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Africa’s richest man, Aliko Dangote, is giving the clearest signal yet about what investors should expect as his $20 billion refinery prepares for a long-anticipated listing. Speaking on Thursday, Dec. 11, Dangote said the company plans to pay dividends in U.S. dollars once it lists on the Nigerian Exchange next year—a rare offer in a market where most payouts are made in naira.
Dangote, the president of the Dangote Group, said the refinery team is working with the NGX and Nigeria’s Securities and Exchange Commission to ensure the structure complies with listing rules. According to him, the goal is simple: allow investors to buy shares in naira but receive their dividends in dollars. He said the dollar payouts would be backed by an estimated $6.4 billion in annual revenue from petrochemical exports, mainly polypropylene and fertilizer.
Refinery listing plan gains pace
His remarks echo comments he made in October during an interview with S&P Global, where he disclosed plans to list between 5 percent and 10 percent of the refinery. The offering, expected in 2026, is designed to draw a broad mix of local and foreign investors while strengthening the company’s capital base.
“We don’t want to keep more than 65 to 70 percent,” he said. “Shares will be offered gradually, depending on investor appetite and market depth.” He added that while a secondary listing abroad remains possible, the main focus is Nigeria. “We want the refinery to be the golden stock of the exchange.”
The refinery, which began operations in 2024 at 350,000 barrels per day, now processes about 650,000 barrels daily. Output is expected to reach 700,000 barrels by late 2025. Its production has already shifted Nigeria into the position of a net exporter of diesel and jet fuel, easing pressure on the country’s foreign-exchange market.
Dangote sets bigger targets
Even as he hits key milestones, Dangote is pushing ahead with further expansion. He recently traveled to India to sign new agreements aimed at lifting the refinery’s long-term capacity to 1.4 million barrels per day. The deal with Honeywell includes licensing and engineering work for a new 750,000-barrels-per-day facility that will sit next to the existing plant in Lagos.
Once completed, the refinery is expected to become the world’s largest, overtaking India’s Jamnagar facility. Company officials project that the fully expanded complex could generate as much as $55 billion in annual revenue and help stabilize Nigeria’s foreign-exchange reserves by sharply cutting fuel imports.
Polypropylene output is projected to rise to 2.4 million metric tons annually, Euro VI-grade fuel production will come online, and power generation at the site is expected to reach 1,000 megawatts—marking one of the biggest industrial buildouts in Africa.
