Dangote Refinery Shares to Open to Nigerians in Five Months: Retail Investors to Benefit

Chairman of the Dangote Group, Aliko Dangote, has confirmed that ordinary Nigerians will be able to purchase shares in the Dangote Refinery within the next four to five months. The announcement comes as the company gears up for its much-anticipated listing on the Nigerian Exchange (NGX), offering retail investors a rare opportunity to own a stake in one of Africa’s largest industrial assets.

Dangote disclosed on February 21, 2026, during a tour of the refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), Bayo Ojulari, and other senior executives. Describing the visit as symbolic, Dangote emphasized the strong relationship between the refinery and the new NNPC leadership. He highlighted that NNPC already holds a 7.25% equity stake on behalf of Nigerians, underscoring the government’s confidence in the project.

According to Dangote, Nigerian investors will have the option to receive dividends in either naira or US dollars, reflecting the refinery’s significant foreign currency earnings from exports. “People will have a choice either to get their dividends in naira or in dollars because we earn in dollars,” he said, emphasizing the potential hedge against naira volatility for investors. Priority will be given to retail investors to ensure broad-based participation, rather than concentration among large institutions.

Opening the refinery’s shares to the public is expected to democratize ownership of a critical national asset, boost liquidity in the domestic capital market, and strengthen investor confidence. Valued at approximately $20 billion, the refinery’s listing could enhance market capitalization on the NGX while allowing Nigerians to benefit directly from dividends and potential capital gains.

Dangote revealed that discussions are ongoing with the Securities and Exchange Commission (SEC) and the NGX to finalize the structure of the initial public offering (IPO), including a framework for potential dollar-denominated dividends. With projected export earnings of about $6.4 billion from petrochemicals like polypropylene and fertilizers, the refinery aims to deliver sustainable hard currency returns to shareholders while solidifying Nigeria’s presence in global energy markets.

source: nairametrics