by Mary Spiller
December 16, 2025
Africa’s richest businessman says the proposed inventory market debut of his $20 billion oil refinery is about legacy, not management, and can enable Nigerians at dwelling and overseas to share in its income.
Nigerian billionaire Aliko Dangote says his plan to listing his $20 billion oil refinery on the inventory alternate is pushed by a want to make on a regular basis Nigerians part-owners of one of many nation’s most formidable industrial tasks.
In a latest interview with members of the press, Dangote stated the proposed itemizing of the 650,000-barrel-per-day refinery just isn’t about retaining dominance over the asset, however about creating long-term shared worth.
“For the time being, our important curiosity is to listing on the alternate, so that each residing Nigerian can personal a part of the refinery,” he stated.
Dangote made clear that he’s not involved about sustaining a controlling stake as soon as shares are supplied. When requested how a lot fairness he plans to promote, he stated there could be no fastened restrict. “Someone requested me a query, is it 5 or 10% you wish to promote?” Dangote stated. “And I stated that when we’re going to promote the shares, we is not going to put a cap. In the event that they occur to purchase 55% and I personal 45%, so be it.”
The refinery, positioned outdoors Lagos, is the biggest of its sort in Africa and a cornerstone of Nigeria’s efforts to scale back gasoline imports and strengthen home vitality manufacturing. Dangote described the power as a legacy mission, saying broad possession would enable residents to immediately profit from its long-term efficiency.
“The factor is about legacy,” he stated. “I would like Nigerians to personal this, and I would like each single Nigerian, when the refinery does nicely, for them to at all times be capable of depend on the revenue of that refinery.”
Dangote emphasised that participation wouldn’t be restricted to rich buyers. “The principle level is for us to promote to each residing Nigerian who has one thing, even when it’s ten shares you purchase or 20,” he stated.
He additionally stated the chance would lengthen past Nigeria’s borders. When requested whether or not Nigerians within the diaspora might take part, Dangote responded merely, “Sure.” To strengthen that dedication, he stated dividends could be paid in U.S. {dollars}. “We’re going to be sure that we pay the dividend in {dollars}, as a result of a significant chunk of ourselves is in {dollars},” he stated.
Dangote first publicly outlined plans to promote shares within the refinery in July in the course of the International Commodity Insights Convention on West African Refined Gasoline Markets in Abuja. On the occasion, he stated preparations have been already underway for an inventory that will enable people and establishments to speculate.
“Very quickly, the refinery can be listed to offer all Nigerians the chance to grow to be shareholders,” Dangote stated on the time, including that his broader imaginative and prescient is for Africa to refine the petroleum merchandise it consumes “proper right here on the soil of Africa.”
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