Dangote to Open Refinery Shares to Nigerians as NNPC Pledges Deeper Collaboration

Nigeria’s leading industrialist, Aliko Dangote, has announced plans to allow everyday Nigerians to purchase shares in his 650,000 barrels-per-day refinery within the next four to five months.

Dangote disclosed that dividends from the proposed share offering would be payable in either naira or U.S. dollars, a structure expected to attract both domestic retail investors and institutional participants seeking currency flexibility.

The announcement was made during a visit by the Group Chief Executive Officer of Nigerian National Petroleum Company, Bashir Bayo Ojulari, who commended the refinery as a “world-class” facility and described the project as a bold strategic investment for Nigeria’s energy security.

Ojulari emphasized that the refinery represents a transformative infrastructure asset capable of reshaping Nigeria’s downstream petroleum sector.

He urged stakeholders and citizens to recognize the scale and ambition of the project, noting that it significantly strengthens the country’s refining capacity and reduces dependence on imported refined petroleum products.

Operational since late 2024, the refinery has become a central pillar in Nigeria’s drive for fuel self-sufficiency. With a nameplate capacity of 650,000 barrels per day, it is positioned to meet a substantial portion of domestic demand for petrol, diesel, aviation fuel and other refined products, while also serving regional export markets.

The visit also signaled improving relations between the refinery and NNPC, following earlier supply and pricing tensions during the facility’s ramp-up phase. Both parties committed to expanding collaboration across crude supply arrangements, product trading and other strategic areas within the oil value chain.

Industry analysts say the proposed share offering could deepen public participation in Nigeria’s largest single industrial investment and reinforce confidence in private sector-led infrastructure development.

The planned equity sale is expected to provide Nigerians with direct exposure to the performance of the refinery, while supporting Dangote’s broader ambition to scale operations and strengthen Nigeria’s position as a refined products hub in Africa.