Aliko Dangote has announced plans to list shares of the $20 billion Dangote Refinery on the stock market, following the model of other Dangote Group subsidiaries such as Dangote Cement and Dangote Sugar Refinery. Speaking to S&P Global on October 20, Dangote said the group aims to retain between 65–70% ownership, with shares offered gradually based on investor demand and market conditions.
He revealed ongoing talks with Middle Eastern investors for strategic partnerships to fund refinery expansion and support a new petrochemicals project in China. The Nigerian National Petroleum Company (NNPC) Limited, which currently holds a 7.2% stake, may increase its ownership in the next growth phase.
The refinery, which began operations in 2024, plans to raise capacity from 650,000 to 700,000 barrels per day this year, targeting 1.4 million bpd in the long term.
