Africa’s richest man and Chairman of Dangote Petroleum Refinery, Aliko Dangote, has revealed plans to sell between five and 10 per cent of the refinery’s shares on the Nigerian Exchange (NGX) Limited within the next year.
Speaking in an exclusive interview with S&P Global, Dangote explained that the move aligns with the group’s tradition of public listings, similar to Dangote Cement and Dangote Sugar Refinery.
Dangote noted that the company would retain between 65% and 70% ownership, while gradually offering the remaining shares depending on market demand and investor interest. He added that the public listing would deepen transparency and allow more Nigerians to own part of the multibillion-dollar facility.
The business mogul also disclosed ongoing talks with investors from the Middle East to fund further expansion of the refinery and to support a new petrochemical project in China. According to him, the group’s structure will evolve from being fully Dangote-owned to a partnership-driven model that encourages global investment participation.
“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he stated.
Dangote hinted that the Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2% stake, may increase its shareholding once the refinery enters its next phase of development.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he added.
Since commencing operations in 2024, the Dangote Refinery has targeted increasing its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of this year. The long-term vision, according to Dangote, is to reach 1.4 million bpd — surpassing the world’s largest refinery in Jamnagar, India.
The company also plans to expand its polypropylene production from one million to 1.5 million metric tonnes annually and launch new ventures in base oils and linear alkylbenzene.
While most technical issues have been resolved, Dangote mentioned that a one-month shutdown might be required to complete final adjustments. He assured that the timing would be carefully managed to prevent disruption during the year-end fuel demand surge.
According to a 9am News report, the refinery’s upcoming share listing marks a significant milestone in Nigeria’s energy sector, signaling investor confidence and potential capital inflow into the domestic oil industry.
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