Africa’s richest man, Aliko Dangote, has announced plans to list his multibillion-dollar Dangote Refinery on the Nigerian stock exchange, giving citizens and institutions a chance to become shareholders in Africa’s largest oil refining venture.
Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, Dangote said the listing is designed to ensure Nigerians benefit directly from the refinery’s long-term value.
‘Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,’ Dangote said, as reported by Punch. ‘We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious: Africa should refine all the petroleum products it consumes right here on the soil of Africa.’
Dangote pushes clean energy transition
Dangote also highlighted the company’s investment in liquefied petroleum gas (LPG), which he said will help accelerate clean cooking adoption in Nigerian households.
‘With our LPG production of 2,500 tonnes per day, we’re working to encourage more homes to increase LPG usage – and we’re just getting started,’ he said.
Criticism over foreign shipping deals
The announcement comes days after Nigerian shipowners raised concerns that Dangote’s refinery had been using foreign vessels, particularly from Angola, to transport crude and refined products instead of Nigerian-owned ships.
Industry players, including Olufemi Adewole, Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), have previously criticised the refinery’s restrictive sales methods, saying they disrupt supply chains and disadvantage small-scale marketers reliant on flexible coastal supply networks.
Dangote defended his operations, calling for greater local investment in Nigeria’s energy sector. ‘Too many people with the means to contribute meaningfully to our nation’s growth choose instead to criticise from the sidelines while investing their wealth abroad, adding little to Nigeria’s real economy,’ he said.
He added that other investors should be encouraged to build refineries if they are serious about boosting Nigeria’s manufacturing base and reducing reliance on fuel imports.
