Aliko Dangote Plans to Sell 5–10% of Refinery Shares on NGX, Eyes Global Partnerships

Dangote Petroleum Refinery to Sell 5–10% Shares on NGX, Explores Global Partnerships

Lagos, Nigeria – Aliko Dangote, Chairman of Dangote Petroleum Refinery, has revealed plans to sell between five and ten percent of the refinery’s shares on the Nigerian Exchange (NGX) Limited within the next year.

Speaking in an interview with S&P Global, Dangote said the move would mirror the strategy adopted by other subsidiaries of the Dangote Group, such as Dangote Cement and Dangote Sugar Refinery, which are publicly listed.

“We don’t want to keep more than 65%-70%,” Dangote stated, adding that the shares would be offered gradually, depending on investor demand and market conditions.

The industrialist also disclosed that the group is exploring strategic partnerships with investors from the Middle East to fund the refinery’s expansion, alongside a new petrochemicals project in China.

“Our business concept is going to change. Now, instead of being 100 percent Dangote-owned, we’ll have other partners,” he explained.

Dangote hinted at a possible increase in the Nigerian National Petroleum Company (NNPC) Limited stake in the refinery. NNPC had earlier reduced its ownership to 7.2 percent, but Dangote said further discussions could follow once the refinery enters its next growth phase.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said.

Since its 2024 launch, the Dangote refinery has ramped up operations and plans to increase its capacity from 650,000 barrels per day (bpd) to 700,000 bpd by the end of the year. The long-term ambition is to reach 1.4 million bpd, surpassing the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd.

Beyond refining, the refinery is expanding its chemical production. Dangote revealed plans to increase polypropylene output from one million to 1.5 million metric tonnes annually and develop projects in base oils and linear alkylbenzene.

Regarding maintenance, Dangote said most technical challenges had been resolved but noted that a one-month shutdown might be required for final adjustments.

“We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month,” he added, assuring that the maintenance would be timed to avoid disruption during the end-of-year fuel demand surge.

The planned share sale and global partnerships mark a new phase for Dangote Petroleum Refinery, signaling a shift towards broader ownership, increased production, and international collaboration, all while maintaining a focus on Nigeria’s energy security and export potential.

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Reporting by Joshua Chinonye in Lagos, Nigeria.