February 23, (THEWILL) — Shares of the Dangote Petroleum Refinery are expected to be offered to Nigerian investors within the next five months, Aliko Dangote has stated, setting the stage for what could be one of the largest domestic equity offerings in recent Nigerian capital market history.
Dangote said the planned share sale will follow further operational stability at the $20 billion, 650,000‑barrels‑per‑day facility in the Lekki Free Zone, currently the world’s largest single‑train refinery. The refinery, which began phased production in 2024, is now supplying petrol, diesel, aviation fuel and polypropylene to the Nigerian market, reducing the country’s dependence on imported refined products.
Analysts note that the refinery’s scale and production profile, designed to meet up to 100 percent of Nigeria’s petrol demand (estimated at 45–50 million litres daily), could make the equity offering highly attractive to both retail and institutional investors. A successful listing could significantly boost liquidity on the Nigerian Exchange Limited (NGX) and deepen participation in an asset class historically dominated by multinational corporations.
The refinery has also contributed to lower foreign exchange demand for fuel imports, which previously cost Nigeria over $10 billion annually, helping ease pressure on the nation’s external reserves.
Details on the valuation range, offer size, allocation between retail and institutional tranches, and listing venue are still being worked out. Market watchers say pricing will be key, noting that compelling valuations will be critical to draw broad participation.
If completed as scheduled, the Dangote refinery share offering could become a watershed event in domestic equity markets, opening strategic energy sector ownership to everyday Nigerians.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
