Dangote to List 10% of His Mega Refinery on Nigerian Stock Exchange

By Diafa Doubra,

Africa’s richest man, Aliko Dangote, has announced plans to sell a 10 percent stake in the $20 billion Dangote Petroleum Refinery on the Nigerian Exchange Group (NGX). The move, according to him, is part of a broader strategy to diversify ownership and attract both local and foreign investors into one of Africa’s largest industrial projects.

Speaking on the sidelines of a business forum in Lagos, Dangote explained that discussions are already underway with several Middle Eastern investors who have expressed strong interest in acquiring part of the stake. He added that the refinery, which currently produces about 650,000 barrels of crude oil per day, aims to scale up production to 1.4 million barrels daily over the next few years.

Dangote described the listing as a major step toward transparency and growth for Nigeria’s energy sector. “We want Nigerians to have a sense of ownership in this project. This refinery was built to transform the nation’s economy, and listing it on the NGX will allow everyone to be part of that success story,” he said.

Analysts say the partial sale could inject significant liquidity into the Nigerian stock market and signal renewed investor confidence in the country’s industrial sector.