Amanze Chinonye
President of the Dangote Group, Aliko Dangote, has announced plans to open up ownership of the $20 billion Dangote Petroleum Refinery to Nigerians within the next four to five months, in a move that could broaden public participation in one of Africa’s largest industrial projects, Prime Business Africa reports.
Dangote disclosed this during a recent visit to the refinery complex in the Lekki Free Trade Zone, Lagos, by the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bayo Ojulari.
According to Dangote, arrangements are being concluded to allow Nigerians to purchase shares in the refinery, with indications that the offering may be executed through the Nigerian Exchange Limited. He said the initiative would enable broader domestic ownership and deepen local capital market participation in the project.
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The Dangote Refinery, widely described as the world’s largest single-train refinery with a capacity of 650,000 barrels per day, is located in the Lekki Free Trade Zone in Lagos State. The project is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products and has attracted widespread attention due to its scale and strategic importance to the country’s energy security.
Dangote also noted that the refinery earns foreign exchange through product exports and suggested that investors may have the option of receiving dividends in either naira or U.S. dollars, although detailed terms of the planned share sale are yet to be formally announced.
NNPC Limited currently holds a 7.25 per cent equity stake in the Dangote Refinery. The national oil company had initially proposed acquiring a 20 per cent stake but later reduced its participation after declining to exercise the full purchase option.
The 7.25 per cent stake held by NNPC Ltd is higher than the percentage stake reportedly held by Elon Musk in Tesla, a comparison that has been cited in discussions around the scale of public-sector participation in the refinery. However, analysts note that shareholding structures and governance frameworks differ significantly across jurisdictions and companies.
Market observers say a public listing of a portion of the refinery’s shares would mark a major milestone for Nigeria’s capital market, potentially ranking among the most significant industrial listings in recent history.
Further details, including pricing, subscription procedures and regulatory approvals, are expected in the coming months.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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