Aliko Dangote, the President of Dangote Industries Limited, has unveiled a landmark plan to list a 10% stake in his $20 billion refinery on the Nigerian Exchange (NGX) in 2026.
Dangote further announced that the company is currently in discussions with market regulators to facilitate future dividend payouts in US dollars, offering a hedge against the persistent challenges posed by currency volatility.
“The most honourable Minister of Finance and Coordinating Minister of the Economy will approve this,” Dangote said, referencing the regulatory steps needed for the initiative.
This announcement was made during the unveiling of the Dangote Vision 2030, a long-term strategic roadmap, at the Eko Hotel in Lagos on Thursday.
During his speech, Dangote highlighted that his team is collaborating closely with both the NGX and the Securities and Exchange Commission (SEC) to finalize the structure for the proposed initial public offering (IPO).
“You buy in naira, but you get dividends in dollars,” Dangote added.
The Dangote Group’s Vision 2030 event followed the launch of the Aliko Dangote Foundation’s N100 billion Annual Education Scholarship Programme Initiative.
During this event, the foundation unveiled a major new initiative aimed at supporting education and scholarships, reinforcing its commitment to advancing educational opportunities across Nigeria and beyond.
This new initiative will provide scholarships to deserving students, further solidifying the foundation’s role in promoting human capital development and empowering the next generation.
Dividend initiative backed by export revenues
Elaborating further on dividend payment in dollars, Dangote stated that they are making arrangement to ensure that Dangote Cement, Dangote Refinery and Dangote Fertilizer shareholders receive dividends in dollars.
Dangote explained that the dollar-denominated dividends will be underpinned by a projected $6.4 billion in export earnings, largely from petrochemicals including polypropylene and fertiliser. These export flows, he noted, will provide the consistent hard currency supply needed to sustain the payout framework.
NGX listing and expansion
The planned offering represents Dangote’s first major move to open the refinery’s ownership to the public.
While he has not ruled out secondary listings in other jurisdictions, Dangote emphasised that the NGX remains the immediate focus.
“We want the Dangote Refinery to be the golden stock of the Exchange,” he said.
The initiative comes as part of a broader expansion roadmap that projects group revenues rising to $100 billion by 2030, up from the current $18 billion.
Dangote also targets a market capitalisation exceeding $200 billion by 2030, positioning the conglomerate among the world’s 100 largest companies.
Refinery output and capacity expansion
The 650,000-barrel-per-day facility—already producing diesel, aviation fuel and, since September, petrol—is central to Nigeria’s drive for energy independence.
Dangote disclosed plans to expand capacity to 1.4 million barrels per day within three years, more than doubling current output.
With soaring revenues and a proposed dollar-dividend structure, analysts say the listing could become one of the most significant market events in Nigeria’s history, potentially reshaping investor expectations and setting a new benchmark for corporate payouts.
