Africa’s richest man, Aliko Dangote, has revealed plans to sell between five and ten percent of Dangote Petroleum Refinery’s shares on the Nigerian Exchange (NGX) within the next year, signaling a major shift in the company’s ownership structure and long-term strategy.
In an interview with S&P Global, Dangote explained that the move aligns with the Group’s tradition of listing its subsidiaries, such as Dangote Cement and Dangote Sugar Refinery, to deepen market participation and enhance corporate transparency.
“We don’t want to keep more than 65% to 70%,” Dangote stated, noting that the shares will be released gradually, depending on investor demand and market conditions.
The billionaire industrialist also disclosed that strategic partnerships with investors from the Middle East are underway to fund the refinery’s expansion and a new petrochemicals project in China. “Our business concept is going to change,” he said. “Instead of being 100 percent Dangote-owned, we’ll have other partners.”
Dangote hinted that the Nigerian National Petroleum Company (NNPC) Limited could increase its current 7.2 percent stake once the refinery’s next growth phase begins. “I want to demonstrate what this refinery can do,” he said, “then we can sit down and talk.”
The refinery, which began operations in 2024, currently refines 650,000 barrels per day (bpd) but aims to raise output to 700,000 bpd by the end of the year. The long-term goal, according to Dangote, is to hit 1.4 million bpd, surpassing the Jamnagar Refinery in India, the world’s largest, which produces 1.36 million bpd.
Beyond refining, the company is also ramping up chemical production. Dangote announced plans to increase polypropylene output from one million to 1.5 million metric tonnes annually and to launch new ventures in base oils and linear alkylbenzene production.
Addressing technical operations, he confirmed that most of the refinery’s early mechanical issues have been resolved, although a one-month maintenance shutdown is being planned for final adjustments. “We have resolved most, not all, but most of the problems,” he said. “We’re looking for a window to shut down for another month — carefully timed to avoid the end-of-year fuel demand spike.”
With these developments, the Dangote Refinery — already Africa’s largest industrial project — is positioning itself not only as Nigeria’s refining powerhouse but as a global energy and petrochemicals player, redefining private sector leadership across emerging markets.
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