For the first time since the Dangote Refinery began operations, ordinary Nigerians will have the opportunity to own a piece of it.
Aliko Dangote, Chairman of the Dangote Group, made the announcement on Saturday, February 21, 2026, during a media tour of the refinery complex in Lekki, Lagos, attended by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, and other senior NNPC executives.
Speaking directly to journalists, Dangote confirmed that the $20 billion refinery would be listed on the Nigerian Exchange Limited within the next four to five months, placing the share purchase window between June and July 2026.
“But individually, Nigerians too will have an opportunity in the next maximum four or five months they will actually be able to buy their shares,” he said.
Dangote confirmed that investors will be allowed to receive dividends either in naira or in US dollars, citing the refinery’s foreign currency earnings. “People will have a choice either to get their dividends in naira or to get their dividends in dollars because we earn in dollars,” he stated.
Dangote also made clear that the listing is not designed primarily for institutional investors. He emphasised that the priority is broad based participation, ensuring that ordinary Nigerians rather than a handful of large institutions dominate the shareholding structure.
The NNPC’s role in the refinery was also highlighted during the tour. Dangote noted that NNPC currently holds a 7.25 percent equity stake in the facility on behalf of Nigerians, a figure he pointed out is larger than Elon Musk’s personal stake in Tesla.
He described the relationship between the refinery and NNPC’s new leadership as its strongest yet, saying the visit by Ojulari and his team was symbolic of a new era of collaboration.
If the listing proceeds as announced, it is widely expected to be the largest in the history of the Nigerian stock market.
The listing would also represent a significant win for the Nigerian Exchange’s ambition to generate stronger interest from both local and foreign investors.
For millions of Nigerians who watched the refinery rise from land reclamation to full operation over more than a decade, the chance to own even a fraction of it is no small thing.
