The President of the Dangote Group, Aliko Dangote, has revealed plans to introduce an innovative dividend structure for his $20 billion oil refinery when it lists on the Nigerian Exchange (NGX) in 2026, allowing shareholders to receive returns in US dollars despite buying shares in naira.
Dangote made the announcement on Thursday at Eko Hotel, Lagos, stating that the company is working with the NGX and the Securities and Exchange Commission (SEC) to finalise the framework ahead of the Initial Public Offering (IPO).
“You buy in naira, but you get dividends in dollars,” he said, describing the model as a hedge against currency volatility for Nigerian investors. He added that the dollar-denominated payouts would be supported by $6.4 billion in projected revenue from petrochemical exports, particularly polypropylene and fertiliser.
The plan is part of a broader growth strategy for the Dangote Group, which aims to increase revenues from $18 billion currently to $100 billion by 2030, potentially positioning the conglomerate among the world’s top 100 companies with a target market capitalisation above $200 billion.
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Dangote highlighted the company’s financial performance over the past five years, noting that revenues have risen from $3.3 billion to $18 billion, while earnings before interest, tax, depreciation, and amortisation (EBITDA) increased from $1.8 billion to $2.8 billion.
He confirmed that a 10 per cent stake in the refinery and petrochemicals complex will be offered to the public through the NGX. While international secondary listings remain possible, Dangote emphasised that the Nigerian market remains the priority. “We want the Dangote Refinery to be the golden stock of the exchange,” he said.
The 650,000-barrel-per-day facility, which began diesel and aviation fuel production in January and added petrol output in September, is central to Nigeria’s goal of achieving fuel self-sufficiency. Dangote also announced plans to expand the refinery’s capacity to 1.4 million barrels per day within three years, more than doubling current output.