Africa’s richest man and Chairman of Dangote Petroleum Refinery, Aliko Dangote, has announced plans to sell between 5% and 10% of the refinery’s shares on the Nigerian Exchange (NGX) within the next year.
Speaking in an interview with S&P Global, Dangote said the move will follow the same approach used for other Dangote Group companies already listed on the stock market, such as Dangote Cement and Dangote Sugar Refinery.
“We don’t want to keep more than 65 to 70 per cent,” Dangote said, explaining that the refinery’s shares would be sold gradually, depending on investor interest and market conditions.
The billionaire businessman also revealed that Dangote Group is in talks with investors from the Middle East to form strategic partnerships that will help fund the refinery’s expansion and support a new petrochemicals project in China.
“Our business concept is going to change. Instead of being 100 per cent Dangote-owned, we’ll have other partners,” he said.
Dangote hinted that the Nigerian National Petroleum Company Limited (NNPCL) might also increase its stake in the refinery. The NNPCL currently owns 7.2 per cent of the project after reducing its previous share, but discussions could resume once the refinery enters its next phase of growth.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote added.
The Dangote Refinery, which began operations in 2024, currently refines 650,000 barrels of crude oil per day (bpd). Dangote said the plant aims to boost that capacity to 700,000 bpd by the end of 2025, with a long-term goal of reaching 1.4 million bpd — which would make it the largest refinery in the world, surpassing the Jamnagar Refinery in India that produces 1.36 million bpd.
Beyond fuel production, Dangote also plans to expand the refinery’s chemical manufacturing operations. The company aims to increase polypropylene output from 1 million to 1.5 million metric tonnes per year and launch new projects in base oils and linear alkylbenzene, both of which are key ingredients in industrial and household products.
On maintenance, Dangote explained that while most of the refinery’s technical issues have been resolved, a one-month shutdown might still be necessary to complete 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.
