Nigerian businessman Aliko Dangote has said Dangote Fertiliser Ltd, the fertiliser arm of the Dangote Group, could be listed on the Nigerian Exchange Group (NGX) next year as the conglomerate expands its plans to bring more of its businesses to the public market.
Dangote disclosed the plan on Tuesday at an investors meeting at the Nairobi Securities Exchange, according to a Reuters report.
He hinted that the proposed listing would allow members of the public to own shares in the fertiliser business.
“Sometime next year we hope to list it. Let it be owned by the people,” Dangote told investors.
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Pinnacle Daily reports that the planned fertiliser listing comes as the Dangote Group is currently undertaking an initial public offering (IPO) for Dangote Petroleum Refinery Plc, with plans to subsequently list the refinery’s shares on the NGX.
The refinery IPO is being conducted at ₦525 per share, involving 4.1 billion shares and potentially raising about ₦2.15 trillion.
Following the offer, the refinery’s total shares are expected to rise from 120.13 billion to 124.23 billion, while the public float would increase to about 4.25 per cent if the base offer is completed.
The refinery’s ownership structure before the IPO includes Dangote Refinery and Petrochemical Company Limited with 65.835 per cent, Dangote Industries Limited with 14.904 per cent, the Nigerian National Petroleum Company Limited with 6.815 per cent, Greenview Investment Company Limited with 6.496 per cent and other shareholders with 5.950 per cent.
The refinery IPO is part of the Dangote Group’s efforts to deepen public participation in its businesses and create access for investors to own stakes in its major assets.
Dangote’s latest disclosure indicates that the group may pursue a similar route with its fertiliser business.
The fertiliser company plans to build six production lines, with deliveries expected between late 2028 and early 2029.
The company is targeting annual production capacity of 12 million metric tons, Dangote said.
Dangote made the disclosure ahead of a groundbreaking ceremony in Lamu, Kenya, for a planned 700,000-barrel-per-day oil refinery.
He also said the Dangote Group had opened a new shipping unit.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X