Dangote Group, Africa's leading industrial conglomerate, today unveiled innovative plans for the initial public offering (IPO) of its state-of-the-art Dangote Refinery, set to list on the Nigerian Exchange in 2026. In a pioneering move designed to attract global investors and shield shareholders from naira volatility, the company will offer dollar-denominated dividends, allowing returns in U.S. dollars even for shares purchased in local currency.
Aliko Dangote, President and CEO of Dangote Group, emphasized the strategic importance of this structure during a recent announcement. "This refinery represents a transformative milestone for Nigeria's energy sector and Africa's economy at large.
By providing dollar-denominated dividends backed by our substantial export earnings, we're not only hedging against currency fluctuations but also positioning the refinery for enhanced global competitiveness," said Dangote. The refinery, valued at approximately $20 billion, is projected to generate $6.4 billion in annual export revenues, further bolstering the dividend payouts.
The IPO will enable Nigerians and international investors to participate in the ownership of the world's largest single-train refinery, which has the capacity to process 650,000 barrels per day. This initiative aligns with Dangote Group's ambitious goal to elevate its total revenue to $100 billion by 2030, driven by expansions in refining, fertilizers, and other key sectors.
"This is more than an investment opportunity—it's a commitment to economic stability and growth," added Dangote. "We're inviting stakeholders to join us in building a resilient future for Nigeria, where local investors can benefit from global-standard returns without exposure to forex risks."
The Dangote Refinery, located in Lagos, is already operational and poised to reduce Nigeria's dependence on imported petroleum products while boosting export capabilities. Legislative support for dollar-denominated transactions is being pursued to facilitate this innovative dividend model.