Nigerian billionaire Aliko Dangote says his plan to list his $20 billion oil refinery on the stock exchange is driven by a desire to make everyday Nigerians part-owners of one of the country’s most ambitious industrial projects.
In a recent interview with members of the press, Dangote said the proposed listing of the 650,000-barrel-per-day refinery is not about retaining dominance over the asset, but about creating long-term shared value.
“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he said.
Dangote made clear that he is not concerned about maintaining a controlling stake once shares are offered. When asked how much equity he plans to sell, he said there would be no fixed limit. “Somebody asked me a question, is it 5 or 10% you want to sell?” Dangote said. “And I said that when we are going to sell the shares, we will not put a cap. If they happen to buy 55% and I own 45%, so be it.”
The refinery, located outside Lagos, is the largest of its kind in Africa and a cornerstone of Nigeria’s efforts to reduce fuel imports and strengthen domestic energy production. Dangote described the facility as a legacy project, saying broad ownership would allow citizens to directly benefit from its long-term performance.
“The thing is about legacy,” he said. “I want Nigerians to own this, and I want every single Nigerian, when the refinery does well, for them to always be able to rely on the profit of that refinery.”
Dangote emphasized that participation would not be limited to wealthy investors. “The main point is for us to sell to every living Nigerian who has something, even if it’s ten shares you buy or 20,” he said.
He also said the opportunity would extend beyond Nigeria’s borders. When asked whether Nigerians in the diaspora could participate, Dangote responded simply, “Yes.” To reinforce that commitment, he said dividends would be paid in U.S. dollars. “We are going to make sure that we pay the dividend in dollars, because a major chunk of ourselves is in dollars,” he said.
Dangote first publicly outlined plans to sell shares in the refinery in July during the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja. At the event, he said preparations were already underway for a listing that would allow individuals and institutions to invest.
“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,” Dangote said at the time, adding that his broader vision is for Africa to refine the petroleum products it consumes “right here on the soil of Africa.”
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