Nigerians to Buy Shares in Dangote's $20bn Refinery Soon

Aliko Dangote, Chairman of the Dangote Group, announced that Nigerians will be able to purchase shares in his $20 billion refinery within the next four to five months, targeting June or July 2026 for this opportunity. This announcement was made during a visit by top officials from the Nigerian National Petroleum Company Limited (NNPCL) to the refinery complex in Lekki, Lagos.

Dangote emphasized that the refinery will soon be listed on the Nigerian stock market, allowing individual Nigerians to participate in the ownership of this multi-billion dollar facility. He reiterated that Nigerian shareholders will have the flexibility to receive dividends in either Naira or US dollars, depending on their preference, as the refinery generates foreign exchange earnings.

NNPCL holds a 7.25 percent equity stake in the Dangote refinery on behalf of the Nigerian government. This announcement follows an executive order from President Bola Ahmed Tinubu directing the remittance of oil revenue to the federal government account, which reportedly affects several income streams previously retained by NNPCL.