The President of the Dangote Group, Aliko Dangote, has announced plans to list between five and ten per cent of the Dangote Refinery on the Nigerian Exchange (NGX) within the next year. The move aims to attract new investors and boost the company’s capital base.
In an exclusive interview with S&P Global, Dangote explained that the partial listing aligns with the group’s broader strategy to increase investor participation and adhere to global corporate governance standards.
He noted that the plan mirrors the approach used for Dangote Cement and Dangote Sugar, both publicly traded on the NGX.
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“We don’t intend to retain more than 65 to 70 per cent. Shares will be offered gradually, depending on investor interest and market capacity,” Dangote said.
Commissioned in 2024, the $20 billion integrated refinery and petrochemical complex has a current processing capacity of 650,000 barrels per day. The facility has already transformed Nigeria into a net exporter of diesel and jet fuel, significantly reducing the nation’s reliance on imported petroleum products.
Dangote revealed that the company recently secured $4 billion in financing to support its expansion drive and is in discussions with Middle Eastern investors to co-fund an increase in capacity to 1.4 million barrels per day. Once completed, the expansion would make it the largest refinery in the world, surpassing India’s Jamnagar Refinery.
“Our business model is evolving. Instead of being fully Dangote-owned, we’ll bring in other partners,” he stated, adding that the company’s diversification plans include new petrochemical ventures and expanded polypropylene production.
Despite recent operational challenges, including temporary downtime and labour disputes, Dangote expressed confidence in the refinery’s long-term performance.
He confirmed that stabilisation efforts are ongoing, with key units such as the Residue Fluid Catalytic Cracker (RFCC) back in operation after a brief shutdown in September.
“We have to tighten our belt and ensure we know what we’re doing. It’s a massive project, but we remain committed to making Africa energy-independent,” he affirmed.
