Dangote unlocks refinery shareholding to Nigerians in four months

23rd, Feb, 2023

By Ebenezer William

Ahlaji Aliko Dangote, says that Nigerians would be able to purchase shares in the Dangote Petroleum Refinery within the next four to five months, as the conglomerate pushes to open the $20 billion facility to broader public ownership.

Dangote disclosed this while speaking with journalists at the Lagos refinery complex during a working visit by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, accompanied by members of the NNPC board and executive management team.

“Individually, Nigerians, too, will have an opportunity. In the next maximum four or five months, they will actually be able to buy their shares,” he said, noting that investors could choose between local and foreign currency dividends given that the refinery earns in dollars.

Dangote also clarified the nature of NNPC’s existing stake in the facility, saying the national oil company holds 7.25 per cent of shares on behalf of the Nigerian people. He said the planned public offering would complement, rather than replace, that arrangement.

Beyond the shareholding announcement, Dangote outlined plans for deepened operational collaboration between his group and NNPC, describing the refinery not merely as a petroleum facility but as an industrial hub with broader implications for Nigeria’s downstream and petrochemical sectors.

deepen industrialisation.

Ojulari said Nigerians should be grateful for the vision and leadership that made the 650,000 barrels per day refinery a reality, describing it as a bold demonstration of Nigeria’s industrial capability.

He defined the refinery as a source of national pride and an example of Nigeria’s ability to leapfrog legacy industrial constraints through the adoption of best-in-class global technology.