Aliko Dangote, Chairman of Dangote Group, has announced that ordinary Nigerians will soon have the opportunity to buy shares in the Dangote Petroleum Refinery, with the listing process expected to be completed within the next four to five months.
Dangote made the disclosure on Saturday, February 21, 2026, during a high-profile tour of the Lekki-based facility by Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), along with other senior NNPC executives.
Highlighting the significance of the visit, Dangote described it as a landmark moment, noting that NNPC is not merely a partner but a committed shareholder. “Today is really our best day ever,” he said. “He (Ojulari) is not just a guest—he is a shareholder. NNPC invested in us when we ourselves were not even sure the refinery would succeed. That shows the level of confidence.”
He revealed that NNPC currently holds a 7.25% equity stake in the refinery on behalf of the Nigerian people. “That’s more than the shares Elon Musk holds in Tesla, and they are holding it for Nigerians,” Dangote added.
Looking ahead, he confirmed that retail investors across the country will soon be able to participate directly. “In the next maximum of four or five months, Nigerians will actually be able to buy their shares,” he stated, emphasising priority access for individual retail investors to promote widespread ownership rather than institutional dominance.
Dangote also outlined an attractive dividend policy tailored to Nigeria’s currency realities. Shareholders will have the flexibility to receive dividends in either naira or US dollars, reflecting the refinery’s substantial foreign currency earnings from exports. This option is expected to serve as a natural hedge against naira depreciation for investors choosing dollar payouts.
The planned public listing—initially signalled in December 2025 with the intention to offer a 10% stake on the Nigerian Exchange Limited (NGX)—is anticipated to be one of the most significant capital market events in Nigeria’s recent history. Valued at approximately $20 billion, the refinery’s listing could substantially deepen market liquidity, expand the NGX’s capitalisation, and enhance investor confidence in domestic large-scale industrial projects.
Beyond financial benefits, opening ownership to the public is seen as a step toward democratising access to a strategic national asset, enabling everyday Nigerians to share in the refinery’s long-term success through dividends and potential capital appreciation.
The announcement follows strengthened collaboration between Dangote Refinery and the new NNPC leadership. Dangote expressed strong optimism about the partnership, stating, “With the new set of people at NNPC, the sky is the limit. We will cooperate and work together to make Nigerians proud.”
As Nigeria’s largest single-train refinery nears full operational capacity and begins significant exports, the forthcoming share offering is poised to mark a major milestone in both the energy sector and the country’s capital markets development.
