LAGOS, Nigeria – Aliko Dangote, Africa’s wealthiest individual, has announced plans to sell a minority stake in his flagship Dangote Petroleum Refinery, a monumental $20 billion project in Nigeria.
In an interview with the financial markets firm S&P, Dangote revealed his intention to list 5% to 10% of the refinery’s shares on the Nigerian Exchange Group within the next year. He indicated that the final share offering could be even larger, contingent on investor appetite and prevailing market conditions.
“This is a significant step towards deepening the Nigerian capital market and allowing the public to participate in the success of this national asset,” Dangote was quoted as saying.
The announcement marks a pivotal moment for the continent’s largest oil refinery, which began production earlier this year. The facility is a strategic endeavor aimed at ending Nigeria’s long-standing dependence on imported refined petroleum products.
In a parallel development, Dangote also disclosed ambitious plans to boost the refinery’s output. The company is targeting an increase in its production capacity from the current 650,000 barrels per day (bpd) to 700,000 bpd by the end of 2024. This expansion would further solidify the refinery’s position as one of the largest in the world.
The upcoming public listing is expected to generate significant investor interest, given the refinery’s potential to reshape energy dynamics in Nigeria and across West Africa. Market analysts anticipate that the share sale will be one of the most prominent listings on the Nigerian stock exchange in recent years.
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