Nigerians to buy shares in my refinery latest July – Dangote

The President of the Dangote Group, Aliko Dangote, has said Nigerians will soon be able to invest directly in the Dangote Refinery, describing the move as part of efforts to broaden public ownership of the project.

Dangote made this known on Saturday while speaking with journalists during a tour of the facility by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, alongside members of the NNPC board and executive management team.

According to him, plans are underway to allow individuals to purchase shares in the refinery within the next four to five months.

“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.

The industrialist noted that NNPC currently holds a minority stake in the refinery on behalf of Nigerians.

“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” he said.

Dangote added that investors would have flexibility in how they receive dividends from their investments.

“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he said.

Beyond public investment, the billionaire businessman said the refinery would deepen collaboration with NNPC to strengthen operations and explore additional opportunities across the oil and gas value chain.

“I think the sky is the limit and we (NNPC and Dangote Refinery) will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” he said.

On potential upstream partnerships, Dangote said discussions were ongoing.

“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not a refinery. It’s an industrial hub,” he stated.

He also disclosed that new industrial projects within the complex, including the production of linear alkylbenzene used in detergents, would position the facility as a key supplier across Africa.

“That raw material for detergent will be sufficient for the entire African continent… and we will deliver all this in the next 30 months,” he added.