Africa’s richest man, Aliko Dangote, has announced plans to sell between five and ten per cent of the Dangote Petroleum Refinery’s shares on the Nigerian Exchange (NGX) Limited within the next year.
Speaking to S&P Global, the founder of the Dangote Group confirmed this move is part of a strategy to diversify ownership, secure new capital, and allow broader public participation, mirroring the success of Dangote Cement and Dangote Sugar.
Dangote stated he intends to hold no more than a 65–70 per cent stake in the long run, with the gradual share offer depending on market conditions. He also revealed that the refinery is seeking partnerships with global investors, particularly from the Middle East, to support expansion into petrochemicals, signalling a shift from a 100% Dangote-owned entity.
While the Nigerian National Petroleum Company (NNPC) Limited currently holds a 7.2 per cent stake in the refinery, Aliko Dangote suggested that any discussions about the NNPC increasing this share would only happen after the next major growth phase is in motion. “I want to demonstrate what this refinery can do, then we can sit down and talk,” he noted.
The refinery, which began operations this year, is now setting an ambitious new capacity target of 1.4 million barrels per day (bpd), a level that would eclipse India’s Jamnagar refinery (1.36 million bpd) to become the world’s largest.
This new goal significantly upgrades its earlier plan to reach 700,000 bpd by the end of the year. Beyond fuel, the Dangote Group is also advancing projects for linear alkylbenzene and base oils, and plans to boost polypropylene production from 1 million to 1.5 million metric tonnes annually.
These petrochemical ventures are central to Dangote Industries’ strategic goal of strengthening Nigeria’s industrial base and significantly reducing the nation’s reliance on imports. On the operational front, Dangote reported that most technical challenges at the refinery’s residue unit have been successfully resolved.
However, a short, one-month maintenance shutdown is being planned to fine-tune the remaining issues. He assured that this turnaround will be carefully scheduled to avoid disrupting fuel supply during peak demand periods. Finally, Dangote confirmed that a recent internal reorganisation, which included the dismissal of roughly 800 staff members, has been completed.
The recent workforce restructuring has been beneficial, successfully stabilizing operations and easing tensions with labor unions. Dangote confirmed this, stating, “We don’t have any worries with the unions.” Shifting to upstream operations, he announced that oil production from Dangote’s OMLs 71 and 72 in the Niger Delta is scheduled to begin this month, aiming for an output of up to 40,000 barrels per day.
While the company is open to new upstream ventures, its immediate focus is on solidifying existing projects and ensuring seamless value chain integration.
The planned listing of the Dangote Petroleum Refinery is set to be a landmark event for the Nigerian Exchange (NGX), marking a major philosophical shift in the group’s ownership structure. If successful, the listing will significantly deepen investor participation, enhance market liquidity, and strengthen the NGX’s role as the premier destination for major African industrial listings.
