“At the moment, our main interest is to list on the exchange, so that every living Nigerian can own part of the refinery,” he said.
The refinery, located outside Lagos, is the largest of its kind in Africa and a cornerstone of Nigeria’s efforts to reduce fuel imports and strengthen domestic energy production. Dangote described the facility as a legacy project, saying broad ownership would allow citizens to directly benefit from its long-term performance.
“The thing is about legacy,” he said. “I want Nigerians to own this, and I want every single Nigerian, when the refinery does well, for them to always be able to rely on the profit of that refinery.”
He also said the opportunity would extend beyond Nigeria’s borders. When asked whether Nigerians in the diaspora could participate, Dangote responded simply, “Yes.” To reinforce that commitment, he said dividends would be paid in U.S. dollars. “We are going to make sure that we pay the dividend in dollars, because a major chunk of ourselves is in dollars,” he said.
Dangote first publicly outlined plans to sell shares in the refinery in July during the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja. At the event, he said preparations were already underway for a listing that would allow individuals and institutions to invest.
“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,” Dangote said at the time, adding that his broader vision is for Africa to refine the petroleum products it consumes “right here on the soil of Africa.”
Source: Black Enterprise
