Africa’s richest man, Aliko Dangote, has announced plans to sell between five and 10 percent of the Dangote Petroleum Refinery’s shares on the Nigerian Exchange (NGX) Limited within the next year.
Speaking in an interview with S&P Global on October 20, Dangote said the move would follow the same path taken by other Dangote Group subsidiaries listed on the stock market, such as Dangote Cement and Dangote Sugar Refinery.
“We don’t want to keep more than 65%-70%,” Dangote said, adding that the refinery shares would be offered gradually, depending on investor demand and market conditions.
The billionaire industrialist revealed that the group is also exploring strategic partnerships with Middle Eastern investors to fund the refinery’s expansion and support a new petrochemicals project in China.
“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he stated.
Dangote also hinted at a possible increase in the Nigerian National Petroleum Company (NNPC) Limited’s stake in the refinery.
The national oil company had earlier reduced its ownership to 7.2 percent, but Dangote said further discussions could take place once the refinery’s next growth phase begins.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said.
The refinery, which began operations in 2024, plans to ramp up its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of the year. Dangote said the long-term goal is to increase output to 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.
Beyond refining, the company is also expanding its chemical production. Dangote disclosed plans to boost polypropylene output from one million to 1.5 million metric tonnes annually and develop new projects in base oils and linear alkylbenzene.
Commenting on ongoing maintenance operations, Dangote said most technical issues had been resolved but added that a one-month shutdown might be required for final adjustments.
“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.
He noted that the maintenance schedule would be timed to avoid disruption during the end-of-year surge in fuel demand.
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