Lagos, Nigeria – Ordinary Nigerians will be able to purchase shares in the Dangote Refinery within the next four to five months as the company prepares for listing, Chairman of the Dangote Group Aliko Dangote has assured.
Okay News reports that Dangote made this known on Saturday, February 21, while addressing journalists during a tour of the refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, and other top executives. He described the visit as symbolic, noting that NNPC is not just a partner but a shareholder in the refinery. He disclosed that NNPC holds a 7.25 percent equity stake on behalf of Nigerians.
Dangote said individual Nigerians will have the opportunity to buy their shares within the next maximum four or five months. He also reiterated that Nigerian shareholders would have the option of receiving dividends in either naira or US dollars, since the refinery earns foreign currency. People will have a choice either to get their dividends in naira or dollars because the refinery earns in dollars.
Opening the refinery’s shares to the public is expected to democratise ownership of a critical national asset, deepen Nigeria’s domestic capital market, boost liquidity and market capitalisation on the Nigerian Exchange, and allow retail investors to benefit from dividends and capital gains. Listing the refinery, valued at about $20 billion, could significantly strengthen investor confidence and market depth. The option to receive dividends in dollars may also provide investors with a hedge against naira volatility.
In December 2025, Dangote unveiled plans to list a 10 percent stake in the refinery on the Nigerian Exchange in 2026. Discussions are ongoing with the Securities and Exchange Commission and the NGX to finalise the structure for the proposed initial public offering, including the framework for potential dollar-denominated dividend payments. Projected export earnings of about $6.4 billion, largely from petrochemicals such as polypropylene and fertiliser, will underpin the dollar dividend structure and ensure sustainable hard currency flows.
