By Adelabu Jumoke
The Chairman of the Dangote Group, Aliko Dangote, has announced that Nigerians will be able to purchase shares in the Dangote Petroleum Refinery within the next four to five months.
He made the disclosure on Sunday while hosting the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, and members of the company’s executive management during a tour of the $20 billion facility.
Dangote revealed that NNPC currently holds a 7.25 per cent stake in the refinery on behalf of Nigerians — a shareholding he noted is larger than what Elon Musk owns in Tesla Inc.. He emphasized that individual Nigerians will soon have the opportunity to invest directly in the refinery.
According to him, prospective shareholders will also be able to choose whether to receive dividends in naira or dollars, since the refinery generates revenue in foreign currency.
Describing the visit by the NNPC leadership as significant, Dangote said the national oil company is not merely a guest but a key shareholder that showed confidence in the project during its early and uncertain stages.
He expressed optimism about strengthening ties with the new NNPC management, stating that closer collaboration could yield greater benefits for Nigeria’s energy sector.
The Dangote refinery, valued at $20 billion, is currently the world’s largest single-train refinery, with a refining capacity of 650,000 barrels per day. Plans are underway to increase capacity to 1.4 million barrels per day.
Dangote also hinted at potential upstream partnerships with NNPC, referencing oil blocks 71 and 72, and noted that the refinery is evolving into a broader industrial hub. Beyond fuel production, the complex is set to manufacture linear alkylbenzene, a key raw material used in detergent production.
