Dangote To List Refinery, Invites Nigerians To Own Shares
Africa’s wealthiest individual, Aliko Dangote, has revealed plans to offer Nigerians a stake in his multibillion-dollar refinery, marking a significant step toward increasing domestic involvement in the nation’s oil industry.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, jointly organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, Dangote announced that preparations are underway to list the Dangote Refinery on the stock exchange.
“In the near future, the refinery will be listed, allowing all Nigerians the chance to become shareholders,” he stated.
“We welcome partnerships with African governments, private investors, and regional institutions. Our vision is bold, yet straightforward.”
“Africa should refine all the petroleum products it consumes right here on the soil of Africa,” he added.
He also highlighted the company’s efforts to promote clean energy through the production of liquefied petroleum gas (LPG). “With our LPG production of 2,500 tons per day, we’re working to encourage more homes to increase the LPG consumption or utilization, and we’re just getting started,” he said.
The billionaire’s announcement comes amid recent criticisms surrounding his refinery’s operations. Nigerian shipowners have expressed concern that the refinery has been using Angolan vessels to transport crude oil and refined products, bypassing local maritime operators.
There have also been complaints from local players in the downstream sector over the refinery’s sales methods.
Olufemi Adewole, Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), argued that Dangote’s sales approach does not benefit smaller local marketers who rely on flexible coastal distribution networks.
In response, Dangote defended his operations and criticized wealthy Nigerians who invest abroad rather than contribute to the country’s economic development.
“Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation’s growth choose instead to criticize from the sidelines while investing their wealth abroad. Adding little to Nigeria’s real economy or Africa’s economy,” he said.
“We have chosen to bet on Nigeria and will continue to do so. So, we should not allow dumping to destroy our manufacturing base like what it did in so many other industries, like textiles and others,” he added.
Dangote also encouraged more investment in local refining.
“Others should be encouraged to build refineries if they are serious. I think encouraging other people to build refineries is the job of the NMDPRA and also the government,” he concluded.
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