Aliko Dangote, Africa’s richest man, has announced plans to list his $20 billion oil refinery on the stock market by the end of 2026. This move is part of the Dangote Group’s broader strategy to attract new investors, enhance transparency, and unlock greater value for shareholders.
Speaking at the 2025 African Export-Import Bank Annual Meetings in Abuja, Dangote also revealed that the Group’s urea fertilizer plant—capable of producing 2.8 million tons annually—will be listed before the end of this year.
The oil refinery, which commenced operations in 2024, is Africa’s largest, with a daily processing capacity of 650,000 barrels of crude oil. The facility produces a range of refined products including aviation fuel, diesel, gasoline, and naphtha. According to Bloomberg, it surpasses the combined capacity of the ten largest refineries in Europe.
Previously, Dangote had indicated plans to list both the refinery’s fertilizer and petrochemical divisions in the first quarter of 2025. The revised timeline now includes a dual listing for the refinery on both the Nigerian and London stock exchanges.
The decision to go public also aims to address concerns over potential monopolistic control in Nigeria’s fuel market. Dangote’s dominance in various sectors has drawn scrutiny from independent marketers and regulators. He emphasized that public listing would promote broader ownership and transparency.
“It’s important to list the refinery so that people will not be calling us a monopoly,” Dangote stated. “They will now say we have shares, so let everybody have a part of it.”
Looking ahead, Dangote projects that the Group could generate up to $30 billion in revenue in the coming year, despite global uncertainties surrounding trade policies, particularly those associated with former U.S. President Donald Trump. Additionally, he expressed ambitions to surpass Qatar and become the world’s largest exporter of urea within the next four years.
