Dangote Plans $20B Refinery Share Sale to Nigerians

Alhaji Aliko Dangote, President of the Dangote Group, announced plans to list his $20 billion refinery on the Nigerian Exchange Limited, allowing Nigerians to become shareholders and benefit directly from the project. The announcement was made during the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and S&P Global Insights. Dangote emphasized the refinery’s role in boosting Africa’s energy self-sufficiency by refining petroleum products on the continent, alongside promoting liquefied petroleum gas (LPG) consumption to encourage clean cooking. He expressed openness to partnerships with African governments, private investors, and regional institutions, highlighting an ambitious vision for Africa’s energy sector. Dangote also addressed concerns about monopoly and dominance, pointing out that many with the means to invest in Nigeria choose to do so elsewhere, while he remains committed to the country. The refinery has recently begun fuel rollout and announced plans to distribute petrol and diesel directly to consumers, marking significant progress in Nigeria’s energy landscape.