Aliko Dangote to Sell 10% Stake in Refinery on NGX, Targets 1.4m bpd Capacity
Africa’s richest man, Aliko Dangote, has revealed plans to sell between 5 per cent and 10 per cent of Dangote Petroleum Refinery’s stake on the Nigerian Exchange (NGX) Limited within the next year, as part of efforts to expand the company’s operations and attract new investors.
Speaking in an interview with S&P Global on October 20, Dangote said, “We don’t want to keep more than 65%-70%,” noting that the shares would be offered gradually, depending on investor appetite and market depth.
The billionaire explained that the move would mirror the group’s earlier approach with Dangote Cement and Dangote Sugar Refinery, adding that the company was also considering partnerships with Middle Eastern firms to support its refinery expansion and a new petrochemicals 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 said.
Dangote also disclosed that while the Nigerian National Petroleum Company (NNPC) Limited had reduced its stake to 7.2 per cent, it could raise its interest again after the next growth phase. “I want to demonstrate what this refinery can do, then we can sit down and talk,” he added.
The industrialist further announced plans to boost refinery output to 1.4 million barrels per day (bpd), surpassing the world’s largest 1.36 million bpd refinery in Jamnagar, India.
He said most technical issues at the plant’s residue fluid catalytic cracker had been resolved, noting, “We have resolved most, not all, but most of the problems. And I think we’re looking for a window when we shut down for another month.”
