Dangote Announces Refinery Share Sale to Nigerian Public
Aliko Dangote, Chairman of the Dangote Group, has made a significant announcement that will open investment opportunities for ordinary Nigerians. During a tour of the Dangote Refinery with NNPC executives, Dangote revealed that shares in the massive refinery project will be available for public purchase within the next four to five months.
Investment Opportunity with Flexible Dividend Options
The billionaire industrialist explained that individual Nigerians will soon have direct access to refinery shares through the Nigerian stock market. What makes this investment particularly attractive is the dividend flexibility – investors can choose to receive their returns either in Nigerian naira or US dollars, since the refinery generates revenue in foreign currency.
Dangote emphasized that the Nigerian National Petroleum Company Limited (NNPC) currently holds a 7.25% minority stake in the refinery on behalf of the Nigerian people. This existing arrangement demonstrates the government's confidence in the project and paves the way for broader public participation.
Call for Government Action to Strengthen Naira
Speaking at the launch of Nigeria's Industrial Policy in Abuja, Dangote made a direct appeal to President Bola Tinubu's administration. He urged the government to implement policies that would reduce import dependence and support local manufacturing, arguing that such measures could significantly strengthen the naira against foreign currencies.
"Today, the dollar is N1,340. I can assure you that, with what I know, by blocking importation, the currency this year could be as low as N1,100 if we are lucky," Dangote stated confidently. He believes that government reforms focused on import reduction and domestic production support could yield substantial currency gains within the current year.
Expanding Industrial Operations and Partnerships
The refinery complex continues to evolve beyond petroleum processing. Dangote disclosed new industrial projects within the facility, including the production of linear alkylbenzene – a key ingredient in detergent manufacturing. This expansion positions the complex as a potential supplier for the entire African continent, with completion expected within 30 months.
Regarding collaboration with NNPC, Dangote expressed optimism about deeper partnerships across the oil and gas value chain. "I believe there is enormous potential, and both NNPC and Dangote Refinery will collaborate closely to ensure our joint efforts deliver results that make Nigerians proud," he said. The discussions include potential upstream sector collaborations that could further integrate Nigeria's energy industry.
Distribution Network Expansion
As the refinery becomes fully operational, Dangote Group has already announced partnerships with six downstream marketers for nationwide product distribution at uniform rates. The company has also outlined four straightforward steps for Nigerians to become petrol distributors, reflecting its commitment to expanding accessibility and creating economic opportunities across the country.
This comprehensive approach – combining public share offerings, industrial expansion, government policy advocacy, and distribution network development – demonstrates Dangote's vision for transforming Nigeria's energy sector while creating wealth-building opportunities for ordinary citizens.
