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British executive David Bird is preparing for what he describes as an intense few months as Dangote Petroleum Refinery and Petrochemicals moves closer to a potential stock market debut that could rank among the largest listings in Nigeria’s history.
Bird, the CEO of the $20 billion refinery owned by Africa’s richest man, Aliko Dangote, said April is shaping up to be a demanding period as advisers, bankers and lawyers step up work ahead of a planned initial public offering on the Nigerian Exchange this year. “I’ve been warned that my April will be extremely busy,” Bird said. “I shouldn’t be planning holidays at that time.”
This comes as Dangote accelerates preparations to list a portion of the 650,000-barrel-per-day facility, which sits on the outskirts of Lagos and has already begun reshaping Nigeria’s fuel trade. While the final structure is still being refined, Bird said the goal is clear: give everyday Nigerians a chance to own part of the business, not just large institutions. The plan involves an initial placement with institutional investors, followed by an offer to retail shareholders.
Dangote refinery charts inclusive ownership
David Bird took on the top job in August 2025, a move that signaled Dangote’s intention to bring international operating experience to a project that has long been central to Nigeria’s economic ambitions. Before joining the group, Bird spent 14 years at Shell, including senior roles on large-scale energy projects. He was vice president at Prelude FLNG, Shell’s $12 billion floating liquefied natural gas project linked to Australia, and later helped steer the Duqm refinery in Oman through commissioning and test operations in 2023.
Dangote himself has been open about the listing plans. In an interview with S&P Global last October, he said the company expects to sell between 5 percent and 10 percent of the refinery, adding that he intends to retain a controlling stake of 65 to 70 percent, with shares released over time depending on demand. While a foreign listing remains an option, he stressed that Nigeria will be the main market. “We want the refinery to be the golden stock of the exchange,” he said.
The Dangote Group is designing the offering to attract both local and international investors, according to further details. Dangote said the group is working closely with the Nigerian Exchange and the Securities and Exchange Commission to ensure the structure meets regulatory requirements. One key feature under discussion would allow investors to buy shares in naira while receiving dividends in dollars, supported by projected annual export revenue of about $6.4 billion from petrochemicals such as polypropylene and fertilizer.
Dangote Refinery scales output, exports
The mega $20 billion refinery and petrochemical complex is already having a measurable impact. Built as Africa’s largest single-train petroleum refinery, it began operations in 2024 at 350,000 barrels a day and now processes about 650,000 barrels daily. Output is expected to rise to 700,000 barrels by late 2025. Its diesel and jet fuel exports have helped turn Nigeria into a net exporter of those products, easing pressure on the country’s foreign-exchange market.
Expansion plans are also taking shape. Dangote has signed agreements, including one with Honeywell, covering licensing and engineering for a new 750,000-barrel-per-day facility adjacent to the existing plant. If completed, total capacity would reach 1.4 million barrels per day, surpassing India’s Jamnagar refinery. Company estimates suggest the expanded complex could generate as much as $55 billion in annual revenue and sharply reduce Nigeria’s fuel import bill, strengthening the country’s foreign-exchange reserves.
