Dangote Refinery Announces Timeline for Public Share Offering
In a significant development for Nigeria’s capital markets, Aliko Dangote, Chairman of the Dangote Group, has announced that the Dangote Refinery will be open for share purchases by ordinary Nigerians within the next four to five months. The announcement was made on Saturday, February 21, 2026, during a facility tour by the leadership of the Nigerian National Petroleum Company Limited (NNPC). This move towards a public listing marks a pivotal moment for one of the world’s largest single-train refineries, valued at approximately $20 billion.
Dangote underscored the strategic partnership with NNPC, which holds a 7.25% equity stake in the refinery on behalf of the Nigerian public. He described the relationship with the new NNPC leadership as highly promising, stating, “the sky is the limit” for future collaboration. The refinery’s impending Initial Public Offering (IPO), for which a 10% stake is planned to be listed on the Nigerian Exchange Limited (NGX), is designed to prioritize broad-based participation from Nigerian retail investors. This approach to Nigeria’s urban growth in financial inclusion aims to prevent ownership concentration among large institutions.
A key feature of the offering will be the option for shareholders to receive dividends in either Nigerian Naira or US Dollars. This structure is made possible by the refinery’s substantial foreign currency earnings from exports, projected to reach about $6.4 billion annually from products like polypropylene and fertilizer. This dollar-denominated dividend option is positioned to provide a potential hedge against currency volatility for local investors. Final details are being coordinated with the Securities and Exchange Commission (SEC) and the NGX.
The listing is anticipated to significantly bolster investor confidence and deepen the Nigerian equity market. By allowing citizens direct ownership in this critical national asset, the initiative stands in contrast to other resource-dependent economies’ strategies, such as Venezuela’s oil gambit, by promoting domestic investment and wealth distribution. As the refinery prepares for this landmark offering, it signals a new chapter of public partnership in the nation’s industrial landscape, a commitment that resonates with the steadfast dedication seen in fathers everywhere building a legacy for future generations.
