The Chairman of Dangote Group, Aliko Dangote, has disclosed plans to list a 10% stake in his $20 billion refinery on the Nigerian Exchange (NGX) in 2026.
Dangote announced that the Group is in discussions with market regulators to facilitate 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,” He said, referencing the regulatory steps needed for the initiative.
According to Naira Metric, 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.
While speaking at the event, 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,” He added.
He expressed that the landmark plan includes making arrangements to ensure that all shareholders in Dangote Cement, Dangote Refinery and Dangote Fertiliser receive dividends in dollars.
He 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.
The planned offering represents Dangote’s first major move to open the refinery’s ownership to the public, emphasising that the NGX remains the immediate focus.
“We want the 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.
The Group also targets a market capitalisation exceeding $200 billion by 2030, positioning the conglomerate among the world’s 100 largest companies.
