Dangote to take his $20 Billion Refinery on Nigerian Stock Exchange by 2026

Aliko Dangote, President of the Dangote Group, has revealed plans to take his $20 billion oil refinery public on the Nigerian Stock Exchange by the end of 2026.

The facility, located near Lagos, is the continent’s largest and can process 650,000 barrels of crude oil daily, producing gasoline, diesel, aviation fuel, and naphtha.

The billionaire industrialist said the decision to list the refinery is aimed at expanding shareholder participation and addressing perceptions of monopolistic control within Nigeria’s energy sector. Dangote explained, “It’s important to list the refinery so that people will not be calling us a monopoly… They will now say we have shares, so let everybody have a part of it.”

In a related development, Dangote also intends to list his urea production plant later this year. The plant, with an annual capacity of 2.8 million tons, is a cornerstone of his broader ambition for Africa’s fertiliser self-sufficiency.

He projects that the continent will no longer depend on fertiliser imports within the next 40 months, thanks to the ongoing expansion of his $2.5 billion facility located on the outskirts of Lagos.

With expectations of generating $30 billion in annual revenue by 2026, the company is positioning itself to surpass Qatar as the world’s top urea exporter within four years. Currently, 37% of its urea output is exported to the United States.

The anticipated listing of the refinery is expected to boost transparency and offer Nigerians and international investors the opportunity to invest in Africa’s largest industrial venture. It is also expected to enhance access to capital, improve governance, and increase investor trust.