Video: Dangote opens refinery shares to Nigerians in five months
Dangote
Abdullateef Fowewe
Aliko Dangote, Founder and Chief Executive Officer of Dangote Group, has announced that ordinary Nigerians will soon have the chance to buy shares in the massive Dangote Refinery, with dividends payable in naira or dollars.
The opportunity could arise in as little as four to five months.
The Nigerian National Petroleum Company (NNPC) already holds a 7.25% stake in the refinery – a larger portion than Elon Musk’s ownership in Tesla.
Speaking with journalists, Dangote emphasised that this stake is held “on behalf of Nigerians,” but individual investors will soon join in.
“I think the sky is the limit, and we will cooperate and also make sure that we work together to make sure that we make Nigerians proud,” Dangote said.
“And the other issue is that, look, they are holding 7.25% of the shares that we have here, which is more than the shares that Musk has in Tesla. So, and they are holding that on behalf of Nigerians.
“So, but individually, Nigerians too will have an opportunity in the next, you know, I don’t know, but I think the next maybe maximum four, five months, they will actually be opportunity to buy their shares. And like what I promised before, people will have a choice either to get their dividend in naira or to get their dividends in dollars, because we earn dollars.”
Dangote also hinted at ambitious expansion plans, positioning the refinery as an “industrial hub.”
This includes producing 400,000 tons of linear alkyl benzene – a key raw material for detergents sufficient for the entire African continent.
Responding to questions on collaborations with NNPC, he added, “Yeah, definitely, that’s what we are looking at. You know, we have a block 72 and 72, but we’re going to look much deeper.
“Most likely, you know, depending on our own discussions with them, we will partner with them maybe in some of the upstream there too. They will partner with us here, you know, because here is not a refinery. It’s an industrial hub.”
