Dangote to Sell Part of Refinery to Nigerians, Listing on Stock Exchange

Aliko Dangote, Africa's richest man, has announced plans to sell a portion of his multibillion-dollar refinery to Nigerians by listing it on the Nigerian Stock Exchange. This initiative will enable Nigerian citizens to purchase shares and become part owners of the refinery, described as a national asset.

Dangote made this announcement during the annual downstream petroleum week organized by the House Committee on Petroleum Resources Downstream in Abuja. The Group Chief Strategy Officer of Dangote Industries Limited, Mr. Aliyu Suleman, highlighted that listing the refinery will allow Nigerians to benefit directly from its success.

Dangote emphasized that his goal is not to create a monopoly in the downstream sector but to encourage investment in building industries within Nigeria. He urged government agencies to strengthen industrial policies to support innovation and competitiveness in the petroleum industry, leveraging Nigeria's proximity to crude oil to enhance refining capacity and industrial growth.