• Dangote to list $20-25 billion refinery within five months
• NNPC holds 7.25% stake; dividends payable in naira or dollars
• Refinery targets 1.4 million bpd, expands petrochemicals exports

Aliko Dangote said Nigerians will be able to buy shares in the Dangote Refinery within four to five months as the company prepares for an initial public offering.

Dangote made the announcement on Saturday, Feb. 21, during a visit to the refinery by Bayo Ojulari, chief executive of state oil firm NNPC, accompanied by senior executives. Dangote described NNPC as a key partner and shareholder, noting it holds a 7.25% stake in the refinery.

Dividends will be payable in naira or U.S. dollars. The refinery generates foreign currency through exports of fuels and petrochemical products.

The share sale is intended to broaden ownership of the strategic asset, deepen liquidity on the Nigerian Exchange and allow retail investors to benefit from dividends and capital gains. The refinery is valued at $20 billion to $25 billion and could pursue a dual listing in London, which may support its valuation. Projected export revenues, mainly from polypropylene and fertilizers, are expected to underpin dollar-denominated dividends and hedge against naira volatility.

The announcement comes as the refinery plans to raise processing capacity to 1.4 million barrels per day over the next three years, potentially making it the world’s largest single-train facility.

The plant currently processes 650,000 barrels per day, meeting Nigeria’s domestic demand for gasoline, diesel, kerosene and jet fuel, while exporting up to 40% of output. It is also expanding into petrochemicals, with annual capacity of 400,000 tonnes of alkyl benzene and plans to produce surfactants for the detergent industry.

The refinery carries $3.65 billion in debt, including $2 billion in syndicated loans and $1.65 billion in intra-group loans. Operating cash flow is expected to cover debt repayment by 2027, alongside potential asset sales.

Dangote also raised the prospect of partnering with NNPC on upstream blocks 71 and 72, further integrating crude production and refining. The refinery is central to a broader push for energy self-sufficiency and industrial development, including expansion into fertilizers to support Africa’s food security.

Olivier de Souza