Aliko Dangote, founder of the Dangote Group, has announced that the company plans to list a minority share of its refinery on the Nigerian Exchange (NGX) in the next year. According to a recent interview with S&P Global, the refinery will aim to sell between 5 per cent and 10 per cent of its stake, with the objective that the company retains no more than 65–70 per cent ownership. (Vanguard News)
Dangote explained that the shares would be offered gradually, allowing for investor appetite and market conditions to guide the timing. The move will mirror the listing strategy previously employed by the group’s cement and sugar businesses. (The Guardian Nigeria)
In addition to the listing, Dangote is exploring strategic partnerships with firms from the Middle East and engaging in a new petrochemicals venture in China as part of the refinery’s transformation. “Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he stated. (The Will News)
Dangote also pointed to the role of the Nigerian National Petroleum Company Limited (NNPC) in the project, noting that although the NNPC’s current stake stands at 7.2 per cent, further discussion on increasing its shareholding would take place once the refinery’s next growth phase is underway. (The Guardian Nigeria)
The refinery, which began operations in 2024 with a capacity of around 650,000 barrels per day (bpd), is targeting to ramp up to 700,000 bpd by year-end, with a longer-term goal of 1.4 million bpd—which, if achieved, would surpass the capacity of Jamnagar Refinery in India (1.36 million bpd). (The Guardian Nigeria)
Beyond refining, the group is also expanding its chemical output: plans include increasing annual polypropylene production from 1 million to 1.5 million metric tonnes and entering new projects in base oils and linear alkylbenzene. (Vanguard News)
On the operational side, Dangote said major technical issues have largely been addressed, but a one-month shutdown might be scheduled for final adjustment—timed to avoid disrupting the high fuel-demand period toward the end of the year. (MarketForces Africa)
