Aliko Dangote says ordinary Nigerians will be able to buy shares in the $20 billion Dangote Refinery within five months, with the option to receive dividends in either naira or U.S. dollars.
Chairman of Dangote Group, Aliko Dangote, has confirmed that ordinary Nigerians will be able to acquire shares in the Dangote Refinery within the next four to five months, marking a significant step toward opening up ownership of one of Africa’s largest industrial projects.
Dangote made the disclosure on Saturday, February 21, 2026, during a media tour of the refinery alongside the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, and other senior executives of the state-owned oil firm.
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He described the visit as symbolic, emphasizing that NNPC is not merely a collaborator but an equity participant in the refinery.
“Today is really our best day ever. At least he (Ojulari) is not just a guest, he is a shareholder and you know NNPC invested in us when we ourselves were not even sure that the refinery will be successful,” Dangote said.
According to him, NNPC holds a 7.25% equity stake in the refinery on behalf of Nigerians. “They are holding 7.25% of the shares that we have here, which is more than the shares that Elon Musk has in Tesla, and they are holding that on behalf of Nigerians,” he said, adding that individual Nigerians will soon have the opportunity to directly participate in ownership.
“But individually Nigerians too will have an opportunity in the next maximum four or five months they will actually be able to buy their shares.”
Structure of the Planned Offer
The refinery, valued at about $20 billion, is expected to list roughly 10% of its equity on the Nigerian Exchange Limited (NGX) in 2026. Dangote had earlier disclosed that discussions were ongoing with the Securities and Exchange Commission of Nigeria and the NGX to finalize the framework for the initial public offering (IPO).
A distinctive feature of the proposed listing is the dual-currency dividend structure. Dangote said investors would be allowed to receive dividends either in naira or in U.S. dollars, citing the refinery’s foreign currency earnings profile.
“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn in dollars,” he stated.
Projected export earnings of about $6.4 billion, largely from petrochemical products such as polypropylene and fertilizer, are expected to underpin this dollar dividend model. That revenue stream provides the refinery with a steady flow of hard currency, which in turn supports the feasibility of foreign currency payouts to shareholders.
Capital Market and Currency Implications
If executed within the stated timeline, the IPO would rank among the most consequential listings in Nigeria’s capital market history. A company of this scale entering the exchange is likely to boost market capitalization on the NGX and attract renewed domestic and international investor interest.
The structure also introduces a new dynamic into Nigeria’s equity market. Dollar-denominated dividends are uncommon on the local exchange, and the option could appeal to investors seeking protection against exchange rate fluctuations. For retail investors who typically have limited access to dollar-based assets, such a structure may represent a rare opportunity to hold an instrument tied to foreign currency earnings.
Beyond liquidity gains, the listing could deepen retail participation in equities at a time when household savings are often concentrated in fixed-income instruments. By offering exposure to an asset with a strong export orientation and integrated value chains, the refinery may broaden the investment landscape for individual Nigerians.
The Dangote Refinery occupies a central position in Nigeria’s downstream petroleum industry. Designed to reduce reliance on imported refined products, it has implications for fuel supply stability, trade balances, and industrial feedstock availability.
Its petrochemical outputs, including polypropylene, are critical inputs for manufacturing sectors such as plastics, packaging, and consumer goods. Fertilizer production also links directly to agricultural productivity, which has wider food security and export implications. The project seeks to capture more value domestically rather than exporting crude and importing finished products by combining refining and petrochemicals in a single integrated complex.
Opening up ownership to the public embeds this industrial infrastructure more directly into Nigeria’s financial system. It creates a bridge between capital markets and large-scale manufacturing, potentially setting a precedent for how future infrastructure and industrial projects are financed.
Relationship with NNPC
Dangote expressed optimism about collaboration with the new NNPC leadership under Ojulari, describing the relationship as forward-looking.
“I think the sky is the limit and we would cooperate and also make sure we work together to make Nigerians proud,” he said.
NNPC’s 7.25% stake positions the state oil company as both a shareholder and a strategic partner. That arrangement may facilitate alignment on crude supply agreements, product distribution channels, and broader policy coordination within the energy sector.
Following the announcement of the listing, Nigerians have excitement and readiness to bet on the refinery. Dangote indicated that priority would be given to Nigerian retail investors to ensure broad-based participation.