Aliko Dangote, head of the Dangote Group and Africa’s richest man, announced that Nigerians will soon have the chance to invest in the Dangote Refinery.
Dangote announced on Saturday, during a press tour of the Dangote Refinery, that Nigerians will soon be able to buy shares in the refinery. Among the visitors were Bayo Ojulari Nigerian National Petroleum Company Limited, along with members of the NNPC board and senior management.
Dangote explained that arrangements are in place for individuals to acquire shares within the next four to five months. He highlighted that NNPC currently holds 7.25 per cent of the refinery on behalf of Nigerians, and investors will have the option to receive dividends in either naira or dollars.
This initiative follows Dangote’s earlier plan to list the refinery on the stock market, first announced in July 2025, aiming to expand local ownership after criticism that foreign investors were being prioritized.
In a December press briefing, Dangote emphasized that the listing is about creating a lasting legacy rather than retaining control. He confirmed there would be no cap on the percentage of shares Nigerians could purchase, saying that if citizens acquire 55% while he retains 45%, so be it.
He also clarified that the offer would be open to Nigerians living abroad. Valued at over $20 billion, the Dangote Refinery is set to be a major milestone for Nigeria’s energy sector.
When fully operational, it could produce approximately 1.4 million barrels of oil per day, ranking it among the largest refineries worldwide.