Africa’s richest man, Aliko Dangote, has announced that Nigerians will soon be able to directly invest in the Dangote Refinery, marking a major shift in ownership structure for the $20 billion energy project.
As reported by Business Insider Africa, Dangote disclosed during a media tour of the refinery that arrangements are being finalized to allow individuals to purchase shares 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,” he said.
NNPC Already Holds Shares for Nigerians
The refinery already has Nigerian representation through the Nigerian National Petroleum Company Limited (NNPC), which holds 7.25% equity on behalf of Nigerians.
Dangote explained that this stake reflects early participation by the state energy company, but the next phase will allow broader public ownership. Investors will also have the option to receive dividends either in naira or in U.S. dollars, given that the refinery generates foreign currency revenue.
Listing for Legacy, Not Control
Dangote first announced plans in July 2025 to list the refinery on the stock exchange following criticism that the project favored foreign financiers over local investors. However, he later clarified that the motivation goes beyond capital raising.
“At the moment, our main interest is to list on the exchange so that every living Nigerian can own part of the refinery,” he said in a follow-up discussion in December.
He emphasized that personal control is not the priority, stating he would not cap share sales even if public investors eventually held a majority stake.
A Landmark Project in Nigeria’s Energy Sector
The Dangote Refinery, located in Lagos, is one of the largest single-train refineries in the world, with a projected refining capacity of 650,000 barrels per day. Once fully operational, it is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products and strengthen the country’s energy security.
With public listing plans advancing, the refinery could soon transition from a privately dominated mega-project into a nationally shared asset, giving millions of Nigerians the opportunity to own a piece of one of Africa’s most ambitious industrial ventures.
