Aliko Dangote, President of Dangote Industries Limited, has confirmed plans to list a 10% stake in the $20 billion Dangote Refinery on the Nigerian Exchange (NGX) in 2026 and pay dividends in dollars.
Speaking at the unveiling of Dangote Vision 2030 held at Eko Hotel, Lagos, Dangote disclosed that discussions are underway with the NGX and the Securities and Exchange Commission to finalise the structure for the planned initial public offering.
According to him, the listing will allow investors buy shares in naira while receiving dividends in US dollars, a move designed to hedge shareholders against Nigeria’s longstanding currency volatility.
“The most honourable Minister of Finance and Coordinating Minister of the Economy will approve this,” he said, noting that regulatory engagements are progressing.
Dividend Strategy
Dangote explained that the Group plans to pay dividends in dollars across its key entities; Dangote Cement, Dangote Refinery and Dangote Fertiliser is supported by a projected $6.4 billion in annual export earnings. The inflows, mainly from petrochemicals, polypropylene, and fertiliser exports, will provide the foreign exchange liquidity required to sustain long-term hard-currency dividend payouts.
Dangote described the listing as part of a broader expansion strategy that targets group revenues rising from $18 billion today to $100 billion by 2030. He also aims to push Dangote Industries’ market capitalisation beyond $200 billion within the same horizon, positioning the company among the world’s top 100 corporations.
“We want the Dangote Refinery to be the golden stock of the Exchange,” he noted, emphasizing that while secondary listings may be considered in the future, the NGX remains the immediate priority.
