Chairman of Dangote Petroleum Refinery, Aliko Dangote, has announced plans to list between five and 10 per cent of the refinery’s shares on the Nigerian Exchange (NGX) Limited within the nxt one year.
Speaking in an interview with S&P Global, Dangote said the proposed listing aligns with the group’s strategy of bringing its key subsidiaries to the capital market, citing Dangote Cement and Dangote Sugar Refinery as examples.
“We don’t want to keep more than 65%–70%,” he said, noting that the shares would be offered gradually, depending on investor appetite and prevailing market conditions.
The billionaire industrialist revealed that the group is currently in discussions with potential investors from the Middle East to form strategic partnerships that will help fund the refinery’s expansion and support a new petrochemicals project in China.
“Our business concept is going to change. Now, instead of being 100 per cent Dangote-owned, we’ll have other partners,” he added.
Dangote also hinted at the possibility of the Nigerian National Petroleum Company Limited (NNPC Ltd.) increasing its stake in the refinery. The national oil company presently holds a 7.2 per cent interest after cutting back its initial share.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote said.
Commissioned in 2024, the $20 billion refinery aims to raise its refining capacity from 650,000 barrels per day (bpd) to 700,000 bpd before the end of the year. The long-term goal, according to Dangote, is to double output to 1.4 million bpd — surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
Dangote further explained that most of the refinery’s technical challenges have been addressed, though a one-month maintenance shutdown might still be required to complete final adjustments.
“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he explained, adding that the maintenance would be scheduled to avoid disruptions during the end-of-year surge in fuel demand.
