The Dangote Petroleum Refinery, Africa’s largest integrated refining complex, is set to list 10 percent of its equity on the Nigerian Exchange (NGX) in what analysts describe as one of the most anticipated listings in Nigeria’s capital market history. The move, according to industry insiders, is part of the company’s strategy to deepen transparency, raise additional capital, and allow Nigerians to own a stake in the multibillion-dollar refinery.
The decision to list comes as the refinery, owned by Dangote Industries Limited (DIL), continues to play a crucial role in reshaping Nigeria’s energy landscape by reducing dependence on imported petroleum products. Speaking to reporters in Lagos, Alhaji Aliko Dangote, President and Chief Executive Officer of Dangote Group, said that the planned listing reflects his commitment to broadening ownership and promoting economic inclusiveness.
According to Dangote, “We are considering listing about 10 percent of the refinery’s equity on the Nigerian Exchange. This will give Nigerians, institutional investors, and pension funds the opportunity to participate in the success story of a project that was built to serve Africa.”
He added that the listing process will be carefully structured in consultation with financial advisors, regulators, and market operators to ensure transparency and compliance with NGX regulations. Dangote explained that the move is not only aimed at raising funds but also at giving the investing public a chance to share in the refinery’s long-term growth and profitability.
The Dangote Refinery, located in the Lekki Free Trade Zone, Lagos, has a refining capacity of 650,000 barrels per day and is designed to meet Nigeria’s domestic fuel demand while exporting surplus products to other African markets. Since its partial operations began, the refinery has already started supplying refined products such as diesel, aviation fuel, and kerosene to local marketers.
Financial experts have lauded the proposed listing as a positive step toward deepening Nigeria’s capital market and boosting investor confidence. They argue that the refinery’s scale and profitability potential make it a prime candidate for institutional and retail investors seeking long-term value.
According to a market analyst, Mr. Ayodele Olayemi, “The Dangote Refinery listing will be transformative for the Nigerian Exchange. It has the potential to attract billions in new capital inflows, expand market capitalization, and increase liquidity in the oil and gas segment. It will also send a strong message about the maturity and global competitiveness of Nigeria’s capital market.”
He added that the refinery’s inclusion in the NGX will help diversify investment options for Nigerian pension funds and sovereign wealth institutions, which are increasingly seeking stable, high-yield assets within the domestic economy.
In addition, Dangote revealed that preparations are ongoing to finalize agreements with several institutional investors, including local and foreign funds, that have expressed interest in acquiring stakes in the refinery. He assured that the valuation and pricing process would be done professionally to reflect the refinery’s true market worth and ensure fairness to all investors.
The listing is also expected to enhance corporate governance and financial disclosure standards within the Dangote Group, as publicly traded companies are required to publish periodic financial statements and adhere to regulatory reporting requirements. This, experts say, will further strengthen investor trust and position the refinery as a global benchmark for industrial transparency in Africa.
Meanwhile, the NGX management has welcomed the announcement, describing it as a milestone that could significantly increase the exchange’s market capitalization and attract new international investors. In a statement, NGX CEO Temi Popoola said, “We are excited about Dangote Refinery’s proposed listing. It aligns with our vision of deepening the Nigerian capital market and expanding investment opportunities for domestic and global investors.”
He noted that the listing would mark a new chapter for Nigeria’s industrial sector, showcasing the success of indigenous businesses in executing large-scale projects capable of competing globally.
Economic analysts believe that the move could also encourage other large private firms in Nigeria, particularly in the energy and manufacturing sectors, to consider going public. “If Dangote Refinery lists successfully, it could pave the way for other big players like BUA, Indorama, and other conglomerates to tap into the capital market for funding,” said economist Dr. Femi Ajayi.
The refinery’s impact on Nigeria’s economy continues to expand, with many experts crediting it for helping to stabilize fuel supply, create thousands of jobs, and reduce foreign exchange pressure from petroleum imports. With the expected full operational capacity by early 2026, the refinery is projected to save Nigeria up to $25 billion annually in import costs and generate billions in export revenue.
Market watchers say the public listing will likely attract record participation from institutional investors and individuals eager to own part of one of Africa’s most ambitious industrial projects. They believe the move represents a major shift toward democratizing ownership of strategic national assets.
As Nigeria’s economy continues to recover amid global energy market volatility, the Dangote Refinery’s listing could provide a significant boost to investor sentiment, enhance capital market depth, and reinforce the country’s position as a major investment destination in Africa.
According to analysts at Meristem Securities, “The refinery’s listing could be the largest in Nigerian history, providing much-needed liquidity and signaling a new era for the NGX. It will also strengthen the synergy between industrial expansion and financial market growth.”
While the exact date of the listing has not been disclosed, sources close to the project indicate that the process may commence in the first half of 2026, pending regulatory approvals and final financial audits.
For Aliko Dangote, the vision is clear: to make the refinery not just a national asset but a continental success story owned by Africans. “This project was built for Africa,” he said. “It is only right that Africans — especially Nigerians — should own part of it and benefit from its success.”
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate