By Obinna Uballa
President and Chief Executive of the Dangote Group, Aliko Dangote, has announced plans to open up ownership of the 650,000-barrels-per-day Dangote Refinery to ordinary Nigerians, saying shares in the facility will be available for public purchase within the next four to five months.
Dangote made the disclosure while speaking on the refinery’s operations and future outlook, noting that Nigerians will have the opportunity to invest individually and receive dividends either in naira or dollars.
“NNPC holds about 7.25 per cent shares in Dangote Refinery, even more than Elon Musk’s stake in Tesla,” Dangote said. “Nigerians will be able to buy shares in the refinery individually in about four to five months and earn dividends in naira or dollars.”
The Dangote Refinery, located in Lagos, has a production capacity of 650,000 barrels per day and is regarded as the largest single-train refinery in the world. The facility became fully operational recently, and is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products.
The announcement signals a major step toward broadening local participation in one of Africa’s most significant industrial projects, potentially allowing retail investors to benefit from the refinery’s revenue stream.
The Nigerian National Petroleum Company Limited (Nigerian National Petroleum Company Limited) currently holds a 7.25 per cent equity stake in the refinery following its $1 billion investment in the project.
NNPC’s Group Chief Executive Officer, Bayo Ojulari, recently commended the refinery’s impact on the country’s energy landscape, highlighting its contribution to energy security and local refining capacity.
