Dangote disclosed this on Saturday while addressing journalists during a tour of the refinery by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, alongside members of the company’s board and executive management team.
According to him, arrangements are being finalised to allow individual investors to participate in the refinery’s ownership within the next four to five months.
“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” Dangote said.
NNPC’s Stake Held on Behalf of Nigerians
Dangote revealed that NNPC currently owns a minority stake of 7.25 per cent in the refinery, which he described as being held on behalf of Nigerians.
“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” he stated.
He further noted that prospective investors would have flexibility in receiving returns on their investments.
“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he explained.
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| President of Dangote Group, Aliko Dangote, speaking during a visit to the Dangote refinery by NNPC management team. Photo: X/NNPC |
Beyond the proposed public share offering, Dangote emphasised plans to strengthen collaboration with NNPC across various segments of the oil and gas value chain.
“I think the sky is the limit and we (NNPC and Dangote Refinery) will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” he said.
On potential upstream ventures, Dangote indicated that discussions are ongoing and that partnerships could extend beyond refining activities.
“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not a refinery. It’s an industrial hub,” he said.
Expansion Into Petrochemicals
Dangote also disclosed that additional industrial projects are underway within the complex, including the production of linear alkylbenzene, a key raw material used in detergent manufacturing.
He said the planned output would be sufficient to supply the entire African continent, positioning the facility as a major petrochemical hub.
“That raw material for detergent will be sufficient for the entire African continent… and we will deliver all this in the next 30 months,” he added.
The planned share sale marks a significant step toward broadening public ownership of one of Africa’s largest industrial projects, while reinforcing collaboration between private and state-owned players in Nigeria’s energy sector.