Africa’s richest man, Aliko Dangote, has unveiled plans to sell between five and ten percent of the shares in his multibillion-dollar petroleum refinery on the Nigerian Exchange (NGX) within the next one year.
Speaking in an interview with S&P Global, Dangote explained that the move aligns with the group’s tradition of listing its major companies on the local stock market, citing the successful examples of Dangote Cement and Dangote Sugar Refinery. According to him, the refinery’s public listing would be gradual and determined by investor interest and prevailing market conditions. “We don’t want to keep more than 65 to 70 percent,” he said.
The industrialist also revealed that discussions are underway with investors from the Middle East to form strategic partnerships aimed at expanding the refinery’s capacity and funding a new petrochemical venture in China. “Our business concept is changing. Instead of being fully owned by Dangote, we’ll have new partners coming in,” he added.
Dangote hinted that the Nigerian National Petroleum Company Limited (NNPC) could increase its current 7.2 percent shareholding in the refinery once the next growth phase begins. “I want to demonstrate what this refinery can do, then we can sit down and talk,” he noted.
The refinery, which commenced operations in 2024, currently processes about 650,000 barrels of crude oil per day, with plans to raise the figure to 700,000 barrels before the year ends. Dangote further disclosed that the long-term goal is to double output to 1.4 million barrels per day, which would surpass the capacity of the world’s largest refinery in Jamnagar, India.
Beyond refining, the company is expanding its reach into petrochemicals. Dangote announced plans to increase polypropylene production from one million to 1.5 million metric tonnes annually while embarking on new projects focused on base oils and linear alkylbenzene.
On maintenance activities, he confirmed that most technical issues had been addressed, though a short shutdown might still be necessary for final system adjustments. “We’ve resolved most of the challenges, not all, but most. We’re just waiting for the right window to shut down for about a month,” he said, assuring that the maintenance schedule would be timed to prevent fuel shortages during the year-end period.
Dangote’s announcement, marks another bold step in his long-term vision to transform Nigeria into a major global energy hub.
