Dangote to Sell Up to 10% Stake in Refinery on Nigerian Exchange Within a Year

Africa’s richest man, Aliko Dangote, has announced plans to list between five and 10 percent of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) Limited within the next 12 months.

Speaking in an interview with S&P Global on October 20, Dangote said the move aligns with the group’s tradition of publicly listing its major companies, including Dangote Cement and Dangote Sugar Refinery.

“We don’t want to keep more than 65%-70%,” Dangote stated, explaining that the refinery’s shares would be released gradually, depending on investor appetite and market dynamics.

The billionaire industrialist revealed that the Dangote Group is in talks with Middle Eastern investors for strategic partnerships aimed at supporting the refinery’s expansion and financing a new petrochemical project in China.

“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he said.

Dangote also suggested that the Nigerian National Petroleum Company (NNPC) Limited could increase its equity in the refinery in the near future. The NNPC currently holds a 7.2 percent stake, following a reduction earlier this year.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote remarked.

Refinery Expansion and Production Goals

The Dangote Refinery, which began operations in 2024, currently produces 650,000 barrels per day (bpd) of refined products but aims to increase output to 700,000 bpd before the end of 2025.

Dangote added that the long-term ambition is to raise capacity to 1.4 million bpd, surpassing India’s Jamnagar Refinery, currently the world’s largest, with 1.36 million bpd capacity.

Beyond refining, the company is diversifying into the chemical and petrochemical sectors. Dangote disclosed that polypropylene output will be boosted from 1 million to 1.5 million metric tonnes annually, alongside new ventures in base oils and linear alkylbenzene production.

Maintenance and Operational Update

Addressing recent technical challenges, Dangote said that most operational issues had been resolved but noted that a short one-month maintenance shutdown might still be necessary for final system adjustments.

“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he explained, assuring that the schedule would be managed to avoid disruption during peak fuel demand periods.

The refinery’s planned partial listing marks another milestone for the Dangote Group, positioning the multibillion-dollar facility as one of the most significant industrial ventures ever listed on the Nigerian stock market.

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