imported refined petroleum products and strengthen foreign exchange earnings.
For investors, the listing presents a rare opportunity to gain exposure to a strategic energy infrastructure asset with regional and global significance.
If executed successfully, the public offering could mark a historic moment in Nigeria’s capital markets — democratizing ownership of a flagship industrial project while deepening domestic investor participation.
