Dangote’s new plan that could turn Nigerians into oil investors

The President of the Dangote Group, Aliko Dangote, has revealed that Nigerians will soon have the opportunity to invest directly in the Dangote Refinery as part of plans to broaden public participation in the multibillion-dollar project.

Dangote made the disclosure on Saturday while addressing journalists during a tour of the facility by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, accompanied by members of the company’s board and executive management team.

According to the billionaire industrialist, arrangements are underway to allow individuals purchase shares in the refinery within the next four to five months.

“Individually, Nigerians too will have an opportunity… in the next maximum four or five months, they will actually be able to buy their shares,” he said.

He explained that the NNPC currently holds a minority stake in the refinery on behalf of citizens.

“They are holding 7.25 per cent of the shares that we have here… and they are holding that on behalf of Nigerians,” Dangote stated.

Dangote also noted that prospective investors would be able to choose how they receive returns on their investment, adding that dividends could be paid either in naira or in dollars.

“People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn dollars,” he said.

The business mogul further disclosed that the refinery would strengthen collaboration with NNPC to enhance operations and explore opportunities across the oil and gas value chain.

“I think the sky is the limit and we will cooperate and also make sure that we work together to make Nigerians proud,” he added.

On possible upstream partnerships, Dangote said discussions were ongoing and could lead to joint ventures, noting that the complex functions beyond a refinery.

“Here is not just a refinery. It’s an industrial hub,” he explained.

He also revealed that additional industrial projects, including the production of linear alkylbenzene — a key raw material used in detergent manufacturing — would make the facility a major supplier across Africa.

“That raw material for detergent will be sufficient for the entire African continent, and we will deliver all this in the next 30 months,” he said.