The President of Dangote Industries Limited, Aliko Dangote, has revealed plans to reduce the company’s ownership stake in the Dangote Refinery from 100 per cent to between 65 and 70 per cent.
Dangote made this known in an interview with S&P Global Commodities on Tuesday, saying the move is part of a broader strategy to diversify ownership and attract new investors into the refining business.
According to him, the group intends to list between five and 10 per cent of the refinery’s shares on the Nigerian Stock Exchange within the next year, replicating the successful model used for Dangote Cement and Dangote Sugar.
“We don’t want to keep more than 65 per cent–70 per cent,” Dangote said, noting that shares would be offered incrementally, depending on investor interest and market depth.
The industrialist added that Dangote Industries is exploring strategic partnerships with Middle Eastern companies to support the refinery’s expansion and develop a new petrochemical project in China.
“Our business concept is going to change. Now, instead of being 100 per cent Dangote-owned, we’ll have other partners,” he explained.
Dangote also noted that the Nigerian National Petroleum Company (NNPC) still has the opportunity to increase its stake in the refinery, after reducing its holding to 7.2 per cent earlier this year. However, he stressed that such discussions would only occur after the refinery’s next growth phase gains traction.
“I want to demonstrate what this refinery can do, then we can sit down and talk,” he said.
Industry observers view the move as a significant step toward deepening local participation in Nigeria’s oil and gas sector, while enhancing the refinery’s capital base and global competitiveness.
