KEY POINTS
- Dangote highlights a dollar dividend plan for the refinery listing.
- Investors will buy shares in naira but receive dollar payouts.
- Export revenue is expected to support the dollar dividend plan.
Africa’s richest man, Aliko Dangote, is giving investors a clearer view of what to expect as his $20 billion refinery moves toward a long-awaited listing. He said on Thursday that the company plans to pay dividends in U.S. dollars after it lists on the Nigerian Exchange next year. Dollar payouts are rare in Nigeria, where most listed companies distribute earnings in naira. His comments mark one of the strongest signs yet of how the refinery intends to position itself for global investors.
Dangote said the refinery team is working with the NGX and Nigeria’s Securities and Exchange Commission on the listing structure. He explained that investors would buy shares in naira but receive dividends in dollars, and added that the plan rests on an estimated $6.4 billion in annual export revenue.
The exports will come from petrochemicals, mainly polypropylene and fertiliser. The structure is designed to shield investors from currency swings that hit local earnings.
Refinery listing gathers momentum
His remarks follow earlier guidance. In October, he told S&P Global that the company aims to list between 5 percent and 10 percent of the refinery. The offering is expected in 2026. The goal is to draw local and offshore interest and improve the company’s capital strength. “We don’t want to keep more than 65 to 70 percent,” he said. He noted that shares will be released in stages, depending on demand and market depth. A foreign secondary listing is still possible, though he said Nigeria is the priority. “We want the refinery to be the golden stock of the exchange.”
The refinery began operations in 2024 with 350,000 barrels per day. It now processes about 650,000 barrels daily. Output is forecast to reach 700,000 barrels by late 2025. The rise in production has turned Nigeria into a net exporter of diesel and jet fuel. The shift has reduced pressure on Nigeria’s strained foreign-exchange market.
Dangote sets bigger targets
Dangote is also pushing new expansion plans. He traveled to India to sign fresh agreements that will lift long-term capacity to 1.4 million barrels per day. The deal with Honeywell covers licensing and engineering work for a new 750,000-barrels-per-day unit beside the current plant in Lagos.
According to Billionaire Africa, the expansion will place the complex ahead of India’s Jamnagar facility once complete. Company officials expect as much as $55 billion in annual revenue when the full buildout is done. They also expect a stronger cushion for Nigeria’s reserves due to reduced fuel imports.
Polypropylene output is set to reach 2.4 million metric tons each year. The site will add Euro VI-grade fuel and expand power generation to 1,000 megawatts. The project marks one of the largest industrial undertakings on the continent and anchors Dangote’s wider push into global energy and petrochemicals.
