Africa’s richest businessman and President of Dangote Group, Aliko Dangote, has announced that Nigerians will soon have the opportunity to purchase shares in the Dangote Petroleum Refinery, describing the move as a step toward broader local participation in the landmark industrial project.
Dangote disclosed that individual Nigerians could begin buying shares in the refinery within the next four to five months, with shareholders eligible to earn dividends in either naira or dollars.
According to him, the Nigerian National Petroleum Company (NNPC) Limited currently holds about 7.25 percent equity in the refinery — a stake he noted is larger than the shareholding of Tesla CEO Elon Musk in the electric vehicle company.
The planned share offer is expected to open the multi-billion-dollar refinery project to retail investors, allowing ordinary Nigerians to participate financially in what is widely regarded as one of the most ambitious industrial ventures on the continent.
Industry analysts say the move could deepen local capital market participation while strengthening public ownership in strategic national assets.
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It may also provide an additional investment avenue at a time when many Nigerians are seeking opportunities to hedge against inflation and currency volatility.
The Dangote Refinery, located in the Lekki Free Trade Zone in Lagos, has been positioned as a transformative project aimed at reducing Nigeria’s dependence on imported petroleum products, conserving foreign exchange and enhancing energy security.
Dangote’s latest announcement signals an intention to broaden the refinery’s ownership structure and potentially list it on the Nigerian Exchange, though specific details regarding pricing, regulatory approvals and listing timelines have yet to be disclosed.
If successfully executed, the offer could mark a significant milestone in Nigeria’s industrial and financial landscape, bringing one of Africa’s largest private-sector projects closer to public participation.