President and Chief Executive Officer of the Dangote Group, Aliko Dangote, has revealed plans to allow ordinary Nigerians to purchase shares in the 650,000-barrels-per-day Dangote Refinery, with the offer expected to commence within the next four to five months.
Dangote made the announcement while speaking on the refinery’s performance and long-term outlook, stating that the move is aimed at widening ownership of the landmark project and enabling citizens to directly benefit from its returns.
According to him, prospective investors will be able to buy shares individually and receive dividends either in naira or in dollars, providing flexibility and broader appeal to both local and foreign currency earners.
“NNPC holds about 7.25 per cent shares in Dangote Refinery, even more than Elon Musk’s stake in Tesla,” Dangote said. “Nigerians will be able to buy shares in the refinery individually in about four to five months and earn dividends in naira or dollars.”
The refinery, situated in Lagos, has a refining capacity of 650,000 barrels per day and is widely described as the largest single-train refinery in the world. Since becoming fully operational, the facility has been positioned as a game-changer for Nigeria’s energy sector, with the potential to significantly cut the country’s reliance on imported petroleum products.
Industry observers say opening up the refinery to retail investors marks a major milestone in Nigeria’s industrial landscape, as it creates an opportunity for broader participation in one of Africa’s most ambitious private-sector projects.
The Nigerian National Petroleum Company Limited (NNPCL) currently owns a 7.25 per cent equity stake in the refinery following a $1 billion investment in the venture.
NNPCL’s Group Chief Executive Officer, Bayo Ojulari, has praised the refinery’s contribution to strengthening Nigeria’s energy security, noting that increased local refining capacity will enhance product availability and reduce pressure on foreign exchange.
With the planned share offer, Dangote said Nigerians will not only witness the transformation of the country’s refining sector but also have the opportunity to become part-owners of a project expected to reshape the nation’s energy and economic landscape.
Leave a Reply