Aliko dangote, ceo of the dangote group, has revealed that within the next five months, nigerians will be able to buy shares directly from the dangote refinery.
dangote made the disclosure during a tour of the facility by bayo ojulari, group ceo of the nigerian national petroleum company (nnpc) limited, along with members of the company’s executive management. he highlighted that nnpc currently holds 7.25 percent of the refinery shares on behalf of nigerians — a stake larger than what elon musk holds in tesla.
“individually, nigerians will also have the opportunity in the next four to five months to purchase shares,” he said. shareholders will be able to receive dividends in either naira or dollars, reflecting the refinery’s earnings in foreign currency.
dangote described ojulari’s visit as “one of our best days ever” and emphasized that nnpc is not just a visitor but a shareholder, expressing confidence in the partnership between both parties. he also noted potential collaboration in the upstream sector, including exploration blocks 71 and 72, and indicated plans for industrial expansion.
the refinery is producing linear alkaline benzene, a raw material for detergents, with an output capacity of 400,000 tons — enough to supply the entire african continent. currently, only algeria and egypt have comparable production, at 100,000 tons and 50,000 tons respectively. the refinery plans to deliver this output within 30 months.
the $20 billion facility, located in lagos, began operations in january with products including naphtha and jet fuel, and has a daily processing capacity of 650,000 barrels.
