LAGOS — In a historic announcement that could redefine the Nigerian capital market, Aliko Dangote has revealed plans to open up ownership of the Dangote Petroleum Refinery to the public. Speaking on Saturday, February 21, 2026, during a high-profile facility tour with the NNPC Ltd leadership, Dangote confirmed that Nigerians will be able to purchase shares in the multi-billion dollar project within the next four to five months.
This move is expected to democratize the wealth generated by Africa’s largest industrial hub and provide a significant boost to the Nigerian Exchange Group (NGX).
The “Dollar Dividend” Promise
One of the most attractive features of the upcoming Initial Public Offering (IPO) is the flexibility in returns. Recognizing the refinery’s status as a major exporter, Dangote announced that shareholders will have the choice to receive dividends in either Naira or US Dollars.
“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” Dangote explained to journalists.
Deepening the NNPC Partnership
The tour, led by NNPC Group Chief Executive Officer, Bayo Ojulari, focused on aligning the state-owned oil firm with the refinery’s operations. Currently, NNPC holds a 7.25% minority stake in the refinery on behalf of the Nigerian people.
Expanded Areas of Cooperation:
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Upstream Synergy: Discussions are ongoing for Dangote to partner with NNPC in upstream oil production to secure consistent crude feedstocks.
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The “Industrial Hub” Vision: Dangote emphasized that the facility has evolved beyond a mere refinery into an industrial complex. New projects, such as the production of Linear Alkyl Benzene (LAB)—a critical raw material for detergents—aim to make the complex a continental supplier.
IPO at a Glance: What We Know
Turning Point for Nigeria’s Energy Security
Bayo Ojulari noted that the cooperation between NNPC and Dangote is vital for ensuring that Nigerians “are proud” of their energy independence. The synergy aims to eliminate the historical reliance on imported petroleum products while positioning Nigeria as the energy heart of the African continent.
