Aliko Dangote has unveiled one of the boldest ideas in his business playbook career, and it has little to do with building factories. Instead, it is about re-engineering Nigeria’s capital market through a play of currency. Dangote has announced plans to list 10 percent of his $20 billion refinery on the Nigerian Exchange in 2026, a move that could fundamentally reshape the market and attract global investors seeking hard-currency returns.
He revealed this at the unveiling of the Dangote Vision 2030 roadmap in Lagos, outlining a long-term strategy centered on massive revenue growth, aggressive expansion in petrochemicals, and most notably a shift toward dollar-denominated dividends. The message was unmistakable: Dangote is positioning his companies for far greater international relevance. He confirmed that discussions are already advanced with the Nigerian Exchange and the Securities and Exchange Commission to finalize the structure of the offering, alongside engagements with the Ministry of Finance to secure approvals for the proposed dividend framework. As he put it succinctly: “You buy in naira, but you get dividends in dollars.”
If this plan succeeds, it will trigger a tectonic shift in Nigeria’s capital market. It will set a new benchmark that leading Nigerian banks, many of which already earn substantial dollar revenues through their African subsidiaries, will be forced to match or risk losing investor interest. In a market where capital seeks protection from currency risk, USD-denominated dividends will become a powerful magnet. If Dangote delivers this model, investors will naturally gravitate toward it, compelling others to follow. This is not just a listing; it is a strategic redesign of how value is captured and distributed in Nigeria’s financial markets.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
It may not be bad for Naira provided the equities are paid for in Naira even as the dividends come in USD.
---
Connect via my
LinkedIn |
Facebook |
X |
TikTok |
Instagram |
YouTube