Africa’s richest man, Aliko Dangote, has indicated that the Nigerian National Petroleum Company Limited (NNPC Ltd) may have the opportunity to increase its 7.2% stake in the Dangote Refinery, but only after the facility’s next phase of expansion fully demonstrates its operational potential.
Speaking in an interview with S&P Global, Dangote revealed that the refinery is preparing for a partial public listing on the Nigerian Stock Exchange (NGX) within the next 12 months. He noted that between 5% and 10% of the refinery’s shares would be offered to the public, marking a strategic shift toward broader investor participation in one of Africa’s most significant industrial projects.
The NNPC, which initially held a 20% equity stake in the refinery, reduced its shareholding to 7.2% earlier this year to redirect funds toward Compressed Natural Gas (CNG) infrastructure and other clean energy initiatives. Despite the reduction, the company has expressed interest in raising its stake once the refinery reaches optimal production capacity.
Dangote emphasized that the next phase of the refinery’s operations will focus on refining efficiency, export capacity, and the completion of key downstream linkages, including petrochemical and fertilizer integrations.
“The refinery is performing well, but we want to see it reach full operational capacity before expanding ownership,” Dangote told S&P Global. “Once that happens, we’ll be open to the NNPC and other institutional investors increasing their stakes.”
Located in the Lekki Free Trade Zone, Lagos, the $20 billion Dangote Refinery — Africa’s largest single-train refining facility — is expected to meet Nigeria’s domestic fuel demand and transform the country from a major importer to a net exporter of refined petroleum products.
Industry analysts say the planned public listing could inject new liquidity into the Nigerian capital market while strengthening investor confidence in large-scale local industrial ventures.
