Aliko Dangote, Chairman of the Dangote Group, has announced that everyday Nigerians will be able to purchase shares in the landmark Dangote Petroleum Refinery within the next four to five months. Speaking on Saturday, February 21, 2026, during a high-profile tour of the facility by the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, Dangote confirmed that plans for an Initial Public Offering (IPO) on the Nigerian Exchange (NGX) are in their final stages.
In a move designed to hedge against local currency volatility, Dangote revealed an innovative dividend structure: shareholders will have the option to receive their payouts in either Nigerian naira or U.S. dollars. This is made possible by the refinery’s significant foreign exchange earnings from fuel and petrochemical exports, which are projected to reach $6.4 billion annually. The $20 billion facility, currently the largest single-train refinery in the world, aims to democratize ownership of what Dangote described as a “national asset,” ensuring that retail investors, rather than just large institutions, can benefit from its success.
The visit by NNPC leadership served as a symbolic confirmation of the deepened partnership between the state oil firm and the private refinery. Dangote noted that NNPC holds a 7.25% equity stake in the project on behalf of the Nigerian people, a holding he famously compared to Elon Musk’s stake in Tesla. The refinery, which began distributing petrol across Nigeria in late 2025, is currently operating near its 650,000 barrels-per-day capacity, with long-term plans to expand to 1.4 million barrels per day.
Financial analysts predict that the listing could more than double the total market capitalization of the Nigerian Exchange, potentially pushing it above N200 trillion. By opening up the refinery to public ownership, Dangote also aims to address long-standing concerns regarding market monopoly, inviting Nigerians to become direct stakeholders in the country’s energy independence. As the July 2026 window for the share sale approaches, the “golden stock” of the exchange is expected to trigger a surge in domestic investment and capital market liquidity.
