ADNOC and Other Investors Eye Dangote Refinery Stakes

Aliko Dangote, the Chief Executive Officer of Dangote Group, confirmed the interest of the Abu Dhabi National Oil Company (ADNOC) and other strategic investors in acquiring stakes in the Dangote Petroleum Refinery. During a press interaction in Lagos on a Monday following a signing event related to the refinery’s planned share offering, Dangote refrained from disclosing specific details due to non-disclosure agreements.

He emphasized that the refinery's share offering was not influenced by the ongoing Middle East crisis, asserting that financial projections were based on normal market conditions. Dangote mentioned that the level of interest in the refinery had exceeded expectations, citing a previous instance where demand for a $1 billion share offering reached 3.7 times that amount, leading to a forced acceptance of $2.5 billion.

He expressed confidence that the current offer would attract even stronger demand. Furthermore, he stated that the company's business model would not rely on temporary geopolitical disruptions.