Aliko Dangote, Chairman of the Dangote Group, has announced that Nigerian citizens will be able to purchase shares in the $20 billion Dangote Refinery within the next four to five months, with the listing anticipated between June and July 2026. This move will allow public participation in one of Africa’s largest industrial projects through the Nigerian Stock Exchange (NGX).
Dangote disclosed the timeline during a visit by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) and senior officials to the refinery complex in Lekki, Lagos. He confirmed that the facility will soon be listed on the NGX, enabling individual Nigerians to acquire ownership stakes. “But individually, Nigerians too will have an opportunity in the next maximum four or five months—they will actually be able to buy their shares,” Dangote stated. He also highlighted that dividends will be payable in either naira or US dollars, reflecting the refinery’s foreign exchange earnings. “People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn in dollars,” he added.
The Dangote Refinery, with a capacity to process 650,000 barrels of crude oil daily, is a pivotal project aimed at ending Nigeria’s reliance on imported petroleum products. NNPCL currently holds a 7.25% equity stake on behalf of the federal government, a position consistent with earlier plans to list the refinery on the NGX. The announcement follows an executive order by President Bola Ahmed Tinubu, which directs all oil revenues to be remitted directly into the federal government account. This policy shift has reportedly affected income streams previously retained by NNPCL, potentially influencing the refinery’s financial framework and the upcoming share offering.
The public listing is expected to deepen Nigeria’s capital markets and offer retail investors a direct stake in a strategic national asset. As the refinery nears operational status, its success is crucial for economic diversification, job creation, and foreign exchange stabilization. Regulatory approvals from the Securities and Exchange Commission and the NGX will be required before the offering proceeds. This development underscores a broader trend toward democratizing investment in critical infrastructure, with potential implications for wealth distribution and market liquidity in Nigeria. The share sale represents a significant step in integrating the refinery into the national economy, aligning with goals to enhance local participation and sustainable growth.
