Aliko Dangote has projected that investors could receive between $20 billion and $25 billion in shareholder dividends from the planned pan-African listing of Dangote Group assets as the billionaire industrialist moves to open parts of his business empire to public ownership across the continent.
Dangote disclosed the dividend projection during an interview with International Finance Corporation (IFC) Managing Director Makhtar Diop at the IFC headquarters in Washington.
According to Dangote, the planned listing would involve the sale of about 25 percent equity in the group’s expanding industrial operations, which he said could eventually generate annual revenues of up to $100 billion with EBITDA projected between $30 billion and $35 billion.
He explained that the scale of the expected earnings would support significant shareholder returns once the listing is completed.
“Can you imagine if we have, let’s say we will sell 25%… you are actually going to inject billions of dollars into the hands of all these Africans,” Dangote said during the interview.
He described the planned listing as a transformational wealth creation opportunity capable of deepening African capital markets while expanding retail investor participation in large-scale industrial assets.
The proposed listing is expected to cover a portfolio of Dangote Group businesses spanning refining, petrochemicals, fertiliser, infrastructure and other strategic industrial investments across Africa.
Dangote also disclosed that shareholder dividends from the planned listing would be calculated and paid in United States dollars, although investors would have the option of receiving payments in local currencies such as the naira or South African rand.
Analysts said the dollar-denominated dividend structure could strengthen investor confidence by reducing currency depreciation risks that have historically discouraged cross-border African investments.
The development signals a major shift in Dangote Group’s ownership structure as the company transitions from decades of aggressive reinvestment toward broader shareholder participation.
Dangote revealed during the interview that he has never taken dividends from Dangote Industries since the company was established, stating that all earnings had historically been reinvested to finance expansion.
“I’ve never taken dividend, not one dime out of the company since when we started. Everything has been reinvested back into the business,” he said.
The planned pan-African listing is expected to become one of the largest capital market transactions ever undertaken by an African-owned industrial group.
Market analysts believe the proposed structure could attract significant institutional and retail interest across Africa, particularly as investors seek exposure to large-scale infrastructure, refining and energy assets tied to long-term industrial growth.
