Market News

President of the Dangote Group, Aliko Dangote, has disclosed that Nigerians will be able to purchase shares in the Dangote Refinery by July this year.

Dangote made the announcement on Saturday while addressing journalists during a tour of the facility by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, alongside members of the company’s board and executive management team.

He disclosed that plans are being made to open up the refinery for public investment within the next four to five months.

“Individually, Nigerians too will have an opportunity… in the next maximum of four or five months, they will actually be able to buy their shares,” he said.

Dangote noted that NNPC currently owns a 7.25 per cent stake in the refinery on behalf of Nigerians, describing it as a minority shareholding.

“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” Dangote stated.

He further disclosed that prospective investors would have the option of receiving dividends either in naira or in dollars, noting that the refinery generates foreign exchange earnings.

“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he added.

Dangote indicated that the refinery would strengthen its partnership with NNPC to boost operational efficiency and explore new opportunities across the oil and gas value chain.

“I think the sky is the limit and we will cooperate and make sure that we work together to make Nigerians proud,” he said.

He added that discussions were ongoing regarding possible upstream collaborations, noting that the refinery complex is designed as a full industrial hub rather than just a refining facility.

“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not a refinery. It’s an industrial hub,” he stated.

He also announced plans for additional industrial projects within the complex, including the production of linear alkylbenzene used in detergent manufacturing.

According to him, the product would be sufficient to serve the entire African market within the next 30 months.