Nigerians Will Buy Refinery’s Shares in 5 Months’ Time, Says Dangote

President and chief executive officer of the Dangote Group, Aliko Dangote, has announced that ordinary Nigerians will soon have the opportunity to buy shares in the landmark Dangote Petroleum Refinery, with the opportunity opening in the next 4 to 5 months.

Speaking to journalists during a high-profile facility tour led by Bayo Ojulari, group chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, alongside NNPC’s executive team, Dangote highlighted NNPC’s existing 7.25 per cent equity stake—held on behalf of all Nigerians and reportedly larger than Elon Musk’s personal holding in Tesla.“

And the other issue is that they hold 7.25 per cent of the shares we have here, which is more than Elon Musk holds in Tesla. And they are holding that on behalf of Nigerians,” Dangote stated.

“So individually, Nigerians too will have an opportunity in the next, maybe, maximum four to five months. There will actually be an opportunity to buy the shares.”

Prospective investors can expect dividends in either naira or dollars, given the refinery’s dual revenue streams in both currencies.

Dangote described Ojulari’s visit as the facility’s “best day ever,” underscoring NNPC’s role as a key shareholder and partner in Nigeria’s push for energy security.

According to him, NNPC currently holds 7.25 per cent equity in the refinery on behalf of Nigerians.

“And the other issue is that they are holding 7.25 per cent of the shares that we have here, which is more than the shares Elon Musk has in Tesla. And they are holding that on behalf of Nigerians,” Dangote said.

“So individually, Nigerians too will have an opportunity in the next, maybe, maximum four to five months. There will actually be an opportunity to buy the shares.”

He added that prospective shareholders would have the option to receive dividends in either naira or dollars, noting that the refinery earns revenue in both foreign and local currencies.

Dangote described Ojulari’s visit as significant, calling it “our best day ever” at the facility, and emphasised that NNPC is not merely a guest but a shareholder in the project.

“I know NNPC invested in us when we were not really sure whether the refinery would be successful,” he said, adding that the partnership reflects a high level of institutional confidence.

He expressed optimism about deepening collaboration with the current NNPC leadership, saying both organisations would work together to strengthen Nigeria’s energy security and industrial development.

On potential upstream collaboration, Dangote said discussions are ongoing regarding Oil Mining Leases (OMLs) 71 and 72, with prospects for joint participation.

“Most likely, depending on our own discussions with them, we will partner with them maybe in some of the upstream,” he said. “They, too, will partner with us here because here is not just a refinery, it’s an industrial hub.”

Dangote highlighted ongoing expansion into petrochemicals, particularly the production of Linear Alkyl Benzene (LAB), a key raw material used in detergent manufacturing.

He said the refinery’s planned output of 400,000 metric tonnes of LAB annually would be sufficient to supply the entire African continent. Currently, Africa’s installed capacity stands at about 150,000 tonnes, with Algeria producing 100,000 tonnes and Egypt 50,000 tonnes.

“We’re going 400,000 tonnes, and we’ll deliver all this in the next 30 months,” Dangote said.

The refinery had earlier announced plans to commence the production of surfactants for detergent manufacturing, further positioning the complex as a major industrial hub beyond fuel refining.

With a nameplate capacity of 650,000 barrels per day, the Dangote refinery remains central to Nigeria’s strategy to reduce fuel imports, conserve foreign exchange and expand domestic industrial capacity.