Africa’s richest man and President of the Dangote Group, Aliko Dangote, has unveiled plans to float between 5% and 10% of the Dangote Refinery’s equity on the Nigerian Exchange (NGX) within the next 12 months, in a strategic move aimed at broadening investor participation and bolstering the company’s financial base.
In an exclusive interview with S&P Global, Dangote explained that the forthcoming listing forms part of a long-term strategy to enhance transparency, promote inclusive ownership, and align the refinery’s governance structure with international best practices.
According to him, the partial floatation will follow the template used for Dangote Cement and Dangote Sugar Refinery, both of which are already listed on the Nigerian Exchange. “Our objective is to retain between 65% and 70% ownership. The rest will be offered gradually to investors based on market conditions and investor appetite,” he said.
Commissioned in 2024, the $20 billion Dangote Refinery is an integrated refining and petrochemical complex with a processing capacity of 650,000 barrels per day (bpd). The facility has already revolutionised Nigeria’s energy landscape by making the country a net exporter of diesel and aviation fuel, significantly reducing its reliance on imported petroleum products.
Dangote also disclosed that the group recently secured a $4 billion financing deal to support ongoing expansion initiatives. The company is currently in talks with investors from the Middle East to co-finance a capacity boost that would increase output to 1.4 million bpd. Once completed, this upgrade would make the Dangote Refinery the largest single-train oil refinery in the world, surpassing India’s Jamnagar facility.
“Our ownership model is evolving. We’re transitioning from being 100% Dangote-owned to a partnership-driven structure,” Dangote stated, adding that the group’s broader diversification strategy includes new petrochemical ventures and expanded polypropylene production.
Despite encountering temporary operational challenges, including brief shutdowns and labour-related disruptions, Dangote expressed optimism about the refinery’s long-term stability. He confirmed that major units, such as the Residue Fluid Catalytic Cracker (RFCC), are fully back online following a short maintenance break in September.
“We are fully focused on ensuring operational excellence and sustainability. It’s a massive project, but our goal remains clear — to make Africa self-sufficient in energy production,” he affirmed.
 within the next 12 months, in a strategic move aimed at broadening investor participation and bolstering the company’s financial base.){kind=link}