Nigerians will soon be able to purchase shares directly in the Dangote Refinery, a move the company’s president, Aliko Dangote, said will broaden public ownership of the $20 billion facility. The opportunity is expected within the next four to five months.
Speaking during a tour of the Lekki-based complex by the Nigerian National Petroleum Company Limited (NNPC) leadership, Dangote confirmed that plans are finalized to allow individual citizen investment. This follows an existing minority stake of 7.25 per cent held by NNPC on behalf of the public. The refinery, which commenced operations in January 2023, has since focused on meeting domestic fuel demand and exporting surplus products.
Dangote highlighted investor flexibility, stating shareholders could receive dividends either in naira or in dollars, reflecting the refinery’s foreign exchange earnings from exports. “People will have a choice,” he noted.
The announcement accompanies a pledge for deeper operational collaboration with NNPC. Dangote described the refinery—positioned as an integrated industrial hub rather than just a petroleum plant—as a foundation for broader partnerships across the oil and gas value chain. He indicated active discussions on potential upstream ventures, suggesting joint exploration or production projects could follow.
Beyond fuel, the complex is expanding into petrochemicals. A new linear alkylbenzene (LAB) plant, a key detergent ingredient, is under construction. Dangote stated its output will be sufficient for the entire African continent, with completion targeted within 30 months. This project is part of a phased rollout of additional industrial units within the 6,500-acre Lekki Free Zone complex.
The shift toward public shareholding aligns with a wider trend of privatizing state-linked assets in Nigeria’s energy sector. By enabling direct citizen investment, the Dangote Refinery aims to boost local participation in a cornerstone national project while leveraging NNPC’s infrastructure and market position.
The development underscores a strategic pivot from sole private ownership to a hybrid model, potentially setting a precedent for future large-scale industrial ventures in West Africa. Successful retail participation could enhance the project’s socio-economic profile, linking national industrial growth more directly to public investment and dividend flows.
