Aliko Dangote, the President of Dangote Industries Limited, has unveiled a landmark plan to list a 10% stake in his $20 billion refinery on the Nigerian Exchange (NGX) in 2026.
Dangote further announced that the company is currently in discussions with market regulators to facilitate future dividend payouts in US dollars, offering a hedge against the persistent challenges posed by currency volatility.
“The most honourable Minister of Finance and Coordinating Minister of the Economy will approve this,” Dangote said, referencing the regulatory steps needed for the initiative.
This announcement was made during the unveiling of the Dangote Vision 2030, a long-term strategic roadmap, at the Eko Hotel in Lagos on Thursday.
Harnessing Export Revenues to Support Dollar Dividends
During his speech, Dangote highlighted that his team is collaborating closely with both the NGX and the Securities and Exchange Commission (SEC) to finalise the structure for the proposed initial public offering (IPO).
“You buy in naira, but you get dividends in dollars,” Dangote added.
The Dangote Group’s Vision 2030 event followed the launch of the Aliko Dangote Foundation’s N100 billion Annual Education Scholarship Programme Initiative.
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During the event, the foundation unveiled a major new initiative aimed at supporting education and scholarships, reinforcing its commitment to advancing educational opportunities across Nigeria and beyond.
Dangote Group Targets $100 Billion in Revenue by 2030
Elaborating further on dividend payment in dollars, Dangote stated that they are making arrangements to ensure that Dangote Cement, Dangote Refinery, and Dangote Fertiliser shareholders receive dividends in dollars.
Dangote explained that the dollar-denominated dividends will be underpinned by a projected $6.4 billion in export earnings, largely from petrochemicals, including polypropylene and fertiliser.
These export flows, he noted, will provide the consistent hard currency supply needed to sustain the payout framework.
Refinery Expansion Plans: Doubling Output to 1.4 Million Barrels Per Day
The planned offering represents Dangote’s first major move to open the refinery’s ownership to the public. While he has not ruled out secondary listings in other jurisdictions, Dangote emphasised that the NGX remains the immediate focus.
“We want the Dangote Refinery to be the golden stock of the Exchange,” he said.
The initiative comes as part of a broader expansion roadmap that projects group revenues rising to $100 billion by 2030, up from the current $18 billion.
Dangote also targets a market capitalisation exceeding $200 billion by 2030, positioning the conglomerate among the world’s 100 largest companies.
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The 650,000-barrel-per-day facility—already producing diesel, aviation fuel, and, since September, petrol—is central to Nigeria’s drive for energy independence.
Dangote disclosed plans to expand capacity to 1.4 million barrels per day within three years, more than doubling current output.
With soaring revenues and a proposed dollar-dividend structure, analysts say the listing could become one of the most significant market events in Nigeria’s history, potentially reshaping investor expectations and setting a new benchmark for corporate payouts.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
