The President & CEO of the Dangote Group, Aliko Dangote said it plans to list a five per cent to 10per cent stake in the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) within the next year.
The move marks a major shift toward public ownership and mirrors the earlier approach taken with Dangote Cement and Dangote Sugar Refinery, both already listed on the NGX.
“We don’t want to keep more than 65per cent-70per cent,” Dangote told S&P Global in an interview
The billionaire’s decision underscores a growing confidence in Nigeria’s capital market and signals a push to attract both local and international investors.
Dangote revealed that the company is exploring strategic partnerships with Middle Eastern investors to accelerate refinery expansion and launch a new petrochemicals project in China. “Our business concept is going to change.
Now instead of being 100 per cent Dangote-owned, we’ll have other partners,” he said, hinting at a new phase of global collaboration for the group.
The Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2per cent stake after reducing its earlier interest, may increase its share once the next phase of the refinery’s growth begins. “I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote added, suggesting that potential equity negotiations would follow the plant’s full operational ramp-up.
Dangote also announced plans to boost refinery output to 1.4 million barrels per day (bpd), a capacity that would surpass the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd. “In July, Dangote unveiled plans to expand the refinery from its current 650,000 bpd to 700,000 bpd by the end of the year,” S&P Global noted. “Now, the target is to reach 1.4 mbpd, with no specified date.”
This expansion could transform Nigeria from an importer of refined fuels into a global refining powerhouse, significantly strengthening the country’s energy independence and foreign exchange position.
The group is also advancing projects in linear alkylbenzene and base oils, alongside plans to raise polypropylene production from 1 million to 1.5 million metric tonnes annually.
Addressing maintenance issues, Dangote said most of the refinery’s residue fluid catalytic cracker (RFCC) problems have been resolved. “We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he said, noting that maintenance would be timed to avoid the year-end fuel demand surge.
Commenting on internal restructuring, Dangote confirmed that the refinery’s reorganisation—following the dismissal of 800 employees—is nearly complete. “We don’t have any worries with the unions,” he assured, adding that the overhaul had eased tensions with labour groups.
Dangote disclosed that production from the company’s oil mining leases (OML) 71 and 72 in the Niger Delta would begin this month, with output expected to reach up to 40,000 barrels per day.
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