Billionaire industrialist, Aliko Dangote, has revealed plans to list his $20 billion oil refinery on the Nigerian stock exchange by the end of 2025, a move intended to broaden investor participation and counter monopoly claims.
Speaking at the African Export Import Bank’s annual general meeting in Abuja on Friday, Dangote said the listing would allow ordinary Nigerians and institutional investors, including pension funds, to own a stake in the refinery, which is located in Ibeju Lekki, Lagos.
“It’s important to list the refinery so that people will not be calling us a monopoly,” he said. “They will now say we have shares, so let everybody have a part of it.”
The Dangote Refinery, which began operations in 2023, has a daily processing capacity of 650,000 barrels of crude oil, making it the largest in Africa and one of the biggest single train refineries in the world.
The facility currently produces aviation fuel, naphtha, diesel, and petrol.
The refinery is seen as a potential game changer for Nigeria’s fuel supply. It could reduce the country’s reliance on imports and help save foreign exchange.
However, some downstream regulators and petroleum marketers have accused the company of trying to dominate the domestic fuel market.
In response to such criticism, Dangote disclosed that he scrapped earlier plans to build a 5,000-ton steel plant after the refinery’s launch, citing concerns that the monopoly accusations could intensify.
The planned public offering is seen as a strategic move to dilute ownership and increase transparency.
Market analysts suggest the listing could also improve the refinery’s access to capital, drive operational accountability, and boost investor confidence.
If successful, it would mark one of Nigeria’s most significant initial public offerings (IPO) in recent years.
Expansion into fertilizer export
Apart from the refinery, Dangote also announced that his group intends to list its urea plant before the end of 2024.
The plant, which has a production capacity of 2.8 million tons per year, currently exports 37% of its output to the United States and other markets.
During his address, Dangote stated that the company aims to overtake Qatar as the world’s top urea exporter within the next four years.
He also noted that the conglomerate expects to generate $30 billion in annual revenue by 2026.
The dual listing of both the refinery and fertilizer plant would mark a new phase for the group, which has played a dominant role in Nigeria’s cement, sugar, and salt industries.
Thee proposed IPO of the refinery signals a strategic shift towards greater openness and public participation in one of Africa’s most ambitious industrial projects.
