Aliko Dangote announced plans to list his $20 billion oil refinery on the stock market to enable widespread ownership.The listing aims to allow every Nigerian to become a direct owner of the refinery, emphasizing its status as a legacy project.Dangote expressed that there would be no purchasing limits for shares, allowing investors significant participation in ownership.The refinery seeks to pay dividends in U.S. dollars to benefit both local and diaspora Nigerians.
In an interview with the press, Dangote gave an impassioned breakdown of the motives behind listing his $20 billion oil.He noted that he intends to make every Nigerian a direct owner of the multi-billion-dollar facility.According to Dangote, the listing is less about control and more about legacy, ensuring that ordinary Nigerians benefit from the refinery’s long-term success.
What Dangote said
At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he stated.“Somebody asked me a question, is it 5 or 10 percent you want to sell, and I said that when we are going to sell the shares, we will not put a cap, if they happen to buy 55% and I own 45%, so be it,” he added.When asked explicitly if the offer extended beyond Nigerians living in the country, Dangote simply said, “Yes.”Dangote described the refinery as a legacy project, emphasizing that widespread ownership will give Nigerians a direct stake in its success
“The thing is about legacy, I want Nigerians to own this, and I want every single Nigerian, when the refinery does well, for them to always be able to rely on the profit of that refinery,” he said.DON’T MISS THIS: The Dangote Refinery reveals that it is not distributing fuel using bikes“The main point is for us to sell to every living Nigerian who has something, even if it’s ten shares you buy or 20,” he continued
Dangote provided another crucial assurance to potential investors by revealing that dividends will be paid in US dollars.To him, this ensures that Nigerians in the diaspora also get a piece of the pie.“We are going to make sure that we pay the dividend in dollars, because a major chunk of ourselves is in dollars.”Dangote’s original plan to list the refineryIn July, Nigeria’s top billionaire announced during the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, which was co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, that he intends to sell shares of his 650,000 barrels per day refinery.
According to the billionaire businessman, plans are already underway to list the refinery on the stock exchange, allowing Nigerians, both people and institutions, to participate in and profit from the facility’s potential long-term growth.“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious,” Dangote said at the time.“Africa should refine all the petroleum products it consumes right here on the soil of Africa.”
