Africa’s wealthiest businessman, Aliko Dangote, has disclosed that Nigerians will soon be able to acquire shares in his 650,000 barrels-per-day refinery in Lagos, in a move aimed at broadening local ownership of the multi-billion-dollar facility.
Dangote said the offer would be available to individual investors within the next four to five months, giving ordinary Nigerians the opportunity to participate directly in the refinery’s profits. According to him, shareholders will have the option of receiving dividends either in naira or in dollars.
The refinery, owned by the Dangote Group, is regarded as the largest single-train refinery in the world and became fully operational in late 2024. It has a processing capacity of 650,000 barrels of crude oil per day and is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products.
Dangote noted that the Nigerian National Petroleum Company Limited (Nigerian National Petroleum Company Limited) currently holds about 7.25 per cent equity in the refinery following its $1 billion investment in the project. He compared the stake to that of tech billionaire Elon Musk’s shareholding in Tesla, saying NNPC’s participation underscores the strategic importance of the facility.
“NNPC holds about 7.25 per cent shares in Dangote Refinery, even more than Elon Musk’s stake in Tesla. Nigerians will be able to buy shares in the refinery individually in about four to five months and earn dividends in naira or dollars,” Dangote said.
The announcement has generated excitement in business and investment circles, as it signals the possible listing or structured public offer of one of Africa’s most significant industrial projects. Analysts say opening up the refinery to retail investors could deepen capital market participation and provide a new avenue for wealth creation.
The Group Chief Executive Officer of NNPC, Bayo Ojulari, has previously praised the refinery for strengthening Nigeria’s energy security. He said the facility is already reshaping the country’s downstream petroleum sector by increasing local refining capacity and reducing the need for costly fuel imports.
Since it commenced full operations, the refinery has begun supplying petrol, diesel, aviation fuel and other petroleum products to the domestic market, while also targeting exports to other African countries and beyond.
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