Africa’s richest man, Aliko Dangote, has announced plans to sell a 10% stake in his $20 billion Dangote Petroleum Refinery on the Nigerian Exchange (NGX), marking one of the biggest public listings in the nation’s history and a significant step toward deepening Nigeria’s capital market.
The Dangote Refinery, located in the Lekki Free Trade Zone, Lagos, is the world’s largest single-train refinery, with a capacity of 650,000 barrels per day. Since its commissioning, it has been seen as a potential game-changer for Nigeria’s downstream oil sector, which has long struggled with fuel import dependency.
Speaking to investors and financial journalists, Dangote revealed that the move to list a minority stake on the NGX aligns with his group’s vision of promoting transparency, corporate governance, and Nigerian participation in key national assets.
“We are considering offering about 10% of the refinery’s shares to the public,” he said. “This will give Nigerians and institutional investors an opportunity to own a piece of Africa’s biggest energy project while strengthening the Nigerian capital market.”
According to analysts, the potential public offer could raise billions of dollars, depending on valuation and market demand. The refinery is already being valued at over $20 billion, suggesting that a 10% stake could be worth around $2 billion a record for the NGX.
Financial experts note that the listing would be a major boost for the Nigerian Exchange, which has been seeking to attract more large-cap companies to enhance liquidity and investor confidence.
“This could redefine the Nigerian market,” said a Lagos-based investment analyst. “If successfully executed, it will not only strengthen investor confidence but also set a precedent for other industrial giants to go public.”
The refinery, which began operations earlier this year, is already supplying diesel, aviation fuel, and other refined products to the local market. Dangote has previously stated that full operations would help eliminate Nigeria’s fuel importation, saving the country billions in foreign exchange annually.
A potential listing also suggests that the Dangote Group is positioning for greater financial flexibility and broader investor participation, particularly as the refinery ramps up export operations across West Africa.
Industry observers say the timing of the announcement could not be better. Global investors are increasingly looking toward Africa for energy diversification, while Nigeria’s government continues to emphasize private sector participation in industrial and infrastructural development.
However, analysts caution that the listing process will depend on market conditions, regulatory approval, and valuation dynamics. The Securities and Exchange Commission (SEC) and the NGX are expected to provide guidelines for the offer once Dangote Industries formally submits its prospectus.
If successful, the move would make the Dangote Refinery one of the most valuable listed companies in Africa, further consolidating Aliko Dangote’s influence across key sectors from cement to sugar, and now, energy.
As Nigeria seeks to industrialize and expand its export base, the refinery’s performance and partial listing could serve as a powerful symbol of local enterprise achieving global scale.
