Chairman of the Dangote Group, Aliko Dangote, has assured that ordinary Nigerians will be able to purchase shares in the Dangote Refinery within the next four to five months as the company prepares for listing.
Dangote made this known on Saturday, February 21, 2026, while addressing journalists during a tour of the refinery by the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, and other top executives of the state-owned oil firm.
He commended the relationship between the refinery and the new leadership at NNPC, expressing optimism about future collaboration.
What he is saying
Dangote described the visit by Ojulari and his team as symbolic, noting that NNPC is not just a partner but a shareholder in the refinery.
“Today is really our best day ever, at least he (Ojulari) is not just a guest, he is a shareholder and you know NNPC invested in us when we ourselves were not even sure that the refinery will be successful.
“So, that’s the level of confidence, but right now the relationship with the new set of people we have at the NNPC, I think the sky is the limit and we would cooperate and also make sure we work together to make Nigerians proud.”
He disclosed that NNPC holds a 7.25% equity stake in the refinery on behalf of Nigerians.
“They are holding 7.25% of the shares that we have here, which is more than the shares that Elon Musk has in Tesla, and they are holding that on behalf of Nigerians.
“But individually Nigerians too will have an opportunity in the next maximum four or five months they will actually be able to buy their shares.”
Dangote also reiterated that Nigerian shareholders would have the option of receiving dividends in either naira or US dollars, since the refinery earns foreign currency.
“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn in dollars.”
Why it matters
Opening the refinery’s shares to the public is expected to:
- Democratise ownership of a critical national asset
- Deepen Nigeria’s domestic capital market
- Boost liquidity and market capitalisation on the Nigerian Exchange
- Allow retail investors to benefit from dividends and capital gains
Listing the refinery — valued at about $20 billion — could significantly strengthen investor confidence and market depth.
The option to receive dividends in dollars may also provide investors with a hedge against naira volatility, given that the refinery generates substantial foreign currency earnings from exports.
Dangote said priority would be given to Nigerian retail investors to ensure broad-based participation rather than concentration among large institutions.
What you should know
In December 2025, Dangote unveiled plans to list a 10% stake in the refinery on the Nigerian Exchange Limited (NGX) in 2026.
He disclosed that discussions were ongoing with the Securities and Exchange Commission Nigeria (SEC) and the NGX to finalise the structure for the proposed initial public offering (IPO), including the framework for potential dollar-denominated dividend payments.
According to Dangote, projected export earnings of about $6.4 billion — largely from petrochemicals such as polypropylene and fertiliser — will underpin the dollar dividend structure and ensure sustainable hard currency flows.
I will love to join this refinery