Nigerians to buy shares in dangote refinery by July — Dangote

By Khubayb Adefaka

President of the Dangote Group, Aliko Dangote, has announced plans to open up ownership of the Dangote Refinery to Nigerians, saying individuals will be able to purchase shares in the facility by July at the latest.

Dangote made the disclosure on Saturday while addressing journalists during a tour of the refinery 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.

According to the industrialist, arrangements are being finalised to allow members of the public to invest directly in the refinery within the next four to five months.

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

He explained that NNPC currently holds a minority stake of 7.25 per cent in the refinery on behalf of Nigerians.

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

Dangote also said prospective investors would have options regarding dividend payments, noting that returns could be received in either naira or dollars.

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

Beyond plans for public participation, Dangote emphasised the need for stronger collaboration between the refinery and NNPC, particularly across the oil and gas value chain.

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

He revealed that discussions were ongoing regarding possible upstream partnerships between both entities.

“Most likely, depending on our 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,” Dangote added.

The businessman further disclosed that additional industrial projects within the complex were underway, including the production of linear alkylbenzene, a key raw material used in detergents. He said the output would be sufficient to meet demand across Africa.

“That raw material for detergent will be sufficient for the entire African continent… and we will deliver all this in the next 30 months,” he said.