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Africa’s richest man and president of Dangote Group, Aliko Dangote, said he plans to list between five and 10 percent of the Dangote Refinery on the Nigerian Exchange within the next year. The move is aimed at attracting investors and strengthening the company’s capital base.
In an interview with S&P Global, Dangote said the listing is part of a broader strategy to widen investor participation and align the refinery with international corporate governance standards. The billionaire said the plan mirrors approaches taken with Dangote Cement Plc and Dangote Sugar Refinery Plc, which are already publicly traded.
“We don’t want to keep more than 65 to 70 percent. Shares will be offered gradually, depending on investor appetite and market depth,” he said.
Refinery growth and expansion goals
The $20 billion integrated refining and petrochemical complex began operations in 2024 with an initial output of 350,000 barrels per day. It currently processes 650,000 barrels daily, with plans to reach 700,000 barrels by late 2025.
The refinery has already positioned Nigeria as a net exporter of diesel and jet fuel, sharply cutting the nation’s reliance on imported petroleum products. Dangote confirmed that the company recently secured $4 billion in financing to fund its expansion and is now in talks with Middle Eastern investors to boost capacity to 1.4 million barrels per day—a scale that would make it the largest oil refinery in the world, surpassing India’s Jamnagar facility.
“Our business model is evolving. We’re moving from a fully Dangote-owned structure to one that welcomes partners,” he said, noting that new petrochemical projects and increased polypropylene output are also part of the diversification plan.
Challenges and outlook
Despite occasional disruptions, including temporary shutdowns and labour disputes, Dangote said operations have largely stabilized. “We have to tighten our belts and stay focused. It’s a huge undertaking, but we’re committed to making Africa energy independent,” he said.
According to the Bloomberg Billionaires Index, Dangote’s net worth stands at $30.2 billion. Earlier this month, he met with Senegal’s President Bassirou Diomaye Faye in Dakar to discuss new investment prospects, following the launch of a $2.5 billion fertilizer plant in Ethiopia.
