Africa’s richest man, Aliko Dangote, has revealed plans to list a portion of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) next year, marking a major step in the company’s strategy to expand production capacity and attract global investors.
Speaking with S&P Global, Dangote disclosed that between five and ten percent of the refinery’s shares will be offered to the public, a move that mirrors the earlier listings of Dangote Cement and Dangote Sugar Refinery.
He said the group intends to retain about 65 to 70 percent ownership while gradually selling the rest, depending on market demand and investor confidence.
This planned share sale is part of a broader initiative to double the refinery’s capacity, positioning it as the world’s largest refining hub.
The facility, which began operations in 2024, currently produces 650,000 barrels per day (bpd) but is targeting an increase to 700,000 bpd by year-end.
Dangote also hinted at a long-term goal of scaling production to 1.4 million bpd, surpassing India’s Jamnagar refinery, which currently holds the global record at 1.36 million bpd.
The company is also exploring strategic partnerships with Middle Eastern energy firms to support its expansion drive and a new petrochemicals project in China. Dangote noted that the refinery’s ownership model will evolve from being solely family-held to one involving new global partners.
On NNPC Limited’s involvement, Dangote confirmed that the national oil company currently holds a 7.2 percent stake, with possibilities of increasing its interest once the next phase of expansion is complete.
He further disclosed that most of the refinery’s technical challenges have been resolved but added that a brief one-month shutdown will soon be scheduled for system optimization. The timing, he assured, will be planned to avoid fuel supply disruptions during peak demand periods.
